Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Credit Suisse Conference 2023
29 slides from Adani Ports & Special Economic Zone's conference presentation, Mar 21, 2023
Slide 1: Intimation of Analysts/Investor Meeting
Ref No: APSEZL/SECT/2022-23/111 March 21, 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
Slide 2: Investor Presentation Adani Ports and SEZ Ltd.
Investor Presentation Adani Ports and SEZ Ltd.
Slide 3: Table of Contents
Table of Contents A Group Profile B APSEZ: Company Profile C Operational & Financial Highlights D Guidance 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 13 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 ~225 MMT thirteen Dahej Moga 16 Kanech Kotkapura MMT Kilaraipur Kaithal Panipat Dhamora Tuna 14 Patli Kannauj Samastipur & MMT Darbhanga Kishangarh Mu
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 Assets 58 5 0.88 0.4 mn 540 FY20 Trains MMLP MMT Sq. ft. KMs 87 9M Trains 9 1.1 1.5 mn 620 FY23 (76 more MMLP MMT Sq. ft. KMs getting added) 2.5X 1.7X 2.5X 40X 3X 200+Trains 1
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: Targeting ESG leadership
APSEZ: Targeting ESG leadership • 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 for their ES
Slide 14: C Operational & Financial Highlights
C Operational & Financial Highlights STRICTLY CONFIDENTIAL
Slide 15: Sequential cargo volume growth beats industry
APSEZ: Sequential cargo volume growth beats industry (in MMT) APSEZ Cargo Throughput All India Cargo Throughput* 350 1050 312 1024 1016 300 1000 979 247 971 250 223 208 180 950 934 200 169 150 894 900 100 850 50 0 800 FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22 APSEZ Cargo All India
Slide 16: Diversifying cargo portfolio
APSEZ: Diversifying cargo portfolio 41% 43% 41% 41% 38% 37% 37% 38% 36% 33% 33% 32% 33% 32% 17% 13% 13% 12% 13% 12% 15% 13% 11% 11% 11% 8% 9% 6% 3% 3% 2% 3% 3% 3% 3% 1% 1% 0% 0% FY17 FY18 FY19 FY20 FY21 FY22 9M FY23 Dry (Coal) Dry (Non Coal) Liquid (excl Crude) Crude Gas Container 15
Slide 17: 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 16 *EBITDA excludes forex and one time transaction costs | FY22 financials
Slide 18: 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 19: 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 20: 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 21: 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 22: Debt Maturity Profile
APSEZ: Debt Maturity Profile Debt Maturity Profile Breakup of Debt (Dec’22) Rupee Debt Foreign Debt Foreign Debt Amount Year Total Debt (in Rs Cr) Particulars (in Rs Cr) (in Rs Cr) Repayment Details (Rs Cr) FY 22-23 191 - 191 Long Term Debt 43,164 FY 23-24 1,946 293 2,239 EUR 5 mn Short Term Debt &
Slide 23: Movement of Debt and Cash
APSEZ: Movement of Debt and Cash Movement of Debt Strong Cashflow from Operations Reference in Q3 FY23 Amount Particulars Published Investor (Rs Cr) Presentation Gross Debt (Mar 22) 45,453 Page 29 of PPT (+) Addition (Incl. ST Debt) 3,276 (-) Repayment (Incl. ST Debt) (5,989) (+) Fx MTM 2,744 Refer
Slide 24: 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 25: D Guidance
D Guidance STRICTLY CONFIDENTIAL
Slide 26: FY24 Guidance
APSEZ: FY24 Guidance FY23 Guidance FY24 Guidance Rs 12,200 Cr – Rs 12,600 Cr EBITDA Rs 14,500 Cr – Rs 15,000 Cr Rs 8,600 Cr Capex Rs 4,000 Cr – Rs 4,500 Cr 3.0-3.5x Net Debt to EBITDA ~2.5x 25
Slide 27: FY24 Net Debt Guidance
APSEZ: FY24 Net Debt Guidance Movement in Net Debt during FY24 * 4,000 – 4,500 (14,500 – 15,000) Cash Surplus generated through operations during FY24 would be used to re-pay / pre-pay loans of Rs 5,000 Cr, resulting in reduction of Net Debt to EBITDA ratio to ~2.5x 26 *Estimated Net Debt as of 31st
Slide 28: Growth to accelerate going forward
APSEZ: Growth to accelerate going forward Historical track record Growth momentum to continue 171 290 231 198 Revenue 171 79 (INR bn) FY16 FY22 FY22A FY23E FY24F FY25F 187 106 150 126 106 EBITDA 46 (INR bn) FY16 FY22 FY22A FY23E FY24F FY25F Accelerated growth to continue resulting In significant inc
Slide 29: 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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