“FY24 has been a year of many new milestones for APSEZ
on both operational and financial metrics. APSEZ outperformed its upper end of guidance
provided at the beginning of the financial year on cargo, revenue, and EBITDA
by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its
guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic
partnership with key customers, leveraging the network effect through its string
of ports, and focus on operational efficiencies is yielding results, said
Mr. Ashwani Gupta, Whole-Time Director & CEO, APSEZ.
With incremental cargo volumes of 100 MMT achieved in
less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes
in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning
of Vizhinjam Port in the current year and WCT next year. We continue to invest heavily
in the business to drive growth, particularly in the logistics segment. Our
newly launched trucking segment enables APSEZ to provide the last-mile
connectivity solution to its customers. Our efforts towards sustainable
business growth are well recognized in the top decile ESG rating from four
global rating agencies.” added Mr. Gupta.
v In FY24, APSEZ handled ~27% of
the country’s total cargo and ~44% of container cargo
v APSEZ domestic cargo volumes
grew by 21% Y-o-Y vs 7.5% growth in India’s cargo volumes in FY24
v Even after excluding the two
newly added ports (Haifa – Jan’23 & Karaikal – Mar’23), APSEZ recorded a 18%
Y-o-Y growth in cargo volumes
v With cargo volumes of 180
MMT (+16% Y-o-Y) in FY24, our flagship port, Mundra, is well placed to cross
200 MMT mark in FY25
v Mundra Port handled 7.4 Mn
TEUs during the year, which is 15% higher than its nearest competitor
v Ten of our ports from the India
portfolio recorded their lifetime high cargo volumes for the year
v AICTPL (CT-3) terminal in
Mundra delivered the highest ever annual container cargo volumes at any
terminal in India
v Mundra Port berthed one of
the largest container ships ever – MV MSC Hamburg (399 m long x 54 m wide) –
with capacity of 15,908 TEUs
v Recorded its highest ever
quarterly volumes at ~109 MMT in Q4 FY24
v Highest-ever container rail
(+19%) and bulk (+40%) volumes in FY24
v Revenue growth of 28% Y-o-Y
to Rs 26,711 Cr in FY24, supported by 30% jump in ports business revenue and 19%
in logistics business
v EBITDA (excl. forex) jumps
24% Y-o-Y to Rs 15,864 Cr, with Rs 15,246 Cr contributed by ports business and
Rs 540 Cr by logistics business
v Domestic port EBITDA margin expanded
by ~150 bps with better sweating of assets (capacity utilization of 67% in FY24
vs 56% in FY23)
v Record PAT of Rs 8,104 Cr (+50%
Y-o-Y), despite a write off of Rs 455 Cr resulting from the switch to the new
tax regime for one of its subsidiaries
v Completed loan
pre-payments/repayments of Rs 5,584 Cr, exceeding the initial guidance of Rs
5,000 Cr provided at the start of the year
v Net debt to EBITDA improves
to 2.3x from 3.1x in FY23, despite a capex of Rs 7,416 Cr
v For FY24, the APSEZ Board
has recommended a dividend of Rs 6 per share, in line with our capital
allocation policy. This implies a payout of around Rs 1,300 Cr for the company.
v CARE Ratings assigned ‘AAA’
(the highest possible credit rating in India) to APSEZ, making company the
first private corporate infrastructure developer to be rated AAA
v S&P and ICRA upgraded company
outlook from ‘negative’ to ‘stable’ during the year
v With acquisition of Gopalpur
and Karaikal ports, the total count of ports in the India portfolio increases
to 15
v Entered into strategic
partnership with MSC by forming a JV for Ennore Container Terminal
v Colombo terminal received
financing commitment of USD 553 Mn from DFC
v With our Marine services
business segment winning contracts in Sri Lanka, Mexico and Oman, the total
count of tugs now stands at 111
v ALL added 34 rakes during
the year, taking the total count to 127 rakes
v Total count of logistics
park reached 12 with addition of 3 MMLPs (Virochannagar, Loni, Valvada)
v Total agri silo capacity
increased to 1.2 MMT with addition of 2 agri silos (Samastipur and Darbhanga)
v With commissioning of warehouses
in Mumbai and Indore, the total warehousing capacity now stands at 2.4 Mn Sq.
Ft.
v Launched trucking business
segment during the year with 900 trucks to provide last mile connectivity to
the customers from ports/ICDs/customer premises
v Cargo volumes during the
period to be 460-480 MMT
v Revenue for the period to be
Rs 29,000-31,000 Cr
v EBIDTA for the period to be
Rs 17,000-18,000 Cr
v Net Debt to EBITDA to be 2.2-2.5x
v Capex for the period to be in
the range of Rs 10,500-11,500 Cr
v S&P ranked APSEZ in the
top 96 percentile of the 334 companies in the Transportation &
Transportation Infrastructure sector
v Sustainalytics ranked APSEZ
in the top 6 percentile of the ~15,000 companies rated on ESG
v APSEZ entered into the
leadership band of CDP Climate Change
v TCFD ranked APSEZ 1st in the
sub industry disclosures of marine ports
v APSEZ received the 1st
ranking in the sector globally across emerging markets on ESG Assessment by
Moody’s. Also, receives the ‘Advanced’ status in Moody’s Energy Transition Rating.
v APSEZ is targeting Net Zero
by 2040. During FY24 the company announced adding 1,000 MW of new renewable
capacity.