Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Q1 FY24 Earnings Presentation
56 slides from Adani Ports & Special Economic Zone's earnings presentation, Aug 8, 2023
Slide 1: Submission of Media Release and Investor Presentation
Ref No: APSEZL/SECT/2023-24/49 August 8, 2023 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: Submission of Media Release and In
Slide 2: Media Release: Record quarterly cargo, revenue and EBITDA
Media Release Record quarterly cargo, revenue and EBITDA Revenue for the quarter increased by 24% Y-o-Y to Rs 6,248 Cr EBITDA for the quarter increased by 80% Y-o-Y to Rs 3,765 Cr PAT for the quarter increased by 80% Y-o-Y to Rs 2,119 Cr Cargo volume growth of 12% Y-o-Y to over 101 MMT, supp
Slide 3: Key Business Highlights – Q1 FY24
APSEZ’s market share in India increases to 26% in Q1 FY24, a jump of 200bps Mundra handled 1.72 Mn TEUs in Q1 FY24, which is 12% higher than its closest competitor Krishnapatnam Port recorded strong volumes by handling 5 MMT cargo volumes in all the three months of the quarter APSEZ transformi
Slide 4: Financial Highlights, Guidance for FY2024, ESG Highlights and Awards
by Q3 FY24, and five new railway handling lines being added to augment the container handling capacity by 30% MMLP count to increase to 12 in FY24 with additions of Loni ICD, Valvada ICD, and commissioning of Virochannagar MMLP Cyclone Biparjoy made landfall on the evening of 15th June and from
Slide 5: About Adani Ports & Special Economic Zone Ltd
About Adani Ports & Special Economic Zone Ltd Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the globally diversified Adani Group has evolved from a port company to an Integrated Transport Utility providing an end- to-end solution from its port gate to customer gate. It is the largest
Slide 6: Press release disclaimer
No person is authorised to give any information or to make any representation not contained in and not consistent with this press release and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of APSEZL. This press release does not
Slide 7: Operational & Financial Highlights – Q1 FY24
Operational & Financial Highlights – Q1 FY24 Adani Ports and SEZ Ltd.
Slide 8: Table of Contents
Table of Contents A Adani Portfolio Overview B APSEZ Company Profile C Market Leadership D Strategic, and Operational Highlights Q1 FY24 E Financial Highlights Q1 FY24 F ESG Highlights G Annexures 2
Slide 9: Group Profile
A Group Profile STRICTLY CONFIDENTIAL
Slide 10: 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 (67.7%) (56.3%) (68.3%) (62.9%) (100%) (63.2%) AGEL AESL APSE
Slide 11: 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 Growth 4x EBITDA 70% 1,2 EBITDA 92% 1,4 AEL Growth 3x Growth 1.4x APSEZ AGEL ATGL EBITDA 91% 1,3,5 EBITDA 19% 1,3 Ad
Slide 12: 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* Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Activity • Analysis &
Slide 13: APSEZ: Company Profile
B APSEZ: Company Profile STRICTLY CONFIDENTIAL
Slide 14: 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 12,000 ha. at Mundra, • Rai
Slide 15: A transport utility with string of ports and integrated logistics network
APSEZ: A transport utility with string of ports and integrated logistics network West Coast East Coast Capacity Capacity ~355 MMT ~247 MMT Dahej Moga Kanech One to fourteen in 16 Kotkapura two decades MMT Kilaraipur Kaithal Panipat Tuna Tauru Dhamora 14 Patli & Palwal Samastipur & Kannauj MMT Kishan
Slide 16: Logistics to provide growth impetus & help reaching customer's gate
APSEZ: Logistics to provide growth impetus & help reaching customer's gate Trains MMLPs Grain Silos Ware-housing Rail Tracks Marine Flotila* Assets 58 5 0.88 0.4 mn 540 26 FY20 Trains MMLP MMT Sq. ft. KMs 95 9 1.1 1.6 mn 620 Q1 FY24 KMs 112 Trains MMLP MMT Sq. ft. 2.1X 1.5X 2.5X 38X 3X 1.1X 200+Trai
Slide 17: Market leadership
C Market leadership STRICTLY CONFIDENTIAL
Slide 18: Changing the landscape of India's port sector
APSEZ: Changing the landscape of India’s port sector 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, our ave
Slide 19: 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 Cargo Volumes 1,500 1,433 1,400 Cargo Volumes (MMT) 1,300 1,433 1,208 1,500 1,200 1,350 1,100 1,200 1,000 934 1,050 900 900 934 FY13 FY18 FY23 750 All India Cargo (MMT) 600 450 383 337 400 337 300 91 300
Slide 20: Geographical & cargo diversification to mitigate business risks
APSEZ: Geographical & cargo diversification to mitigate business risks East Coast – West Coast Parity Cargo Diversification 16% 39% 337 FY18 FY23 MMT FY13 61% 84% 100% 38% 180 West East West East West East MMT Growing share of non Mundra Cargo 91 MMT 9% 32% 28% 54% Non Mundra ports volume CAGR 36% 9
Slide 21: Strategic partnerships and asset profile ensures stickiness in cargo
APSEZ: Strategic partnerships and asset profile ensures stickiness in cargo Strategic Partnerships Sticky Cargo Year Company Name Partner & Stake 56% 339 54% Adani International 312 MSC 49% 2011 Container (50%) Terminal Pvt Ltd 247 Adani CMA Mundra CMA-CGM 2014 Terminal 183 (50%) Pvt Ltd 155 138 Dha
Slide 22: Growth fueled through organic and inorganic investments
APSEZ: Growth fueled through organic and inorganic investments All India and APSEZ Cargo Volumes Top 10 ports of India FY05 FY13 FY23 Market Share of APSEZ (%) Vizag Kandla Mundra 25% 24% Chennai Mundra Kandla 20% Kandla Vizag Paradip Haldia JNPT Sikka 15% 10% Mumbai Chennai JNPA 10% Mangalore Parad
Slide 23: Strong cashflow generation
APSEZ: Strong cashflow generation Revenue from operations (Rs Cr) EBITDA (Rs Cr) Net Cash Generated from Operations (Rs Cr) 25,000 14,000 12,833 14,000 20,852 11,933 12,000 12,000 20,000 10,000 10,000 15,000 8,000 7,145 8,000 11,323 5,608 10,000 6,000 6,000 4,000 4,000 5,000 3,577 2,383 2,000 2,000
Slide 24: EBITDA margin expansion across both ports and logistics business
APSEZ: EBITDA margin expansion across both ports and logistics business Ports EBITDA (Rs Cr) Logistics EBITDA (Rs Cr) 14,000 600 12,039 12,000 487 500 10,000 400 8,000 6,000 5,144 300 4,000 200 1,865 76 2,000 100 - - FY13 FY18 FY23 FY18 FY23 Ports EBITDA Margin % Logistics EBITDA Margin % 70% 30% 28
Slide 25: Strategic, and Operational Highlights Q1 FY24
D Strategic, and Operational Highlights Q1 FY24 STRICTLY CONFIDENTIAL
Slide 26: Operational & Strategic Highlights – Q1 FY24
APSEZ: Operational & Strategic Highlights – Q1 FY24 Ports • With 101.4 MMT of cargo volumes, APSEZ for the first time in its history crossed 100 MMT cargo mark in a quarter • Q1 cargo volumes reflects a strong YoY growth of 12%; YoY growth in domestic market is 8% vs 2.7% growth for all India cargo
Slide 27: Operational Highlights – Q1 FY24 (Logistics)
APSEZ: Operational Highlights – Q1 FY24 Logistics • Sweating of assets continued with rail volumes of 131,420 TEUs (+18% Y-o-Y) and Bulk volumes of 4.35 MMT (+40% Y-o-Y) in the quarter • With an EBITDA margin of 28% for the logistics business, APSEZ continues to be leader amongst its listed peers on
Slide 28: New operational milestones of largest ever ships/cargo handled
APSEZ: New operational milestones of largest ever ships/cargo handled • Mundra Liquid Terminal handled the largest vegetable oil (Crude Soya Bean Oil) shipment of 61,841 MT • Mundra Port handled its first export of 9,008 MT Hydrolysis Pi Gas (HPG), thereby expanding the liquids product portfolio (Na
Slide 29: Key awards reflecting operational excellence
APSEZ: Key awards reflecting operational excellence • APSEZ recognized amongst the top 50 Indian companies on sustainability by the Business World • Ennore Container Terminal was awarded the ‘Best Business Partner for FY 22-23’ for achieving the highest throughput within Kamarajar Port • Mundra Port
Slide 30: Robust growth coupled with diversification – Q1 FY24
APSEZ: Robust growth coupled with diversification – Q1 FY24 (YoY) Q1 FY23 Q1 FY24 APSEZ Cargo volume 12% 90.89 101.37 East Coast Volume* Non Mundra Volume* Total MMT MMT 8% 23% 90.89 98.13 17% Domestic MMT MMT 35.18 43.37 48.36 56.61 MMT MMT MMT MMT International - 3.24 MMT ASPEZ Container volume 17
Slide 31: Concentration risk mitigation continues – Q1 FY24
APSEZ: Concentration risk mitigation continues – Q1 FY24 39% 36% 38% 44% East Coast vs West Coast Share* 61% 64% 62% 56% Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 APSEZ All India West Coast East Coast Q1 FY23 Q1 FY24 42% 47% Mundra vs Non Mundra Share* 53% 58% Mundra Non-Mundra Mundra Non-Mundra 25 * The data
Slide 32: Diversifying cargo portfolio
APSEZ: Diversifying cargo portfolio 41% 43% 41% 41% 38% 38% 37% 39% 36% 36% 36% 33% 33% 32% 33% 32% 17% 13% 13% 13% 16% 12% 15% 12% 13% 11% 11% 11% 8% 9% 7% 6% 3% 3% 2% 3% 3% 3% 3% 2% 2% 1% 0% 1% 0% FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q1FY24 Dry (Thermal & Coking Coal) Dry (Other than Coal) Liquid (e
Slide 33: Balanced growth across ports – Q1 FY24
APSEZ: Balanced growth across ports – Q1 FY24 • Growth at Krishnapatnam was driven by coal, minerals and container cargo • Growth at Dhamra was driven by minerals, and crude+gas • Growth at terminals was driven by coal and minerals • Volumes at Kattupalli and Gangavaram were broadly flat Y-o-Y • De-
Slide 34: Container cargo drives growth – Q1 FY24
APSEZ: Container cargo drives growth – Q1 FY24 • Growth primarily driven by containers, minerals, crude+gas and coal cargo • Decline seen in agri and other dry cargo 28
Slide 35: Financial Highlights Q1 FY24
E Financial Highlights Q1 FY24 STRICTLY CONFIDENTIAL
Slide 36: Financial performance – Q1 FY24
APSEZ: Financial performance – Q1 FY24 (in INR Cr) Q1 FY23 Q1 FY24 Particulars Revenue EBITDA^ PAT Revenue EBITDA^ PAT APSEZ Consolidated 5,058 3,290 1,177 6,248 3,754 2,119 JVs AICTPL (CT-3), JV with MSC 398 182 (6) 439 239 167 ACMTPL (CT-4), JV with CMA-CGM 167 93 (1) 206 120 49 IAVL, JV with Indi
Slide 37: Key segment wise Operating revenue & EBITDA – Q1 FY24
APSEZ: Key segment wise Operating revenue & EBITDA – Q1 FY24 (YoY, in INR Cr) Ports Logistics 28% 70% 72% 27% 507 4,911 4,510 360 3,524 3,170 142 96 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Revenue EBIDTA EBIDTA (%) Revenue EBIDTA EBIDTA (%) SEZ & Port Development International Ports 760 70% 49 60% 10% 9% 50
Slide 38: FY24 Guidance
APSEZ: FY24 Guidance FY24 Guidance Cargo 370 MMT – 390 MMT Revenue Rs 24,000 Cr – Rs 25,000 Cr EBITDA Rs 14,500 Cr – Rs 15,000 Cr Net Debt to EBITDA ~2.5x Capex Rs 4,000 Cr – Rs 4,500 Cr 32
Slide 39: ESG Highlights
F ESG Highlights STRICTLY CONFIDENTIAL
Slide 40: Key ESG performance highlights
APSEZ: Key ESG performance highlights Indicator FY25 Target Q1 FY24 Energy & Emission RE share in total electricity# 100% 14% Energy intensity reduction* 50% 47% Emission intensity reduction* 60% 47% Water and Waste Water consumption intensity reduction* 60% 59% Zero waste to landfill 12 Ports 6 Por
Slide 41: Enhancing the quality of life of our communities
APSEZ: Enhancing the quality of life of our communities Beneficiary count of ▪ 0.96 Millions benefitted through our CSR initiatives CSR initiatives in Q1 FY24 ▪ Spent around Rs 300 crores in the last 5 years on signature programs of the CSR Initiatives Education – Sustainable 12,328 Livelihood – 56,
Slide 42: Annexures
G Annexures STRICTLY CONFIDENTIAL
Slide 43: Port wise cargo and financial details
Port wise cargo and financial details STRICTLY CONFIDENTIAL
Slide 44: Mundra port - volume and financials Q1 FY24
APSEZ: Mundra port - volume and financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA EBITDA Margin 2% 65% Q1 FY23 Q1 FY24 1,427 1,255 7.3 7.6 10.7 8.1 926 819 42.5 41.5 24.5 25.8 Dry Container Liquid (Inc Crude) Dry Container Liquid (Inc Crude) Revenue EBITDA Q1 FY 23 Q1 FY 24 • Volum
Slide 45: Krishnapatnam port - volume and financials Q1 FY24
APSEZ: Krishnapatnam port - volume and financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA Port EBITDA 843 Margin 74% Q1 FY23 31% Q1 FY24 0.2 0.3 0.7 0.4 622 590 400 12.3 16.1 11.9 15.0 Dry Container Liquid Dry Container Liquid Revenue EBITDA Q1 FY 23 Q1 FY 24 • Increase in dry cargo
Slide 46: Dhamra port - volume and financials Q1 FY24
APSEZ: Dhamra port - volume and financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA EBITDA Margin 13% 460 64% 415 Q1 FY23 Q1 FY24 0.4 0.8 295 266 8.7 9.9 8.4 9.1 Dry Liquid Dry Liquid Revenue EBITDA Q1 FY 23 Q1 FY 24 • Cargo volumes increased Y-o-Y across segments • Revenue & EBITDA
Slide 47: Hazira port - volume and financials Q1 FY24
APSEZ: Hazira port - volume and financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA EBITDA Margin Q1 FY23 Flat Y-o-Y Q1 FY24 450 72% 1.2 1.1 412 336 297 2.7 6.7 3.4 6.7 2.1 2.9 Dry Container Liquid Dry Container Liquid Revenue EBITDA Q1 FY 23 Q1 FY 24 • Container volumes increased duri
Slide 48: Dahej port - volume and financials Q1 FY24
APSEZ: Dahej port - volume and financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA 171 EBITDA Margin Q1 FY23 21% Q1 FY24 67% 140 0.8 0.7 119 94 3.2 2.6 2.4 1.8 Coal Other Dry Cargo Coal Other Dry Cargo Revenue EBITDA Q1 FY 23 Q1 FY 24 • Cargo volumes for both coal cargo and minerals
Slide 49: Kattupalli port - volume and financials Q1 FY24
APSEZ: Kattupalli port - volume and financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA 11% EBITDA Margin 80 65% Q1 FY23 Q1 FY24 0.1 0.1 0.1 0.2 66 52 2.7 3.0 35 2.4 2.6 Dry Container Liquid Dry Container Liquid Revenue EBITDA Q1 FY 23 Q1 FY 24 • Increase in container cargo led to ov
Slide 50: Terminals at major ports & Dighi - volume & financials Q1 FY24
APSEZ: Terminals at major ports & Dighi - volume & financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA EBITDA Margin 171 12% 26% Q1 FY23 Q1 FY24 154 0.02 0.03 2.3 2.4 5.6 6.3 3.2 3.9 51 44 Dry Container Liquid Dry Container Liquid Revenue EBITDA Q1 FY 23 Q1 FY 24 • Volume increase is
Slide 51: Gangavaram port - volume & financials Q1 FY24
APSEZ: Gangavaram port - volume & financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA 409 EBITDA Margin Q1 FY23 13% Q1 FY24 384 68% 280 3.2 3.3 260 9.1 9.4 5.9 6.0 Coal Other Coal Other Revenue EBITDA Q1 FY 23 Q1 FY 24 • Increase in mineral and coal volumes led to overall increase in
Slide 52: Karaikal port - volume & financials Q1 FY24
APSEZ: Karaikal port - volume & financials Q1 FY24 (YoY, in INR Cr) Volume (MMT) Revenue & EBITDA EBITDA Margin 129 61% Q1 FY24 0.4 79 2.7 2.3 Coal Other Revenue EBITDA Q1 FY 24 • Total Dry cargo volumes held during the quarter was 2.7 MMT • The port achieved EBITDA margin of 61% during Q1 FY24 46
Slide 53: Adani Logistics and Harbour services - financials Q1 FY24
APSEZ: Adani Logistics and Harbour services- financials Q1 FY24 (YoY, in INR Cr) Logistics Harbour Services EBITDA Margin 88% EBITDA Margin 652 507 28% 582 571 490 360 142 96 Revenue EBITDA Revenue EBITDA Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 • Logistics revenue increased on account of higher rail • Reven
Slide 54: Consolidated financial performance – SEBI format
APSEZ: Consolidated financial performance – SEBI format CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023 (` in crore) Quarter Ended Year Ended June 30, March 31, June 30, March 31, Sr. Particulars 2023 2023 2022 2023 No. Unaudited Unaudited Unaudited Audited (Refer Note 1
Slide 55: Thank You
Thank You Details Annexed in Linked File 1. Port-wise Cargo Volume Break up Q1 FY24 2. Ports and Logistics Vertical Key Financial Performance Q1 FY24 Please open the file in PDF reader and double click on the icon to open -
Slide 56: 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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