Ahmedabad, 7 February 2023: Adani Ports and Special Economic Zone Ltd (“APSEZ”), today announced its results for the third quarter and nine months ended 31 December 2022.
(Amounts in Rs Cr)
| Particulars | Q3 FY23 | Q3 FY22 | Y-o-Y Change | 9M FY23 | 9M FY22 | Y-o-Y Change |
| Cargo (MMT) | 75.4 | 74.4 | 1% | 252.9 | 234.3 | 8% |
| Revenue | 4,786 | 4,072 | 18% | 15,055 | 12,978 | 16% |
| EBITDA# | 3,011 | 2,612 | 15% | 9,562 | 8,026 | 19% |
| Port EBITDA | 2,737 | 2,427 | 13% | 8,973 | 7,473 | 20% |
| Logistics EBITDA | 142 | 79 | 80% | 354 | 214 | 66% |
| Forex mark to market – Loss/(Gain) | 315 | 13 | 1,886 | 348 | ||
| PAT** | 1,337 | 1,535 | -13% | 4,252 | 3,842 | 11% |
# EBITDA excludes the impact of forex mark-to-market loss and the 9M FY22 also excludes one time transaction cost of Rs 210 Cr for SRCPL/GPL
** PAT for 3QFY23 is lower to 3QFY22 due to a higher forex mark-to-market loss (Rs 315 Cr in 3Q FY23 vs. Rs 13 Cr in 3QFY22); For 9M, the PAT includes forex mark-to-market loss of Rs 1,886 Cr in 9M FY23 vs. Rs 348 Cr in 9M FY22
With the highest ever revenue and EBITDA over a nine-month period, ASPEZ is well placed to achieve the upper end of its full year revenue and EBITDA guidance provided for FY23. The company also concluded the transactions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle, and Gangavaram Port, and is progressing well on transitioning its business model to a transport utility, said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
https://shared-assets.adobe.com/link/221b5945-36e9-4387-7240-b61da3b83a29
Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 Cr. Besides an estimated capital expenditure of INR 4,000-4,500 Cr, we are considering total loan repayment and prepayment of around Rs 5,000 Cr, which will significantly improve our Net Debt to EBITDA ratio and bring it closer to 2.5x by March 24” added Mr. Karan Adani.
Robust Operational Performance: During 9M FY23, APSEZ handled ~24% of the country’s total cargo and retained its leadership position of being the India’s largest port operator. Port EBITDA grew 20% Y-o-Y to Rs 9562 Cr, on the back of strong improvement in realizations and cargo volume growth. With port EBITDA margin at ~70%, APSEZ continues to be one of the most profitable port companies globally. Given our increased focus of providing supply chain solutions to our customers at their door step our logistics business segment is experiencing a phenomenal growth. EBITDA of logistics business segment jumped 66% Y-o-Y to Rs 354 Cr, supported by margin expansion of 400bps with improved utilization of assets and increased share of the GPWIS revenue stream.
Strong Capital Structure: APSEZ’s net debt to EBITDA ratio is well within our guided range of 3-3.5x, while our gearing ratio is below one. The performance across various debt covenants has been better than the desired levels. We have an impeccable track record of fulfilling our debt obligations, and our internal accruals enable us to meet the scheduled debt repayment for any of the financial years without any major challenges.
Well positioned for growth with multiple catalysts: We are confident of continuing our strong performance in the coming quarters given the presence of various catalysts, particularly the operational ramp up of facilities commissioned/acquired in the last few months:
- In the port business segment, the new additions include- (i) the Haifa Port Company in Israel (~20 MMT), (ii) new container terminal at Gangavaram (6 lakh TEU), (iii) liquid storage tanks at Katupalli, (iv) 5 MMT LNG terminal at Dhamra in April 2023, and (v) Karaikal Port (17.5 MMT), for which APSEZ has received the LoI, subject to NCLT approval.
- New assets in the logistics business segment include- (i) recently acquired ICD Tumb (one of India’s largest with a capacity of 0.5 MTEUs), (ii) Taloja MMLP, (iii) three agri-silo terminals, (iv) warehousing capacity of 0.6 Mn sq. ft, (v) 12 new trains and (vi) Kila Raipur MMLP, which restarted operations ~12 months back.
