Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Jefferies 2nd India Forum 2023
31 slides from Adani Ports & Special Economic Zone's conference presentation, May 25, 2023
Slide 1: Intimation of Analysts/Investor Meeting
Ref No: APSEZL/SECT/2023-24/20 May 25, 2023 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 532921 Scrip Code: ADANIPORTS Sub: Intimation of Analysts /Investor Mee
Slide 2: Investor Presentation Adani Ports and SEZ Ltd.
Investor Presentation Adani Ports and SEZ Ltd. Jefferies 2nd India Forum - 25th May’23
Slide 3: Table of Contents
Table of Contents A Group Profile B APSEZ: Company Profile C Market leadership D Operational & Financial Highlights E Investment Summary 2
Slide 4: A Group Profile
A Group Profile STRICTLY CONFIDENTIAL
Slide 5: Adani: A World Class Infrastructure & Utility Portfolio
Adani: 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%) (60.8%) (74.2%) (65.1%) (100%) (63.2%) AGEL ATL APSEZ1 AEL NQXT
Slide 6: 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 Growth 5x Core Portfolio EBITDA 70% 1,2 EBITDA 92% 1,4 Utility 92% Transport 85% Consumers ~400 mn Served AEL Growth
Slide 7: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Activity • Analysis & market • Site acquisition • Engineering & design • Life cycle O&M • Redesigning capital
Slide 8: B APSEZ: Company Profile
B APSEZ: Company Profile STRICTLY CONFIDENTIAL
Slide 9: APSEZ: Transformational Business Model
APSEZ: Transformational Business Model Ports SEZ Logistics • National footprint with 14 ports • Large scale ‘ready to setup’ industrial • Largest integrated logistics player in across the coastline, de-risks the land (SEZ) India Development portfolio of concentration risk. • Rail, MMLPs, Warehousing
Slide 10: A transport utility with string of ports and integrated logistics network
APSEZ: A transport utility with string of ports and integrated logistics network West Coast East Coast Installed Capacity Installed Capacity ~355 MMT ~247 MMT One to fourteen in two decades Dahej Moga 16 Kanech Kotkapura MMT Kilaraipur Kaithal Panipat Dhamora Tuna 14 Patli Kannauj Samastipur & MMT D
Slide 11: Logistics to provide growth impetus & help reaching customer's gate
APSEZ: Logistics to provide growth impetus & help reaching customer's gate Trains MMLPs Grain Silos Ware-housing Rail Tracks Marine Flotila* Assets 58 5 0.88 0.4 mn 540 26 FY20 Trains MMLP MMT Sq. ft. KMs 9M 87 9 1.1 1.5 mn 620 KMs 111 Trains MMLP MMT Sq. ft. FY23 2.5X 1.5X 2.5X 40X 3X 1.1X 200+Trai
Slide 12: Digital platform ITUP - building end-to-end connectivity
APSEZ: Digital platform ITUP - building end-to-end connectivity • With end-to-end connectivity, the platform will measure productivity of activities and record deviations in real-time • Marketplace for customers and suppliers, with visibility on consignment movement, logistics cost options, delivery
Slide 13: Strong cashflow generation
APSEZ: Strong cashflow generation Revenue from operations (Rs Cr) EBITDA (Rs Cr) 16,000 15,055 12,000 14,000 9,562 10,000 12,000 10,925 8,000 7,067 10,000 8,000 6,000 6,000 4,830 4,000 2,977 4,000 2,000 2,000 - - FY14 FY19 9M FY23 FY14 FY19 9M FY23 • Revenue and EBITDA almost doubling every five yea
Slide 14: Asset creation supported by internal accruals
APSEZ: Asset creation supported by internal accruals Net Asset Base (Rs Cr) Gross debt as a % of net asset base 80,000 90% 74,301 70,000 80% 60,000 70% 50,000 60% 40,000 32,608 50% 30,000 40% 20,000 15,245 10,000 30% - 20% FY14 FY19 H1 FY23 FY14 FY19 H1 FY23 Asset Base (Rs Cr) Gross Debt as a % of A
Slide 15: Targeting ESG leadership
APSEZ: Targeting ESG leadership • Moody’s • APSEZ ranked 1st in the Transport & Logistics sector globally across all the Emerging Markets for its ESG performance in 2022 by Moody’s • APSEZ ranked 1st among 59 Indian companies and 9th among 844 companies globally across sectors in Emerging Markets fo
Slide 16: C Market leadership
C Market leadership STRICTLY CONFIDENTIAL
Slide 17: Long term growth way ahead of the industry
APSEZ: Long term growth way ahead of the industry Cargo Volumes (MMT) 1,500 1,350 1,200 1,050 900 750 600 450 300 150 - FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 All India Port Cargo APSEZ Cargo APSEZ volumes have grown at a CAGR of
Slide 18: Cargo growth beats industry
APSEZ: Cargo growth beats industry APSEZ Cargo Throughput All India Cargo Throughput 350 339 1,500 312 1,433 1,450 300 247 1,400 250 223 1,350 1,319 208 1,307 1,300 1,282 200 180 1,246 1,250 1,208 150 1,200 100 1,150 1,100 50 1,050 - 1,000 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23
Slide 19: Largest container terminal operator
APSEZ: Largest container terminal operator APSEZ Container Throughput All India Container Throughput 9.0 20.5 20.2 8.6 8.5 8.2 20.0 19.6 19.5 8.0 7.4 19.0 7.5 18.5 7.0 18.0 17.5 17.6 6.5 6.2 17.5 5.8 17.0 6.0 17.0 5.5 5.1 16.5 5.0 16.0 15.5 4.5 15.5 4.0 15.0 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 F
Slide 20: Changing the landscape of India's port sector
APSEZ: Changing the landscape of India’s port sector Average Turnaround Time (days) Market Share of APSEZ (%) 3.5 25% 3.0 20% 2.5 2.0 15% 1.5 10% 1.0 0.5 5% - 0% FY18 FY19 FY20 FY21 FY22* FY23E** FY02 FY19 FY20 FY21 FY22 FY23E# Major Ports APSEZ Market Share • APSEZ with ~25% of India’s port handlin
Slide 21: D Operational and Financial Highlights
D Operational and Financial Highlights STRICTLY CONFIDENTIAL
Slide 22: APSEZ: Financial Performance
APSEZ: Financial Performance (in INR Cr) (YoY) Revenue EBITDA* Capex 36% 32% 91% FY21 vs 12,550 17,119 8,063 10,607 1,954 3,749 FY22 Revenue EBITDA* Capex 16% 19% 135% 9M FY22 vs 12,978 15,055 8,026 9,562 3,019# 7,112 9M FY23 21 *EBITDA excludes forex and one time transaction costs | FY22 financials
Slide 23: Financial Performance – 9M FY23
APSEZ: Financial Performance – 9M FY23 (in INR Cr) 9M FY22 9M FY23 Particulars Revenue EBITDA^ PAT# Revenue EBITDA^ PAT# APSEZ Consolidated* 12,978 8,026 3,842 15,055 9,562 4,252 JVs AICTPL (CT-3), JV with MSC 986 527 185 1,115 582 85 ACMTPL (CT-4), JV with CMA-CGM 456 262 72 556 321 41 Total 14,420
Slide 24: Key segment wise Operating revenue & EBITDA – 9M FY23
APSEZ: Key segment wise Operating revenue & EBITDA – 9M FY23 (YoY, in INR Cr) Ports Logistics 12,903 1,211 71% 70% 10,595 29% 8,973 25% 845 7,473 354 214 9M FY22 9M FY23 9M FY22 9M FY23 Revenue EBIDTA EBIDTA (%) Revenue EBIDTA EBIDTA (%) SEZ & Port Development O&M 10% 890 9% 48% 501 460 29% 380 261
Slide 25: Port wise returns
APSEZ: Port wise returns 48% 23% 21% 19% 19% 20% 15% 16% 16% 16% 11% 11% 12% 11% 8% 9% Terminals 7% 5% 3% 2% 3% 2% 3% Mundra Hazira Dahej Dhamra Kattupalli Krishnapatnam Gangavaram Logistics -2% -5% ROCE FY21 ROCE FY22 ROCE H1 FY23 • ROCE continuously improving at matured ports with better capacity
Slide 26: Debt Ratios
APSEZ: Debt Ratios (YoY, in INR Cr) Gross Debt, Net Debt & Average Maturity Rating Ratios* 45,453 45,534 7.0 42,750 25% 25% 39,277 22% 23% 22% 35,817 18% 31,666 5.1 5.4 4.5 6.2 6.0 FY 21 FY22 9M FY23 FFO / Gross Debt (13% - 15%) FFO / Net Debt (18% - 25%) Mar'2022 Sep'2022 Dec'2022 FFO Interest cove
Slide 27: Strong cashflow generation supports growth capex
APSEZ: Strong cashflow generation supports growth capex (and debt servicing) Strong Cashflow from Operations Long Term Debt Maturity Profile of Rs 43,164 Crs 10,426 12,000 10,000 8,000 6,204 5,916 6,000 4,136 3,723 2,482 4,000 2,190 1,946 1,661 1,500 1,341 2,000 563 507 293 191 85 0 FY 23-24 FY 24-2
Slide 28: 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 ICRA AA+/Stable Adani International Container BBB- (S&P, Fitch) / Baa3 (Moody's) APSEZ India Ratings AA+/Stable Terminal Private Limit
Slide 29: E Investment Summary
E Investment Summary STRICTLY CONFIDENTIAL
Slide 30: Growth to accelerate
APSEZ: Growth to accelerate Historical track record Growth momentum to continue 171 290 Revenue 171 79 (INR bn) FY16 FY22 FY22A FY25F 187 106 106 EBITDA 46 (INR bn) FY16 FY22 FY22A FY25F Accelerated growth to continue resulting In significant increase in earnings 29 CAGR : Compounded Annual Growth R
Slide 31: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited (“APSEZL”),the future outlook and grow
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