Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (January 2024)
37 slides from Adani Ports & Special Economic Zone's investor presentation, Jan 12, 2024
Slide 1: Exchange intimation letter: revised investor presentation
Ref No: APSEZL/SECT/2023-24/106 January 12, 2024 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.: Analyst/Investor Meet revised
Slide 2: Adani Ports and SEZ Ltd. Investor Presentation – Jan'24
Adani Ports and SEZ Ltd. Investor Presentation – Jan’24
Slide 3: Table of Contents
Table of Contents A Group Profile B APSEZ Company Profile C Catalysts Driving Market Leadership Position D Investment Summary E ESG Performance F Annexure 2
Slide 4: Group Profile
A Group Profile STRICTLY CONFIDENTIAL
Slide 5: 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 & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.6%) (56.3%) (73.2%) (65.5%) (100%) (63.2%) AGEL AESL APSE
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 6 Growth 4x 6 EBITDA 70% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL ATGL Adani’s Core Infra. Platfo
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 Center of Excellence Project Management & Assurance Group AIMSL 1 Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Activity • Analysis
Slide 8: 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 country’s coastline, & 2 ports land (SEZ) India Development outside India • Land Bank of 16,500 ha. at Mundra, • Rai
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 Moga Dahej Kanech Kotkapura Kilaraipur Kaithal Panipat One to fourteen in Tauru Dhamora two decades Tuna Patli & Palwal Kannauj Samastipur & Kishangarh Loni Darbhanga Mundra Patna Katihar Virochannagar Vidisha | Harda H
Slide 11: India's largest private port player, building global presence
APSEZ: India’s largest private port player, building global presence West Coast East Coast Capacity Capacity ~355 MMT ~252 MMT Haifa Port Abbot Dahej Point 16 MMT Tuna 14 MMT Mundra 264 MMT ^Haldia 4 MMT Dar es Salaam Port Dhamra Hazira 50 MMT 30 MMT Dighi Gangavaram Container Terminals 8 MMT 64 MMT
Slide 12: SEZ business supporting industry growth in backyard of the ports
APSEZ: SEZ business supporting industry growth in backyard of the ports Dhamra Industrial Zone Land Bank: 2,000+ Ha India’s largest SEZ at Mundra Mundra Land Bank 12,500+ Ha Dhamra Krishnapatnam Industrial Zone Krishnapatnam Land Bank: ~2,000+ Ha All land figures are approx. and include Port, SEZ an
Slide 13: Most diversified logistics player in the country
APSEZ: Most diversified logistics player in the country Marine Flotila* Trains MMLPs Ware-housing Grain Silos Rail Tracks Assets 26 58 5 0.4 mn 0.88 540 FY20 Trains MMLP Sq. ft. MMT KMs 104 10 2.4 mn 1.1 620 H1 FY24 112 Sq. ft. KMs Trains MMLP MMT 1.1X 1.9X 1.5X 25X 3.6X 3X 200+ 60 mn FY26 120 Train
Slide 14: India's largest marine services provider foraying into global waters
APSEZ: India’s largest marine services provider foraying into global waters Presence across all the major ports • Largest third-party marine services provider in the country with 112 tugs • Currently operating in Sri Lanka and Oman • Pre-qualified for contracts with Saudi Aramco and in Oman, Kuwait,
Slide 15: Catalysts Driving Market Leadership Position
C Catalysts Driving Market leadership Position STRICTLY CONFIDENTIAL
Slide 16: Establishing new benchmarks on operational efficiency
APSEZ: Establishing new benchmarks on operational efficiency Average Turnaround Time (days) for Ships 3.5 3.0 2.5 2.0 1.5 1.0 0.5 - FY18 FY19 FY20 FY21 FY22* FY23** Major Ports APSEZ • APSEZ has been driving transformation of India’s port sector by establishing new operational benchmarks; currently,
Slide 17: Geographical & cargo diversification
APSEZ: Geographical & cargo diversification Growing share of non Mundra Cargo Domestic Cargo Diversification 11% 34% 390 56% Non Mundra ports MMT volume CAGR 34% 89% from FY14 66% 44% 37% 208 FY14 FY19 H1 FY24 MMT Mundra Non-Mundra 113 East Coast – West Coast Parity MMT 32% 15% 43% FY14 FY19 H1 FY24
Slide 18: Strategic partnerships & proximity to customers
APSEZ: Strategic partnerships & proximity to customers Strategic Partnerships Sticky Cargo Share Year Company Name Partner & Stake Adani International MSC 390 2011 Container (50%) Terminal Pvt Ltd 337 Adani CMA Mundra 54% 54% CMA-CGM 2014 Terminal (50%) Pvt Ltd 211 Dhamra LNG Terminal Total Energies
Slide 19: Quality assets
APSEZ: Quality assets Top 10 ports of India include Mundra & Key characteristics of Mundra & Krishnapatnam Krishnapatnam FY05 FY13 FY23 H1 FY24 • Mundra & Krishnapatnam are some of the Vizag Kandla Mundra Mundra deep draft water ports (17-18m depth) in the Chennai Mundra Kandla Paradip APSEZ portfol
Slide 20: Digital platforms providing end-to-end connectivity
APSEZ: Digital platforms providing end-to-end connectivity • Our Integrated Transport Utility Platform (ITUP) has improved efficiency across different segments of port operations • Our Control and Command Center for the logistics business is enabling volume growth and improved EBITDA margins (from 1
Slide 21: Investment Summary
D Investment Summary STRICTLY CONFIDENTIAL
Slide 22: Growing market share
APSEZ: Growing market share All India and APSEZ Cargo Volumes Market Share of APSEZ (%) 30% 26% 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 FY24E Market share growth driven by operational excellence, cargo
Slide 23: Long term growth way ahead of the industry
APSEZ: Long term growth way ahead of the industry All India Cargo Throughput All India and APSEZ Domestic Cargo Volumes 1,600 1,487 1,500 Cargo Volumes (MMT) 1,400 1,282 1,500 1,300 1,200 1,350 1,100 1,200 973 1,000 1,050 900 900 FY14 FY19 FY24E 750 All India Cargo (MMT) 600 450 390 400 300 300 150
Slide 24: Strong cashflow generation
APSEZ: Strong cashflow generation Revenue from operations (Rs Cr) EBITDA (Rs Cr) Net Cash Generated from Operations (Rs Cr) 30,000 16,000 16,000 15,000 14,000 13,500 25,000 14,000 25,000 12,000 12,000 20,000 10,000 10,000 15,000 8,000 8,000 7,067 6,029 10,925 6,000 6,000 10,000 4,000 4,000 4,830 2,9
Slide 25: Margin expansion across both ports and logistics business
APSEZ: Margin expansion across both ports and logistics business Domestic Ports EBITDA (Rs Cr) Logistics EBITDA (Rs Cr) 16,000 700 14,000 14,000 578 600 12,000 500 10,000 400 8,000 6,053 300 6,000 4,000 200 90 2,000 100 - - FY19 FY24E FY19 FY24E Domestic Ports EBITDA Margin % Logistics EBITDA Margin
Slide 26: Debt Maturity Profile as on 30th Sep'23
APSEZ: Debt Maturity Profile as on 30th Sep’23 Net Cash flow from operating activities in FY23 – Rs 11,933 Crs 12,000 694 10,000 2,190 8,000 6,000 - 1,341 1,500 4,000 - 7,189 10,466 6,228 - 2,000 4,078 4,152 3,737 853 2,491 1,661 822 85 0 H2 FY24 FY 24-25 FY 27-28 FY 29-30 FY 41-42 FY 25-26 FY 30-31
Slide 27: Leverage ratios
APSEZ: Leverage ratios (YoY, in INR Cr) Gross Debt, Net Debt & Average Maturity Rating Ratios* 7.0 49,819 47,177 25% 27% 45,453 24% 22% 23% 23% 6.0 39,989 38,696 21% 34,401 5.5 18% 5.1 31,666 5.9 28,472 5.7 5.1 4.5 FY21 FY22 FY23 H1 FY24 Mar'2021 Mar'2022 Mar'2023 Sep'23 FFO / Gross Debt (13% - 15%)
Slide 28: Credit ratings
APSEZ: Credit ratings International Domestic Ratings Ratings Company Rating Company Domestic Rating Agency Long Term Ratings APSEZ BBB- (S&P, Fitch) / Baa3 (Moody's) APSEZ ICRA AA+/Negative Adani International Container BBB- (S&P, Fitch) / Baa3 (Moody's) APSEZ India Ratings AA+/Stable Terminal Priva
Slide 29: ESG Performance
E ESG Performance STRICTLY CONFIDENTIAL
Slide 30: ESG Ratings
APSEZ: ESG Ratings ▪ Ranked amongst top-15 with 96 percentile score in the Transportation and Transportation Infrastructure out of 314 companies assessed ▪ Achieved the highest score of 90/100 on the Environmental pillar amongst the 314 companies assessed ▪ Overall placed in top 96 percentile among
Slide 31: Growth with Goodness
APSEZ: Growth with Goodness Key areas for CSR initiatives ▪ 0.96 Millions benefitted through our CSR initiatives (Beneficiaries) till Q1 FY24 ▪ Spent around Rs 300 crores in the last 5 years on signature programs of the CSR Initiatives Education – 27,678 Sustainable Livelihood – 3,72,454 Women & You
Slide 32: Annexure
F Annexure STRICTLY CONFIDENTIAL
Slide 33: Operational & Financial Highlights – H1 FY24
APSEZ: Operational & Financial Highlights – H1 FY24 Operational • APSEZ domestic cargo growth during H1 FY24 was 2x the industry cargo volumes (11% vs 5%) • Achieved 200 MMT mark for cargo volumes in 181 days vs 212 days in FY23 • Eight ports recorded their highest ever half yearly cargo volumes • M
Slide 34: Operational & Financial Highlights – H1 FY24
APSEZ: Operational & Financial Highlights – H1 FY24 Financial • Op. Revenue jumped by 26% Y-o-Y to Rs 12,894 Crs & EBITDA (excl. forex) increased by 17% to Rs 7,634 Crs • Port EBITDA margin expanded by 220 bps Y-o-Y to 72%, while logistics EBITDA margin remains strong at 29% • Net cash generated fro
Slide 35: Key segment wise Operating revenue & EBITDA – H1 FY24
APSEZ: Key segment wise Operating revenue & EBITDA – H1 FY24 (YoY, in INR Cr) Ports Logistics 9,963 72% 990 70% 8,967 29% 29% 7,148 721 6,236 289 212 H1 FY23 H1 FY24 H1 FY23 H1 FY24 Revenue EBIDTA EBIDTA (%) Revenue EBIDTA EBIDTA (%) SEZ & Port Development International Ports 338 1,566 34% 11% 9% 21
Slide 36: Port wise returns
APSEZ: Port wise returns 33% 28% 23% 23% 20% 20% 19%19% 16% 17% 16% 16% 14% 13% 12% 12% 11% 11% 9% Terminals 6% 6% 6% 6% 4% 3% 2% 0% Mundra Hazira Dahej Dhamra Kattupalli Krishnapatnam Gangavaram OSL Logistics -2% ROCE FY22 ROCE FY23 ROCE H1 FY24 • ROCE improving at matured ports with better capacit
Slide 37: 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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