Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (June 2023)
33 slides from Adani Ports & Special Economic Zone's investor presentation, June 2023
Slide 1: Adani Ports and SEZ Ltd. Investor Presentation – Jun'23
Adani Ports and SEZ Ltd. Investor Presentation – Jun’23
Slide 2: Table of Contents
Table of Contents A Group Profile B APSEZ: Company Profile C Market leadership D Operational, Strategic, & Financial Highlights E Investment Summary 2
Slide 3: Group Profile
A Group Profile STRICTLY CONFIDENTIAL
Slide 4: 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 (69.2%) (57.2%) (71.7%) (61.0%) (100%) (63.2%) AGEL ATL APSEZ1 AEL NQXT
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 Growth 5x Core Portfolio EBITDA 70% 1,2 EBITDA 92% 1,4 Utility 92% Transport 85% Consumers ~400 mn Served AEL Growth
Slide 6: 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 7: APSEZ: Company Profile
B APSEZ: Company Profile STRICTLY CONFIDENTIAL
Slide 8: APSEZ: Transformational Business Model
APSEZ: Transformational Business Model Ports Logistics SEZ • National footprint with 14 ports • Largest integrated logistics player in • Large scale ‘ready to setup’ industrial across the coastline, de-risks the India land (SEZ) Development portfolio of concentration risk. • Rail, MMLPs, Warehousing
Slide 9: 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 10: 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 87 9 1.1 1.5 mn 620 FY23 KMs 110 Trains MMLP MMT Sq. ft. 2.5X 1.5X 2.5X 40X 3X 1.1X 200+Trains
Slide 11: 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 12: 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 13: Market leadership
C Market leadership STRICTLY CONFIDENTIAL
Slide 14: Long term growth way ahead of the industry
APSEZ: Long term growth way ahead of the industry Cargo Volumes (MMT) Top 10 ports of India 1,500 FY07 FY12 FY17 FY23 1,350 Vizag Kandla Sikka Mundra 1,200 Chennai Vizag Mundra Kandla 1,050 Kandla JNPT Kandla Paradip 900 Mumbai Mundra Paradip Sikka 750 600 JNPT Chennai Mumbai JNPA 450 Haldia Paradip
Slide 15: Cargo growth beats industry
APSEZ: Cargo growth beats industry APSEZ Cargo Throughput* All India Cargo Throughput 350 337 1,500 312 1,433 1,450 300 1,400 247 250 223 1,350 1,307 1,319 208 1,282 1,300 200 180 1,246 1,250 1,208 150 1,200 1,150 100 1,100 50 1,050 - 1,000 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23
Slide 16: Largest container terminal operator
APSEZ: Largest container terminal operator APSEZ Container Throughput* All India Container Throughput 9.0 8.6 20.5 20.1 8.5 8.2 20.0 19.6 8.0 19.5 7.4 19.0 7.5 18.5 7.0 18.0 17.5 17.6 6.5 6.2 5.8 17.5 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
Slide 17: 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 5% 0.5 - 0% FY18 FY19 FY20 FY21 FY22* FY23** FY02 FY19 FY20 FY21 FY22 FY23 Major Ports APSEZ Market Share • APSEZ with ~25% of India’s port handling c
Slide 18: Strong cashflow generation
APSEZ: Strong cashflow generation Revenue from operations (Rs Cr) EBITDA (Rs Cr) 25,000 14,000 12,833 20,852 12,000 20,000 10,000 15,000 8,000 7,067 10,925 6,000 10,000 4,000 2,977 4,830 5,000 2,000 - - FY14 FY19 FY23 FY14 FY19 FY23 • Revenue and EBITDA almost doubling every five year (CAGR of 16%-1
Slide 19: Operational, Strategic, and Financial Highlights
D Operational, Strategic, and Financial Highlights STRICTLY CONFIDENTIAL
Slide 20: FY23 Operational & Strategic Highlights – Ports
APSEZ: FY23 Operational & Strategic Highlights – Ports • APSEZ handled ~24% of India’s total cargo volumes during FY23 and recorded its highest ever port cargo volumes at 339 MMT (+9% Y-o-Y), led by dry cargo (+11%) and containers (+7%) • Several initiatives taken during the year that have helped bo
Slide 21: FY23 Operational & Strategic Highlights – Logistics
APSEZ: FY23 Operational & Strategic Highlights – Logistics • Record cargo volumes through sweating of assets – 500,446 TEUs (+24% Y-o-Y), Bulk: 14.35 MMT (+63% Y-o-Y) • Terminal volumes of 358,863 TEUs reflect 19% Y-o-Y growth • During FY23, 3 MMLPs were commissioned including the acquired ICD Tumb
Slide 22: Financial performance in last 3 years
APSEZ: Financial performance in last 3 years (in INR Cr) (YoY) Revenue EBITDA* Capex 36% 32% 95% FY21 vs 12,550 17,119 8,063 10,607 1,954 3,814 FY22 Revenue EBITDA* Capex 22% 21% 139% FY22 vs 17,119 20,852 10,607 12,833 3,814 9,125 FY23 22 *EBITDA excludes forex and one time transaction costs
Slide 23: Financial performance – FY23
APSEZ: Financial performance – FY23 (in INR Cr) FY22 FY23 Particulars Revenue EBITDA^ PAT Revenue EBITDA^ PAT APSEZ Consolidated 17,119 10,607 4,953 20,852 12,833 5,393* JVs AICTPL (CT-3), JV with MSC 1,355 732 258 1,527 821 262 ACMTPL (CT-4), JV with CMA-CGM 620 353 92 739 428 91 Total 19,094 11,69
Slide 24: Key segment wise Operating revenue & EBITDA – FY23
APSEZ: Key segment wise Operating revenue & EBITDA – FY23 (YoY, in INR Cr) Ports Logistics 17,304 1,744 70% 70% 28% 14,149 26% 12,039 1,208 9,916 487 320 FY22 FY23 FY22 FY23 Revenue EBIDTA EBIDTA (%) Revenue EBIDTA EBIDTA (%) SEZ & Port Development International Ports 932 1,308 49% 10% 8% 627 29% 41
Slide 25: Port wise returns
APSEZ: Port wise returns 33% 23% 20% 19% 19%19% 16% 15% 13% 12% 12% 11% 11% 11% 9% 8% 6% 6% 3% Terminals 3% 2% 2% 0% Mundra Hazira Dahej Dhamra Kattupalli Krishnapatnam Gangavaram Logistics -2% -5% ROCE FY21 ROCE FY22 ROCE FY23 • ROCE continuously improving at matured ports with better capacity util
Slide 26: Debt Ratios
APSEZ: Debt Ratios (YoY, in INR Cr) Gross Debt, Net Debt & Average Maturity Rating Ratios* 7.0 49,819 45,453 25% 23% 24% 6.0 39,989 22% 5.5 21% 34,401 18% 31,666 28,472 5.7 5.1 4.5 FY 21 FY22 FY23 Mar'2021 Mar'2022 Mar'2023 FFO / Gross Debt (13% - 15%) FFO / Net Debt (18% - 25%) Net Debt Gross Debt
Slide 27: Long Term Debt Maturity Profile as on 31st Mar'23
APSEZ: Long Term Debt Maturity Profile as on 31st Mar’23 10,358 12,000 8,417 10,000 8,000 6,163 4,394 6,000 4,109 3,698 2,465 4,000 2,190 1,946 1,661 1,500 1,341 2,000 563 323 191 0 FY 23-24 FY 24-25 FY 25-26 FY 26-27 FY 27-28 FY 29-30 FY 30-31 FY 31-32 FY 41-42 Foreign Debt Rupee Debt (in Rs Cr) (i
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: Investment Summary
E Investment Summary STRICTLY CONFIDENTIAL
Slide 30: Asset creation supported by internal accruals
APSEZ: Asset creation supported by internal accruals Fixed asset base (Rs Cr) Gross debt as a % of fixed asset base 84,092 80% 77% 32,608 59% 15,245 FY14 FY19 FY23 FY14 FY19 FY23 • Asset addition in last 5 years funded through debt and internal accruals in a ratio of 1:1 • Net asset base increased b
Slide 31: FY24 Guidance
APSEZ: FY24 Guidance FY24 Guidance Cargo 370 MMT – 390 MMT Revenue Rs 24,000 Cr – Rs 25,000 Cr EBITDA Rs 14,500 Cr – Rs 15,000 Cr Net Debt to EBITDA ~2.5x Capex Rs 4,000 Cr – Rs 4,500 Cr 31
Slide 32: Growth to accelerate
APSEZ: Growth to accelerate Historical track record Growth momentum to continue 209 290 240-250 209 Revenue 79 (INR bn) FY16 FY23 FY23A FY24G FY25F 128 187 145-150 128 EBITDA 106 (INR bn) FY16 FY23 FY23A FY24G FY25F Accelerated growth to continue resulting In significant increase in earnings 32 CAGR
Slide 33: 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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