Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (May 2024)
36 slides from Adani Ports & Special Economic Zone's investor presentation, May 2024
Slide 1: Adani Ports and SEZ Ltd. Investor Presentation
Adani Ports and S Ltd. Investor Presentation
Slide 2: Table of Contents
Table of Contents A Performance against our 5-year guidance B Group Profile C APSEZ Company Profile D Investment Summary E Catalysts Driving Market Leadership Position F ESG Performance G Annexure 2
Slide 3: Performance against our 5-year guidance
Performance against our 5-year guidance STRICTLY CONFIDENTIAL
Slide 4: APSEZ: Performance against our 5-year guidance
APSEZ: Performance against our 5-year guidance Parameters Guidance (FY21-FY25) Actuals (FY21-FY24) 2025(F) 500 MMT 2023 398 MMT Cargo 2020-2023 CAGR: 2020-2025F CAGR: 17% 20% FY25(F) Rs 300 Bn FY24 Rs 267 Bn Revenue FY21-FY24 CAGR: FY21-FY25F CAGR: 24% 29% FY25(F) Rs 187 Bn FY24 Rs 159 Bn EBITDA FY2
Slide 5: Group Profile
Group Profile STRICTLY CONFIDENTIAL
Slide 6: Adani Portfolio: A World class infrastructure & utility portfolio
Adani Portfolio: A World class infrastructure & utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.6%) (56.4%) (73.2%) (65.9%) (100%) (66.7%) AGEL AESL APSE
Slide 7: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 4x 6 EBITDA 70% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL ATGL EBITDA 91% 1,3,5 EBITDA 24
Slide 8: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Center of Excellence Project Management & Assurance Group (AIIL) AIMSL1 Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Analysis & mar
Slide 9: APSEZ Company Profile
APSEZ Company Profile STRICTLY CONFIDENTIAL
Slide 10: APSEZ: Transformational business model
APSEZ: Transformational business model Ports SEZ Logistics National footprint with 15 ports Largest integrated logistics player in Large scale to industrial across coastline, & India land (SEZ) Development presence across 4 ports outside India Rail, Trucking, MMLPs, and Land Bank of 16,500+* Ha. at
Slide 11: APSEZ: A transport utility with string of ports and integrated logistics network
APSEZ: A transport utility with string of ports and integrated logistics network Movable assets Tugs 111 Dredgers - 28 Trains 127 Trucks 900 E-ITVs 338 xcvzcxvzxcv Moga Dahej Kanech Kotkapura Kilaraipur Kaithal Panipat One to 15 in two Tauru Dhamora decades Tuna Patli & Samastipur & Kannauj Kishanga
Slide 12: APSEZ: Ports and capacity by coast
APSEZ: West Coast East Coast Capacity Capacity ~355 MMT ~272 MMT Dahej 16 MMT Tuna 14 MMT Mundra 264 MMT ^Haldia 4 MMT Dhamra Hazira 50 MMT 30 MMT Gopalpur 20 MMT Dighi Gangavaram Container Terminals 8 MMT 64 MMT Bulk Terminals Krishnapatnam Multipurpose Ports 75 MMT Mormugao Kattupalli 5 MMT 25 MMT
Slide 13: APSEZ: SEZ business supporting industry growth in backyard of the ports
APSEZ: SEZ business supporting industry growth in backyard of the ports Dhamra Industrial Zone Land Bank: 2,000+ Ha largest SEZ at Mundra Mundra Land Bank 12,500+ Ha Dhamra Krishnapatnam Industrial Zone Krishnapatnam Land Bank: ~2,000+ Ha All land figures are approx. and include Port, SEZ and Non-SE
Slide 14: APSEZ: Logistics business asset additions to accelerate
APSEZ: Logistics business asset additions to accelerate Marine Flotila Rail Tracks Trains MMLPs Grain Silos Warehousing Trucking 540 58 5 0.88 0.4 mn FY20 26 - KMs Trains MMLP MMT Sq. ft. 690 127 12 1.2 2.4 mn 900 FY24 111 Sq. ft. Trucks KMs Trains MMLP MMT 1.3X ~3X ~2.5X ~2X ~8X ~8X ~5.5X 2,000 300
Slide 15: Investment Summary
Investment Summary STRICTLY CONFIDENTIAL
Slide 16: APSEZ: Growing market share
APSEZ: Growing market share All India and APSEZ Cargo Volumes Market Share of APSEZ (%) 30% 27% 25% 20% 15% 10% 10% 5% 1% 0% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Market share growth driven by operational excellence, cargo
Slide 17: APSEZ: Long term growth way ahead of the industry
APSEZ: Long term growth way ahead of the industry All India Cargo Throughput All India and APSEZ Domestic Cargo Volumes 1,600 1,539 1,500 Cargo Volumes (MMT) 1,400 1,282 1,500 1,300 1,200 1,350 1,100 1,200 973 1,000 1,050 900 900 FY14 FY19 FY24 750 All India Cargo (MMT) 600 450 500 408 300 400 150 3
Slide 18: APSEZ: Targeting 1,000 MMT cargo volumes in 2030
APSEZ: Targeting 1,000 MMT cargo volumes in 2030 Ports Revenue (Rs Bn) Cargo (MMT) Current domestic port capacity at ~627 MMT, capacity 1,000 507 expansion at existing ports being guided by cargo demand CAGR 16% domestic port volume 500 growth >2x the 241 cargo growth rate 240 93 Largest 3rd party m
Slide 19: APSEZ: Fast-paced growth for logistics business to continue
APSEZ: Fast-paced growth for logistics business to continue Logistics Revenue (Rs Bn) Logistics EBITDA (Rs Bn) Logistics EBITDA Margin (%) 140 35 CAGR CAGR 46% 45% 26% 25% CAGR CAGR 15% 21 43% 5 29% 6 1 FY19 FY24 FY29F FY19 FY24 FY29F FY19 FY24 FY29F Acceleration in growth driven by newly introduced
Slide 20: APSEZ: Our five-year roadmap reflects doubling of cashflow generation
APSEZ: Our five-year roadmap reflects doubling of cashflow generation Revenue (Rs Bn) EBITDA (Rs Bn) Net Cashflow from Operations Ports 655 (Rs Bn) 365 business contributes over 85% of 345 CAGR CAGR 20% 18% total CAGR EBITDA 18% 159 267 CAGR CAGR 150 20% 18% CAGR 71 20% 109 60 FY19 FY24 FY29F FY19 F
Slide 21: APSEZ: Port wise returns
APSEZ: Port wise returns 33% 33% 27% 23% 20% 20% 21% 19% 19% 17% 16% 16% 14% 13% 13% 12% 12% 12% 11%11% 11% 9% 7% 6% 6% Terminals 5% 3% 2% 1% 0% Mundra Hazira Dahej Dhamra Kattupalli Krishnapatnam Gangavaram OSL Logistics APSEZ -2% ROCE FY22 ROCE FY23 ROCE FY24 ROCE improving at matured ports with b
Slide 22: APSEZ: Debt maturity profile
APSEZ: Debt maturity profile as on 31st 16,000 Net Cash flow from operating activities in FY24 Rs 15,018 Crs 14,000 12,000 563 10,000 8,000 2,532 250 6,000 1,693 10,512 1,500 4,000 - 6,135 6,255 4,418 - 2,000 4,170 3,753 1,661 2,502 0 193 250 - Foreign Debt Rupee Debt (in Rs Cr) (in Rs Cr) Current l
Slide 23: APSEZ: Debt Ratios
APSEZ: Debt Ratios (in INR Cr) Gross Debt, Net Debt & Average Maturity Net Debt to EBITDA 7.0 49,819 6.0 45,453 46,279 40,072 3.4 3.3 3.0 34,401 36,462 2.9 3.1 31,666 2.9 28,472 5.5 4.6 2.5 2.3 Mar'21 Mar'22 Mar'23 Mar'24 Net Debt Gross Debt Average Maturity (years) FY17 FY18 FY19 FY20 FY21 FY22 FY2
Slide 24: APSEZ: Credit ratings
APSEZ: Credit ratings International Domestic Ratings Ratings Company Rating Company Domestic Rating Agency INR Ratings APSEZ BBB- (S&P, Fitch) / Baa3 (Moody's) APSEZ CARE Ratings AAA/Stable Adani International Container BBB- (S&P, Fitch) / Baa3 (Moody's) APSEZ ICRA AA+/Stable Terminal Private Limite
Slide 25: Catalysts Driving Market Leadership Position
Catalysts Driving Market Leadership Position STRICTLY CONFIDENTIAL
Slide 26: APSEZ: Establishing new benchmarks on operational efficiency
APSEZ: Establishing new benchmarks on operational efficiency Average Turnaround Time (days) for Ships 3.5 3.0 2.5 2.0 1.5 1.0 0.5 - FY18 FY19 FY20 FY21 FY22 FY23* Major Ports APSEZ APSEZ has been driving transformation of port sector by establishing new operational benchmarks; currently, our average
Slide 27: APSEZ: Geographical & cargo diversification
APSEZ: Geographical & cargo diversification Growing share of non Mundra Cargo Domestic Cargo Diversification 11% 34% 408 56% Non Mundra ports MMT volume CAGR 34% 89% from FY14 66% 44% 208 36% MMT FY14 FY19 FY24 Mundra Non-Mundra 113 MMT East Coast West Coast Parity 32% 15% 43% FY14 FY19 FY24 FY14 FY
Slide 28: APSEZ: Strategic partnerships & proximity to customers
APSEZ: Strategic partnerships & proximity to customers Strategic Partnerships Sticky Cargo Share Year Company Name Partner & Stake Adani International MSC 408 2011 Container (50%) Terminal Pvt Ltd 56% 54% Adani CMA Mundra 337 CMA-CGM 49% 312 2014 Terminal (50%) Pvt Ltd Dhamra LNG Terminal Total Ener
Slide 29: APSEZ: Quality assets
APSEZ: Quality assets Top 10 ports of India include Mundra & Key characteristics of Mundra & Krishnapatnam Krishnapatnam FY09 FY14 FY19 FY24 Mundra & Krishnapatnam are some of the Kandla Sikka Mundra Mundra deep draft water ports (17-18m depth) in the Sikka Mundra Sikka Paradip APSEZ portfolio Vizag
Slide 30: APSEZ: Digital platforms providing end-to-end connectivity
APSEZ: Digital platforms providing end-to-end connectivity Our Integrated Transport Utility Platform (ITUP) has enabled improved efficiency across different segments of port operations Our Control and Command Center for the logistics business is enabling volume growth and improved EBITDA margins thr
Slide 31: ESG Performance
ESG Performance STRICTLY CONFIDENTIAL
Slide 32: APSEZ: ESG Ratings
APSEZ: ESG Ratings Ranked in the 96 percentile in the Transportation and Transportation Infrastructure out of 334 companies assessed Achieved the highest score of 90/100 on the Environmental pillar amongst the 334 companies assessed Full score obtained in the Transparency & Reporting, Environmental
Slide 33: Annexure
Annexure STRICTLY CONFIDENTIAL
Slide 34: APSEZ: Operational & financial Highlights FY24
APSEZ: Operational & financial Highlights FY24 Operational APSEZ domestic cargo growth during FY24 was ~3x the industry cargo volumes Overall, cargo volumes recorded a healthy 24% Y-o-Y growth to 420 MMT, with Dry cargo volumes growing by 29%, container cargo by 20% and liquid & gas by 15% 10 domest
Slide 35: APSEZ: Operational & financial Highlights FY24
APSEZ: Operational & financial Highlights FY24 Financial Op. Revenue jumped by 28% Y-o-Y to Rs 26,711 Crs & EBITDA (excl. forex) increased by 24% to Rs 15,864 Crs Domestic Port EBITDA margin expanded by 150 bps Y-o-Y to 71% PAT increased by 50% Y-o-Y to Rs 8,104 Crs despite MAT write-off (due to ado
Slide 36: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be -looking including those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited future outlook and growth prospects, and future development
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