Adani Ports reports 47% PAT growth in Q1 FY25

Company’s revenue increased by 21 per cent to Rs 7,560 crore and cargo handled was up 8 per cent at 109 million tonnes.

Adani Ports and Special Economic Zone Ltd (“APSEZ”) announced its results for the quarter ending 30 June, 2024. “FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13 per cent increase”, company mentioned in the statement.

“On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in World Bank’s Container Port Performance Index 2023” said Ashwani Gupta, Whole-time Director & CEO, APSEZ.

Operational highlights

During the quarter, APSEZ clocked 109MMT of cargo volume (up 8 per cent YoY). The growth was primarily driven by Containers (up 18 per cent YoY) and Liquids & Gas (up 11 per cent YoY). We had a temporary disruption leading to a loss of 5.7 MMT at the Gangavaram Port, which is now fully restored.

Mundra port handled the highest every quarterly volume by any Indian port (51 MMT). Mundra, Kattupalli, Hazira, and Krishnapatnam featured in World Bank’s Container Port Performance Index 2023. The index benchmarks ports globally across multiple parameters including productivity, efficiency and reliability.

Highest ever quarterly rail cargo (0.16Mn TEUs, up 19 per cent YoY) and GPWIS volume (5.56 MMT, up 28 per cent YoY). Container volume handled at MMLPs increased by 27 per cent YoY to 103,784 TEUs.

Financial highlights:

Revenue grew by 21 per cent YoY to Rs 7,560 Cr in Q1 FY25.

EBITDA (excluding forex) jumped 29 per cent to Rs. 4,848 Cr. Domestic Ports contributed Rs. 3,990 Cr. to EBITDA and Logistics contribution was at Rs. 144 Cr. Domestic ports EBITDA expanded by 32 bps to 72 per cent due to better asset sweating.

Business highlights:

Signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. CT2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023.

Received a LOI for development, operation and maintenance of Berth No. 13 at Deendayal Port. The Company has been awarded this LOI for a 30-year concession period through a competitive bidding process.

Received LOI for five-year O&M of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata. Netaji Subhas Dock is the largest container terminal on the eastern coast of India and handled 0.63 million TEUs in FY2023-24. APSEZ’s presence at the port will drive synergies with upcoming transshipment hubs at Vizhinjam and Colombo.

First mothership arrived at the Vizhinjam Port; India’s first transshipment port equipped with South Asia’s most advanced container handling technology.

Warehousing capacity increased to 2.9 million sq. ft. with the addition of warehouse at Palwal (2.4 million sq. ft as of FY24 end).

Agrisilo capacity was at 1.2 MMT and is expected to increase to 4 MMT on completion of the projects underway. Marine services business deployed a tug each in Mexico and Sri Lanka.

Company’s revenue increased by 21 per cent