Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (October 2024)
41 slides from Adani Ports & Special Economic Zone's investor presentation, October 2024
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 Adani Portfolio Overview B APSEZ 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: World class infrastructure & utility 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%) (74.72%) (100%) (50.00%) (100%) (100%) ANIL AdaniConneX3 AAHL AR
Slide 5: Decades long track record of industry best growth with national footprint
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 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platform – ATGL EBITDA 91% 1
Slide 6: Repeatable, robust & proven transformative model of investment
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 Creation ACTIVITY
Slide 7: B APSEZ Company Profile
B APSEZ 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 Moga Dahej Kanech Kotkapura Kilaraipur Kaithal Panipat One to 15 in two Tauru Dhamora decades Tuna Patli & Samastipur & Kannauj Kishangarh Loni Palwal Darbhanga Mundra Patna Katihar Virochannagar Vidisha | Harda Hoshangabad |
Slide 9: India's largest private port operator, building global presence
India’s largest private port operator, building global presence West Coast East Coast Capacity Capacity ~355 MMT ~272 MMT Dahej 16 MMT Tuna 14 MMT Haifa Port Mundra Ports in proximity 264 MMT to DFCs ^Haldia 4 MMT Colombo West Dhamra International Terminal Hazira 50 MMT 30 MMT Gopalpur 20 MMT Dar es
Slide 10: Land bank supporting industry cluster development in port hinterland
Land bank supporting industry cluster development in port hinterland Dhamra: ~2,000+ Ha • Rail: 62.5 km longest electrified NGR Line in the country (electrified from Bhadrak / Ranital to DTY) and connects Howrah Chennai main rail link at Bhadrak and Ranital with ROB over NH 16 and ROR over main line
Slide 11: Enabling end-to-end service (Port Gate <-> Customer Gate)
Enabling end-to-end service (Port Gate <-> Customer Gate) Business Current Scale (Q1 FY25) Growth (FY29 F) Leading infra utility player 1.3X India’s leading third-party Marine Flotila 114 140 marine services provider ~3X Largest private rail Rail Tracks 690 KMs 2,000 KMs network ~2.3x Largest privat
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 Volumes 1,600 1,539 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 FY24 750 All India Cargo (MMT) 600 450 500 408 300 400 150 300 208
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 62% of FY24 domestic ports EBITDA* 26% of FY24 domestic ports EBITDA* 33% 33% 27% 23% 20% 20% 21% 19% 19% 16% 16% 13% 12% 12% 11% 11% 9% 6% 7% 2% Mundra Hazira Dahej Dhamra Krishnapatnam Gangavaram Kattupalli ROCE FY22 ROCE FY23 ROCE FY24 • ROCE improving at matured ports with bett
Slide 18: C1 Debt Profile
C1 Debt Profile STRICTLY CONFIDENTIAL
Slide 19: Debt maturity profile
Debt maturity profile 10 Years LTD Maturity Profile as on 30th June,2024 (INR Cr) FFO + Cash 22,7841 11,073 FFO 12,9671 7,562 6,176 6,419 5,669 2,502 1,851 250 - 250 FY25 (Jul-Mar) FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Note: APSEZ has prepaid bond amounting to USD 325 Mn due in July 24 Curren
Slide 20: Debt Ratios
Debt Ratios (in INR Cr) Gross Debt, Net Debt & Average Maturity Net Debt to EBITDA 7.0 49,819 6.0 45,453 46,279 3.3 3.0 40,072 34,401 36,462 3.1 31,666 28,472 5.5 2.3 4.6 Mar'21 Mar'22 Mar'23 Mar'24 FY21 FY22 FY23 FY24 Net Debt Gross Debt Average Maturity (years) FFO* / Gross Debt FFO* Interest Cove
Slide 21: Comprehensive credit rating coverage
Comprehensive credit rating coverage Global rating agencies Domestic rating agencies AAA / Stable Baa3 / Stable AAA / Stable BBB- / Positive AAA / Stable BBB- / Stable AA+ / Stable 21 Note: Refer appendix for APSEZ credit rating history
Slide 22: C2 ESG & Governance
C2 ESG & Governance STRICTLY CONFIDENTIAL
Slide 23: 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 24: D Catalysts Driving Market Leadership Position
D Catalysts Driving Market Leadership Position STRICTLY CONFIDENTIAL
Slide 25: Growth opportunity in logistics is immense
Growth opportunity in logistics is immense Fastest growing economy + 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 #1 7.2% 7.2%
Slide 26: Strategic partnerships & sticky cargo
Strategic partnerships & sticky cargo Strategic Partnerships Sticky Cargo Share Year Company Name Partner & Stake Adani International MSC 408 2011 Container (50%) Terminal Pvt Ltd 56% 54% Adani CMA Mundra 337 CMA-CGM 49% 2014 Terminal 312 (50%) Pvt Ltd Dhamra LNG Terminal Total Energies 230 2019 Pvt
Slide 27: Quality assets
Quality assets Top 10 ports of India include Mundra & Marine & Logistics assets Krishnapatnam FY09 FY14 Current scale (Q1 FY25) FY19 FY24 Kandla Sikka Mundra Mundra India’s leading third-party Tugs 114 marine services provider Sikka Mundra Sikka Paradip India’s largest capital Dredgers 28 dredging c
Slide 28: '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 29: E FY25 Guidance
E FY25 Guidance STRICTLY CONFIDENTIAL
Slide 30: FY25 Guidance
FY25 Guidance FY25 Guidance Cargo 460-480 MMT Revenue Rs 29,000-31,000 Cr EBITDA Rs 17,000-18,000 Cr Capex Rs 10,500-11,500 Cr Net Debt to EBITDA 2.2–2.5x 30
Slide 31: 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 32: F 5-year Guidance
F 5-year Guidance STRICTLY CONFIDENTIAL
Slide 33: 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 at ~627 MMT, capacity 1,000 507 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 34: 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 35: 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 Ports 655 (Rs Bn) 365 business contributes over 85% of 345 CAGR CAGR APSEZ’s 20% 18% total CAGR EBITDA 18% 159 267 CAGR CAGR 150 20% 18% CAGR 71 20% 109 60 FY19 FY24 FY29F FY19
Slide 36: G Appendix
G Appendix STRICTLY CONFIDENTIAL
Slide 37: 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 38: Comfortable leverage levels
Comfortable leverage levels Mundra Port EBITDA In Particulars FY 16 Growth FY 24 FY 16 ~ 73%, FY 24 ~ 28%. 27% Domestic Market Share. EBITDA 5,376 3.20x 17,202 Cargo volumes have grown 3x the industry growth. Started Operations at Mundra Port Gross Debt 21,842 2.12x 46,389 with 10 MMT Capacity, curr
Slide 39: Rating track
Rating track April 2019 April 2023 June 2024 95% rated 100% rated 100% rated 90% above “AA-” above “AA-” above “AA-” Rating Track Record 100% 98% 5 years 10% 0% 0% 2% RR EBITDA INR 8,430 cr INR 14,435 cr INR 17,678 cr International April 2019 April 2023 June 2024 Capacity [S&P| Moody’s| Fitch] Adani
Slide 40: Geographical & cargo diversification
Geographical & cargo diversification Growing share of non Mundra Cargo Domestic Cargo Diversification 11% 34% 408 56% Non Mundra ports MMT volume CAGR 34% 89% from FY14 66% 44% 208 36% MMT FY14 FY19 FY24 Mundra Non-Mundra 113 MMT East Coast – West Coast Parity 32% 15% 43% FY14 FY19 FY24 FY14 FY19 FY
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
Adani Ports and Special Economic Zone — Investor Presentation (October 2024) on 6ix