Adani Ports Delivers Strongest Ever Quarterly Operating Performance During Q1 FY24

Adani Ports and Special Economic Zone Ltd (APSEZ) today announced its results for the first quarter ended June 30. APSEZ delivered its strongest ever quarterly operating performance during Q1 FY24, with highest ever quarterly cargo volumes, revenue, EBITDA and around 200 bps jump in domestic market share, despite over 50 per cent of the company's total port capacity being adversely impacted for around six days due to the cyclone Biparjoy, said Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.

"Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72 per cent and logistics business EBITDA margin of 28 per cent, which is higher than the reported margins of listed peers from India. Our newly acquired assets, Haifa Port and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 MMT mark at the two ports. With our cargo volumes crossing 100 MMT during the quarter, we are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT," Karan Adani said.

APSEZ recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1 FY24, reflecting a healthy 12 per cent year-on-year jump. APSEZ's domestic cargo volumes recorded 8 per cent year-on-year increase, which is 3x India's cargo volume growth rate in the same period.

APSEZ's market share in India increased to 26 per cent in Q1 FY24, a jump of 200 bps.

With industry leading average turnaround time (TAT) for ships at 0.7 days, APSEZ has been a benchmark for other Indian ports and have driven the improvement in the TAT of major ports from 5 days in 2011 to 2 days currently.

Cargo volumes expected at 370-390 MMT resulting in a revenue of Rs 24,000-25,000 crore and EBITDA of Rs 14,500-15,000 crore; total capex during the year is expected to be Rs 4,000-4,500 crore.

The ports business EBITDA margin expanded by 150 bps to 72 per cent with improved realisation and operating efficiencies. Logistics business EBIDTA margin expanded by 150 bps to 28 per cent, aided by increase in cargo volumes and sweating of assets.

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