Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday announced its results for the quarter and nine months ending 31 December, 2023, the company announced through an exchange filing.
Operational Highlights
APSEZ (Adani Ports and Special Economic Zone) has achieved a its highest-ever quarterly cargo volume of 108.6 MMT (Million Metric Tons). Mundra, the flagship port, marked a historic achievement with the highest-ever monthly volume recorded at any Indian port in October 2023.
Additionally, AICTPL (CT-3) set a record for India's highest monthly container volume in November 2023. APSEZ reached the key milestone of 300 MMT in just 266 days, compared to 329 days in FY23. The overall cargo volume for the first nine months of the fiscal year was approximately 311 MMT, reflecting a notable 23 per cent YoY growth.
The domestic cargo growth surpassed India's growth rate, exhibiting over 2.5 times growth. Nine of APSEZ's domestic ports and terminals achieved their highest-ever cargo volumes in the first nine months of the fiscal year. Furthermore, quarterly rail volumes witnessed a 17 per cent YoY growth, reaching 157,904 TEUs (Twenty-Foot Equivalent Units), and GPWIS volumes experienced a substantial 53 per cent YoY increase, totaling 5.29 MMT (Million Metric Tons).
Financial Highlights
The increase in cargo volume during the quarter, witnessing a substantial 44 per cent YoY growth, contributed to a revenue surge of 45 per cent YoY, reaching Rs 6,920 Crore in Q3 FY24. The expansion of the EBITDA margin for domestic ports by approximately 170 basis points, coupled with enhanced efficiencies and capacity utilization, resulted in a remarkable 59 per cent YoY growth in EBITDA, totaling Rs 4,293 Crore.
The healthy growth in cargo volume further translated into a record Profit After Tax (PAT) of Rs 2,208 Crore, exhibiting an impressive 65 per cent YoY increase during the quarter. Additionally, a bond buy-back of USD 325 million was successfully concluded in 9M FY24, leading to a notable improvement in Net Debt to EBITDA (for TTM Dec’23) ratio to 2.5x compared to 3.1x for FY23.
“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 Ashwani Gupta, CEO, APSEZ.
