v Volume grew 44% Y-o-Y
to 108.6 MMT
v Revenue grew by 45% Y-o-Y
to Rs 6,920 Cr
v EBITDA jumps 59% Y-o-Y
to Rs 4,293 Cr
v PAT increased by 65%
Y-o-Y to Rs 2,208 Cr
v Net Debt to EBITDA for
TTM Dec’23 at the guided level of 2.5x vs 3.1x in FY23
v S&P Global ratings upgraded
the outlook of APSEZ to Stable from Negative
Ahmedabad, 1 February 2024: Adani
Ports and Special Economic Zone Ltd (“APSEZ”) today announced its results for
the quarter and nine months ending 31 December, 2023.
Particulars (Rs Cr) |
Q3 FY24 |
Q3 FY23 |
Y-o-Y Change |
9M FY24 |
9M FY23 |
Y-o-Y Change |
Cargo
(MMT) |
108.6 |
75.4 |
44% |
311.2 |
252.9 |
23% |
Revenue |
6,920 |
4,786 |
45% |
19,814 |
15,055 |
32% |
EBITDA# |
4,293 |
2,697 |
59% |
11,722 |
7,676 |
53% |
PAT |
2,208 |
1,337 |
65% |
6,089** |
4,252 |
43% |
# EBITDA includes
the impact of forex MTM gain or loss. In Q3 FY24, forex gain is Rs
107 Cr and in Q3 FY23, forex loss is Rs 315 Cr. In 9M FY24, forex loss is Rs 98
Cr and in 9M FY23, forex loss is Rs 1,886 Cr. ** Based on estimated future
profits, APSEZ has elected to switch to the new tax regime (u/s 115 BAA of the
IT Act) for one of its subsidiaries, AKPL, in Q2 FY24. Consequently, the past
years MAT was written-off, which has reduced the PAT by Rs 455 Cr.
“In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator,” said Mr. Ashwani Gupta, CEO, APSEZ.
v APSEZ
achieved its highest-ever quarterly cargo volume of 108.6 MMT
v Mundra,
our flagship port, recorded highest-ever monthly volume at any Indian port in
Oct’23 & AICTPL (CT-3) recorded India’s highest monthly container volume in
Nov’23
v APSEZ
achieved a key milestone of 300 MMT in 266 days vs 329 days in FY23; overall
cargo volume was ~311 MMT in 9M (+23% YoY)
v Domestic
cargo growth was over 2.5x India’s growth rate, with nine of our domestic
ports/terminals recording their highest ever cargo volumes in 9M
v Quarterly
rail volumes grew 17% Y-o-Y to 157,904 TEUs and GPWIS volumes jumped 53% Y-o-Y
to 5.29 MMT
v APSEZ
recorded its highest-ever rail (+22%) and GPWIS (+46%) volumes in 9M
v Increase
in cargo volume during the quarter (+44% Y-o-Y) led to revenue growth of 45%
Y-o-Y to Rs 6,920 Cr in Q3 FY24
v Domestic
port EBITDA margin expansion by around 170 bps, along with improved
efficiencies and capacity utilization, led to 59% Y-o-Y growth in EBITDA to Rs
4,293 Cr
v Healthy
cargo volume growth led to record PAT of Rs 2,208 Cr (+65% Y-o-Y) during the
quarter
v Bond
buy-back of USD 325 million concluded during 9M FY24, leading to improvement in
Net Debt to EBITDA (for TTM Dec’23) to 2.5x vs 3.1x for FY23
v Strategic
partnership with MSC by forming a JV for Ennore Container Terminal
v Completed
acquisition of Karaikal Port and sale of Myanmar asset
v ALL
added 23 rakes, Loni & Valvada ICD, and warehouses at NRC and Indore
v Colombo
terminal received financing commitment of USD 553 million from DFC
v APSEZ
is targeting Net Zero by 2040. During 9M FY24, the company improved its energy
intensity by 4% and completed mangrove afforestation of 227 hectares. The
company is on track to add 1,000 MW of new renewable capacity in 2024.