Adani Ports Q2 Results: PAT Grows By 65 Per Cent, Logs Record Revenue And EBITDA

In the current financial year, APSEZ signed a concession agreement for berth mechanisation at Haldia port taking our India footprint to 13 locations

Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone ( Image Source :APSEZ )

Adani Ports and Special Economic Zone Ltd (APSEZ), the largest transport utility in India, on Wednesday announced its results for H1 FY23. Karan Adani, CEO and whole-time director, Adani Ports and Special Economic Zone, said, "H1 FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA. Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone."

For H1 FY23, this record cargo volumes have resulted in a 24 per cent YoY jump in port EBITDA, while the EBITDA of the logistics business jumped 57 per cent YoY. The margin expansion of the logistics segment continued with a 470 bps YoY jump on the back of better utilisation of assets and increased share of the GPWIS revenue stream.

The volume growth will be further fuelled by the recently commissioned facilities of APSEZ, which include - (i) 6 lakh TEU container terminal facility at Gangavaram, and (ii) liquid storage tanks at Katupalli, that have a Take-or-Pay contract. The scheduled commissioning of 5 MMT LNG terminal in Dhamra by the year end (with a Take-or-Pay contract) is another growth catalyst.

The logistics business is set to continue growing with improved utilization of assets, particularly – (i) the Kila Raipur MMLP, where the operations were restarted in Dec 2021, and (ii) the assets commissioned in H1 FY23, which include the Taloja MMLP, three agri-silo terminals, warehousing capacity of 0.6 mn sq. ft, six new trains and 900 trucks. The successful integration of MMLP Tumb with Adani Logistics (ALL) in October and addition of more trains during H2 FY23 will also add material volumes.

In the current financial year, APSEZ signed a concession agreement for berth mechanisation at Haldia port taking our India footprint to 13 locations.

Karan Adani said, “We also received a LOI for the Tajpur Port, a greenfield development that we expect to commission in the next 5 years. Adani Agri Logistics (ALL) received a LOA from the Food Corporation of India (FCI) to build four silos, which will take our total silo capacity to 1.53 MMT and enable our presence across 24 locations. ALL has also been shortlisted as the H1 bidder for Loni ICD, which will take our total MMLP count to 10.”

“APSEZ remains committed to its philosophy of ensuring sustainable growth in partnership with our key stakeholders. We are on track to achieve our full year guidance of 350-360 MMT cargo volumes and EBITDA of Rs 12,200-12,600 crore,” he added.

Particulars          Q2FY23               Q2FY22               YoY Change
Cargo                   86.6                        75.5                      15%
Revenue               5,211                      3,923                    33%
EBITDA #              3,260                      2,483                    31%
PAT                       1,738                     1,050                     65%
#All numbers include Gangavaram port numbers; # EBITDA excludes forex mark-to-market loss of Rs 370 crore in current period and Rs 53 crore of forex gains in FY22.