Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q3 FY25 Earnings Presentation
60 slides from Adani Ports & Special Economic Zone's earnings presentation, Jan 30, 2025
Slide 1: Operational & financial highlights – Q3 & 9M FY25
Adani Ports and Special Economic Zone Ltd. Operational & financial highlights – Q3 & 9M FY25 30th January 2025
Slide 2: Table of contents
Table of contents A Group profile B Company profile C Investment summary C1 Strategic highlights C2 Debt profile C3 ESG & Governance D Catalysts driving market leadership position E Operational highlights F Financial highlights G ESG highlights H Annexure 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: We leverage an extensive portfolio of marine, ports and logistics assets
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: 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 12: C Investment summary
C Investment summary STRICTLY CONFIDENTIAL
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: C1 Strategic highlights
C1 Strategic highlights STRICTLY CONFIDENTIAL
Slide 19: Strategic highlights
Strategic highlights Key strategic developments 1. Started Trucking Management Solution (TMS), a technology platform that acts as a transformational marketplace + fulfilment solution to streamline supply chain for customers. 2. Upgraded FY25 EBITDA guidance to Rs. 18,800-18,900 Cr (previous guidance
Slide 20: 1. Launched Trucking Management Solution
1. Launched Trucking Management Solution • Launched TMS, an in-house technology and service platform • TMS acts as a transformational marketplace + fulfilment solution to streamline supply chain for customers • TMS offers an easy-to-use marketplace interface that can seamlessly connect with customer
Slide 21: TMS - A transformational marketplace + fulfilment approach
TMS - A transformational marketplace + fulfilment approach to streamline supply chain for customers • In-house, integrated portal that offers easy-to-use • Multiple fleet interface for customers configuration (container • Started in Q3 with one • Order to Invoice functionality trailers, bulkers, tip
Slide 22: 2. Upgraded FY25 EBITDA guidance
2. Upgraded FY25 EBITDA guidance FY25 EBITDA guidance upgraded significantly to Rs. 18,800-18,900 Cr (previous guidance - Rs. 17,000 – 18,000 Cr) 22
Slide 23: 3. Other strategic highlights
3. Other strategic highlights • Closed Gopalpur and Astro Offshore transactions worth Rs.4,600 Cr o APSEZ completed the acquisition of 95% stake in Gopalpur Port enhancing presence along the Eastern coast of India. As a deep-draft, multi cargo port the port plays an important role in supporting the
Slide 24: C2 Debt profile
C2 Debt profile STRICTLY CONFIDENTIAL
Slide 25: Debt maturity profile
Debt maturity profile 10 Years LTD 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 refinance risk
Slide 26: 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 27: 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- (RWN) AAA / Stable 27 Note: RWN – Rating Watch Negative
Slide 28: C3 ESG & governance
C3 ESG & governance STRICTLY CONFIDENTIAL
Slide 29: 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 68 Top 97 Percentile India Business & IFC E&S UN Sustainable Biodiversity Performance
Slide 30: D Catalysts driving market leadership position
D Catalysts driving market leadership position STRICTLY CONFIDENTIAL
Slide 31: 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 32: 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 33: 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 34: '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 35: E Operational highlights
E Operational highlights STRICTLY CONFIDENTIAL
Slide 36: Other highlights – 9M FY25
Other highlights – 9M FY25 • APSEZ clocked 332 MMT (+ 7% YoY) cargo volume in 9M FY25. The growth was primarily driven by container volume (+19% YoY) • In the same period APSEZ handled 27.2% of the country’s total cargo and 45.2% of container cargo • Mundra Port has achieved a remarkable milestone b
Slide 37: Other highlights – 9M FY25
Other highlights – 9M FY25 • Logistics handled container volumes of 0.48 Mn TEUs (up 9% YoY), and bulk cargo of 16.1 MMT (up 13% YoY). In December 2024, Adani Logistics Ltd. handled the highest ever container volume – 59,061 TEUs • Container volumes handled at MMLPs increased by 19% YoY to 3,33,419
Slide 38: Key awards reflecting operational excellence – 9M FY25
Key awards reflecting operational excellence – 9M FY25 • APSEZ has made it to the Global Top 10 in Transportation & Transportation Infrastructure in the 2024 S&P Global Corporate Sustainability Assessment, ranking in the 97th percentile. APSEZ is also the only Indian company in the Top 10 within thi
Slide 39: Port Volume – Q3 & 9M FY25
Port Volume – Q3 & 9M FY25 In MMT Q3 FY25 Q3 FY24 YoY 9M FY25 9M FY24 YoY Domestic Volume 106.5 105.9 1% 318.7 302.1 5% International Volume 6 2.7 118% 13.6 9.1 50% APSEZ volume 112.5 108.6 4% 332.5 311.2 7% In MMT Q3 FY25 Q3 FY24 YoY 9M FY25 9M FY24 YoY Total Domestic Volume 106.5 105.9 1% 318.7 30
Slide 40: Diversifying cargo portfolio
Diversifying cargo portfolio 43% 41% 41% 41% 41% 38% 38% 37% 38% 34% 33% 33% 33% 36% 32% 32% 17% 16% 15% 15% 13% 13% 13% 12% 11% 9% 11% 11% 8% 7% 6% 6% 3% 2% 3% 3% 3% 3% 2% 2% 0% 1% 0% 1% 2% 2% FY18 FY19 FY20 FY21 FY22 FY23 FY24 9M FY25 Dry (Coal) Dry (Othen than coal) Liquid (excl. Crude) Crude Gas
Slide 41: Container cargo drives growth – Q3 & 9M FY25
Container cargo drives growth – Q3 & 9M FY25 Q3 FY25 cargo volume 7.9 1.3 0.5 0.3 112.5 108.6 2.5 0.8 -0.2 -0.3 0.0 -8.2 -0.8 Container Coastal Coal Minerals Agri Crude (incl. RORO Q3 FY24 Coking Coal EXIM Coal Fertilizers Other Dry Gas) Other Liquid Q3 FY25 9M FY25 cargo volume 22.0 0.3 2.2 0.1 0.4
Slide 42: F Financial highlights
F Financial highlights STRICTLY CONFIDENTIAL
Slide 43: Consolidated financial performance – SEBI format
Consolidated financial performance – SEBI format 43
Slide 44: JV Financial performance – Q3 & 9M FY25
JV Financial performance – Q3 & 9M FY25 (in INR Cr) Quarterly performance Q3 FY24 Q3 FY25 Particulars Revenue EBITDA^ PAT Revenue EBITDA^ PAT APSEZ Consolidated 6,920 4,186 2,208 7,964 4,802 2,518 JVs AICTPL (CT-3), JV with MSC 491 261 184 439 233 118 ACMTPL (CT-4), JV with CMA-CGM 243 145 72 241 13
Slide 45: Key segment-wise operating revenue & EBITDA – Q3 FY25
Key segment-wise operating revenue & EBITDA – Q3 FY25 (YoY, in INR Cr) Domestic Ports International Operations SEZ & Port Development 73% 71% 1,123 100% 5,994 154 5,534 812 4,356 57% 3,944 87 18% 198 10% 25 25 80 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Revenue EBITDA EBITDA % Revenue EBITDA
Slide 46: Key segment-wise operating revenue & EBITDA – 9M FY25
Key segment-wise operating revenue & EBITDA – 9M FY25 (YoY, in INR Cr) Domestic Ports International Operations SEZ & Port Development 92% 72% 72% 2,769 17,172 798 2,378 731 15,498 12,435 11,092 362 14% 17% 392 10% 247 60 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 Revenue EBITDA EBITDA % Revenue
Slide 47: 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 47
Slide 48: G ESG highlights
G ESG highlights STRICTLY CONFIDENTIAL
Slide 49: Key ESG performance highlights
Key ESG performance highlights Indicator FY25 Target 9M FY25 Energy & Emission RE share in total electricity^^ 100% 15% Energy intensity reduction* 50% 56% Emission intensity reduction* 60% 57% Water and Waste Water consumption intensity reduction* 60% 61% Zero waste to landfill** 12 Ports 6 Ports A
Slide 50: ESG ratings
ESG ratings Climate Change [ A- ] Moody’s Global ESG Institutional Investor Water Security [ B ] Corporate sustainability Sustainalytics ESG Risk rating Shareholders Esg Rating Supplier Engagement Assessment [ 68 ] Rating [ 11.3 ] [ 62 ] [C+] – Prime status [ A- ] • Achieved the Leadership • Scored
Slide 51: H Annexure
H Annexure STRICTLY CONFIDENTIAL
Slide 52: Port-wise cargo and financial details
Port-wise cargo and financial details STRICTLY CONFIDENTIAL
Slide 53: Port volume – Q3 & 9M FY25 (1/5)
Port volume – Q3 & 9M FY25 (1/5) 1 Mundra Q3 FY24 Q3 FY25 9M FY24 9M FY25 7.0 7.7 22.4 24.3 MMT MMT MMT MMT 29.0 MMT 31.2 MMT + 2.2% 82.2 MMT + 12.1% 94.3 MMT 47.7 MMT 9.7 48.8 MMT 12.1 MMT 28.6 MMT 31.4 MMT MMT 133.7 MMT 149.9 MMT 2 Dhamra Q3 FY24 Q3 FY25 9M FY24 9M FY25 0.9 0.9 3.2 3.1 MMT MMT MMT
Slide 54: Port volume – Q3 & 9M FY25 (2/5)
Port volume – Q3 & 9M FY25 (2/5) 3 Hazira Q3 FY24 Q3 FY25 9M FY24 9M FY25 1.1 1.2 3.3 3.4 MMT MMT MMT MMT 8.6 9.0 MMT + 2.6% MMT 2.9 3.0 8.0 8.7 6.3 MMT MMT + 13.5% 7.1 MMT MMT MMT MMT 2.3 MMT 2.9 MMT 20.3 MMT 20.8 MMT 4 Dahej Q3 FY24 Q3 FY25 9M FY24 9M FY25 2.8 MMT -11.1% 2.5 MMT -6.7% 8.4 MMT 7.8
Slide 55: Port volume – Q3 & 9M FY25 (3/5)
Port volume – Q3 & 9M FY25 (3/5) 5 Krishnapatnam Q3 FY24 Q3 FY25 9M FY24 9M FY25 0.4 1.6 2.1 0.3 0.6 0.7 1.7 MMT MMT MMT MMT MMT MMT MMT 14.2 MMT -11.4% 12.6 MMT 40.3 -3.6% MMT 39.6 MMT 13.2 MMT 11.9 MMT 43.6 MMT 42 MMT 6 Kattupalli Q3 FY24 Q3 FY25 9M FY24 0.4 9M FY25 0.4 0.6 MMT 0.7 MMT 0.2 0.2 0.1
Slide 56: Port volume – Q3 & 9M FY25 (4/5)
Port volume – Q3 & 9M FY25 (4/5) 7 Gangavaram Q3 FY24 Q3 FY25 9M FY24 9M FY25 0.2 MMT 0.3 MMT 9.4 MMT 7.3 MMT 18.5 -21.9% -31.6% MMT 7.1 MMT 27.5 MMT 18.8 MMT 8 Karaikal Q3 FY24 Q3 FY25 9M FY24 9M FY25 3.7 MMT 3.2 MMT -13.4% -1.4% 9.4 MMT 9.2 MMT Container Liquid (with Crude) Dry cargo 56
Slide 57: Port volume – Q3 & 9M FY25 (5/5)
Port volume – Q3 & 9M FY25 (5/5) 9 Gopalpur 10 Vizhinjam Q3 FY25 9M FY25 Q3 FY25 9M FY25 1.3 MMT 2.4 MMT 1.3 MMT 3.2 MMT MMT MMT Container Liquid (with Crude) Dry cargo 57
Slide 58: Financials – Q3 and 9M FY25
Financials – Q3 and 9M FY25 Rs Cr Revenue EBITDA EBITDA margin Revenue EBITDA EBITDA margin Q3 Q3 Q3 Q3 Q3 Q3 9M 9M 9M 9M 9M 9M Port FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Mundra 2,184 1,887 1,645 1,244 75% 66% 5,877 4,843 3,972 3,228 68% 67% Dhamra 553 562 357 372 65% 66% 1,718
Slide 59: Thank You
Thank You Details Annexed in Linked File 1. Port-wise Cargo Volume Break up Q3 FY25 2. Ports and Logistics Vertical Key Financial Performance Q3 FY25 Please open the file in PDF reader and double click on the icon to open -
Slide 60: 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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