Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (March 2025)
41 slides from Adani Ports & Special Economic Zone's investor presentation, March 2025
Slide 1: Adani Ports and Special Economic Zone Ltd. Investor Presentation
Adani Ports and Special Economic Zone Ltd. Investor Presentation
Slide 2: Table of contents
Table of contents A Group profile B Company profile C Investment summary C1 Debt profile C2 ESG & Governance D Catalysts driving market leadership position E FY25 guidance F 5-year guidance G Appendix 2
Slide 3: A Group profile
A Group profile STRICTLY CONFIDENTIAL
Slide 4: 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 Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (73.97%) (100%) (50.00%) (100%) (100%) ANIL Ada
Slide 5: Adani Portfolio: Decades long track record of industry best growth with national footprint
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 71% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platfor
Slide 6: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value C
Slide 7: B Company profile
B Company profile STRICTLY CONFIDENTIAL
Slide 8: A transport utility with string of ports and integrated logistics network
A transport utility with string of ports and integrated logistics network Movable assets Tugs – 117 Dredgers - 28 Trains – 132 Trucks – 936 E-ITVs – 338 OSVs - 31 Moga Dahej Kanech Kotkapura Kandla Kilaraipur Kaithal Panipat 1 to 15 in two (Tuna & Berth 13)# Tauru Dhamora decades Patli & Samastipur
Slide 9: Marine, ports and logistics assets delivering tech-enabled integrated transport solutions
We leverage an extensive portfolio of marine, ports and logistics assets to deliver tech- enabled integrated transport solutions Marine Trains & Ports MMLPs Warehouses Trucks Customer services Tracks gate Digitizing the value chain for Port ops Real-time rake Automated container Fleet management Dig
Slide 10: India's largest private port operator, building global presence
India’s largest private port operator, building global presence West Coast East Coast Capacity Capacity ~361 MMT ~272 MMT Dahej 16 MMT Kandla (Tuna & Berth 13)# 20 Haifa Port MMT Mundra Ports in proximity 264 MMT to DFCs ^Haldia 4 MMT Colombo West Dhamra International Terminal Hazira 50 MMT 30 MMT G
Slide 11: Marine portfolio – significant local presence, also foraying into global waters
Marine portfolio – significant local presence, also foraying into global waters Diverse set of marine assets - 117 tugs, 28 dredgers, 31 Offshore Support Vessels (OSVs) and support vessels Extensive range of marine services including pilotage, mooring, diving support, harbor towage, ship-to-ship ope
Slide 12: Land bank supporting industry cluster development
Land bank supporting industry cluster development Dhamra: ~2,000+ Ha • Rail: 62.5 km longest electrified NGR Line in the Investment in land banks for potential logistics use country (electrified from Bhadrak / Ranital to DTY) and connects Howrah Chennai main rail link at Bhadrak and Ranital with ROB
Slide 13: C Investment summary
C Investment summary STRICTLY CONFIDENTIAL
Slide 14: Growing market share
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 diversi
Slide 15: Long-term growth way ahead of the industry
Long-term growth way ahead of the industry All India Cargo Throughput All India and APSEZ domestic cargo volume 1,600 1,539 Cargo Volumes (MMT) 1,500 1,500 1,400 1,282 1,350 1,300 1,200 1,200 1,100 1,050 973 1,000 900 900 750 FY14 FY19 FY24 600 All India Cargo (MMT) 450 300 500 408 150 400 - 300 208
Slide 16: Strong cashflow generation
Strong cashflow generation Revenue from operations (Rs Cr) EBITDA (Rs Cr) Net Cash Generated from Operations (Rs Cr) 30,000 18,000 16,000 15,018 26,711 15,864 16,000 14,000 25,000 14,000 12,000 20,000 12,000 10,000 10,000 15,000 8,000 10,925 8,000 7,067 6,029 6,000 10,000 6,000 4,000 4,830 4,000 2,9
Slide 17: EBITDA margin expansion across both ports and logistics business
EBITDA margin expansion across both ports and logistics business Domestic Ports EBITDA (Rs Cr) Logistics EBITDA (Rs Cr) 16,000 14,907 600 540 14,000 500 12,000 10,000 400 8,000 6,053 300 6,000 200 4,000 2,061 90 2,000 100 - - FY14 FY19 FY24 FY19 FY24 Domestic Ports EBITDA Margin % Logistics EBITDA M
Slide 18: Port-wise returns
Port-wise returns 66% of H1 FY25 domestic ports EBITDA* 22% of H1 FY25 domestic ports EBITDA* 40% 36% 33% 33% 28% 27% 26% 23% 21% 21% 20% 20% 19%19% 16% 16%16% 12% 13% 12% 11% 11% 10% 9% 6% 7% 2% 2% Mundra Hazira Dahej Dhamra Karaikal Krishnapatnam Gangavaram Kattupalli ROCE FY22 ROCE FY23 ROCE FY24
Slide 19: C1 Debt profile
C1 Debt profile STRICTLY CONFIDENTIAL
Slide 20: Debt maturity profile
Debt maturity profile 10 Years Long Term Debt Maturity Profile as on 31st Dec’24 (INR Cr) FFO + Cash 22,7841 12,010 FFO 12,9671 6,560 6,704 5,831 3,044 2,704 2,621 302 44 250 FY25 (Jan - FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Mar) Current level of FFO exceeds the annual loan repayments; no ref
Slide 21: Debt ratios
Debt ratios (in INR Cr) Gross Debt, Net Debt & Average Maturity Net Debt to EBITDA 49,819 3.3 6.0 7.0 45,453 46,279 45,653 3.1 40,072 2.9 3.0 36,462 37,928 34,401 5.5 31,666 2.3 28,472 4.6 4.5 2.1 Mar'21 Mar'22 Mar'23 Mar'24 Dec'24 Net Debt Gross Debt Average Maturity (years) FY20 FY21 FY22 FY23 FY2
Slide 22: Comprehensive credit rating coverage
Comprehensive credit rating coverage Global rating agencies Domestic rating agencies AAA / Stable Baa3 / Negative AAA / Stable BBB- / Negative AAA / Stable BBB- / Negative AAA / Stable 22 Note: RWN – Rating Watch Negative
Slide 23: C2 ESG & Governance
C2 ESG & Governance STRICTLY CONFIDENTIAL
Slide 24: Sustainability is at the core of our operations
Sustainability is at the core of our operations Guiding Principles ESG Ratings Industry Ranking CEO Water United Nations SBTi-based net Rating Agency Rating/Score (Global level) Mandate Global Compact zero targets Top 10 in global India Business & IFC E&S Transport & UN Sustainable 68 Biodiversity P
Slide 25: D Catalysts driving market leadership position
D Catalysts driving market leadership position STRICTLY CONFIDENTIAL
Slide 26: Growth opportunity in logistics is immense
Growth opportunity in logistics is immense Fastest growing economy with large consumer base We have a pan-India logistics presence Fastest Growing Large Economy Large Consumer Base G20 Real GDP CAGRs, 2015 to 2022 (%) Top 10 Countries by Population, 2022 (b) Future outlook for India is India is #1 7
Slide 27: Strategic partnerships & sticky cargo
Strategic partnerships & sticky cargo Strategic Partnerships Sticky Cargo Share Year Company Name Partner & Stake Adani International MSC 2011 Container (50%) Terminal Pvt Ltd 408 60% Adani CMA Mundra 54% 56% CMA-CGM 2014 Terminal 337 (50%) 49% 319 Pvt Ltd 312 Dhamra LNG Terminal Total Energies 2019
Slide 28: Quality assets
Quality assets Top 10 ports of India include Mundra & Krishnapatnam Marine & Logistics assets FY09 FY14 FY19 FY24 Current scale (Q3 FY25) Kandla Sikka Mundra Mundra India’s leading third-party Tugs 117 marine services provider Sikka Mundra Sikka Paradip India’s largest capital Dredgers 28 dredging c
Slide 29: 'Future-ready' with integrated tech platforms
‘Future-ready’ with integrated tech platforms Automated container Fleet management Port ops management Real-time rake tracking Digital customer portal depot mgmt. (TOS) system Middleware integrating all our systems Port Community System (PCS) Command & Control / ITUP (Central platform to plan & moni
Slide 30: E FY25 guidance
E FY25 guidance STRICTLY CONFIDENTIAL
Slide 31: FY25 Guidance
FY25 Guidance FY25 Guidance Cargo 460-480 MMT Revenue Rs 29,000-31,000 Cr Rs 18.800-18,900 Cr EBITDA (previous guidance: Rs 17,000 – 18,000 Cr) Capex Rs 10,500-11,500 Cr Net Debt to EBITDA 2.2–2.5x 31
Slide 32: Organic growth - capex segment wise FY25
Organic growth - capex segment wise FY25 (in INR Cr) Total TotalInvestment Investment ––11,500 17,400 Ports – 7,300 Marine Services - 400 Logistics – 2,300 Decarbonization – 1,500 Domestic 5,500 International 1,800 Tug 400 Grain Silos 1,600 WCT, Sri Lanka and Logistics Park 250 Mundra – Equipment fo
Slide 33: F 5-year guidance
F 5-year guidance STRICTLY CONFIDENTIAL
Slide 34: Targeting 1,000 MMT cargo volumes in 2030
Targeting 1,000 MMT cargo volumes in 2030 Ports Revenue (Rs Bn) Cargo (MMT) • Current domestic port capacity 1,000 at ~633 MMT, capacity 507 expansion at existing ports being guided by cargo demand CAGR 16% • APSEZ’s domestic port volume 500 growth >2x the country’s 241 cargo growth rate 240 93 • La
Slide 35: Existing ports will continue to drive domestic cargo volumes
Existing ports will continue to drive domestic cargo volumes Illustrative examples of domestic ports that will drive cargo volumes Mundra (FY24 – 180 MMT) Hazira (FY24 – 26 MMT) Dhamra (FY24 – 43 MMT) Krishnapatnam (FY24 - 59 MMT) 30 50 75 264 250 264 194 204 Drivers Drivers Drivers Drivers • Divers
Slide 36: Fast-paced growth for logistics business to continue
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 truc
Slide 37: Our five-year roadmap reflects doubling of cashflow generation
Our five-year roadmap reflects doubling of cashflow generation Revenue (Rs Bn) EBITDA (Rs Bn) Net Cashflow from Operations 655 (Rs Bn) 365 345 CAGR CAGR 20% 18% CAGR 18% 159 267 CAGR CAGR 150 20% 18% CAGR 71 20% 109 60 FY19 FY24 FY29F FY19 FY24 FY29F FY19 FY24 FY29F • Capex guidance for FY25-FY29: D
Slide 38: What makes APSEZ unique?
What makes APSEZ unique? Scale • India's largest private port operator • Largest network of waterfront to customer gate - 90% hinterland connectivity End-to-end solutions • Driven by a diverse asset base - Vast waterfront assets + extensive hinterland fleet • Strategic partnerships that drive growth
Slide 39: G Appendix
G Appendix STRICTLY CONFIDENTIAL
Slide 40: Performance against our 5-year guidance
Performance against our 5-year guidance Parameters Guidance (FY21-FY25) Actuals (FY21-FY24) 2023 – 398 MMT 2025F – 500 MMT Cargo 2020-2023 CAGR: 2020-2025F CAGR: 17% 20% FY24 – Rs 267 Bn FY25F – Rs 300 Bn Revenue FY21-FY24 CAGR: FY21-FY25F CAGR: 24% 29% FY24 – Rs 159 Bn FY25F – Rs 187 Bn EBITDA FY21
Slide 41: 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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