APSEZ reported its Q1 FY24 results ended June 30, 2023, showcasing its strongest-ever quarterly performance. This period saw record-highs in cargo volumes, revenue, EBITDA, and a notable 200 bps increase in domestic market share. Despite a six-day adverse impact on over 50% of port capacity due to cyclone Biparjoy, Karan Adani, CEO, highlighted the resilient achievement.
Karan Adani emphasised our ongoing efforts to enhance operational efficiency, resulting in an impressive EBITDA margin of 72% and a logistics business EBITDA margin of 28%. Notably, our newly acquired Haifa Port and Karaikal Port have quickly gained traction, reaching monthly cargo volumes of 1 MMT each. With Q1 cargo volumes exceeding 100 MMT, we are confidently progressing towards our FY24 cargo volume target of 370–390 MMT.
Adani Ports and SEZ Q1 FY24 results
l Revenue for the quarter increased by 24% Y-o-Y to Rs 6,248 crore.
l EBITDA for the quarter increased by 80% Y-o-Y to Rs 3,765 crore.
l PAT for the quarter increased by 80% Y-o-Y to Rs 2,119 crore.
l Cargo volume growth of 12% Y-o-Y to over 101 MMT, supported by container growth of 15%
l APSEZ’s market share in India jumps around 200 basis points to 26%.
Operational Milestones:
APSEZ recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in Q1 FY24, a jump of 12% Y-o-Y; domestic cargo volumes recorded an 8% Y-o-Y increase. Its market share increases by 26%, a jump of 200 basis points.
However, 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 three months of the quarter.
Key Business Highlights: Q1 FY24 (YoY)
Logistics rail volumes recorded a growth of 18% Y-o-Y to 131,420 TEUs, GPWIS cargo volumes grew by 40% Y-o-Y to 4.35 MMT, and total rakes during the quarter increased to 95 (container: 43, GPWIS – 42, Agri – 7, AFTO – 3) vs. 93 as of the end of March.
Consolidated operating revenue grew by 24% Y-o-Y to Rs 6,248 crore. Consolidated EBITDA, including forex impact, grew by 80% Y-o-Y to Rs 3,765 crore.
Cargo volumes during the period were 370–390 MMT. Revenue for the period is to be Rs 24,000–25,000 crore. EBIDTA Rs 14,500–15,000 crore. Capex for the period is Rs 4,000–4,500 crore.
ESG Highlights and Awards
Intensity improvements: As of Q1 FY24, emission intensity reductions of 47% and water intensity reductions of 47% from the base year (FY2016) the renewable electricity share of electricity in Q1 FY24 is around 14%.
Carbon offsetting: APSEZ has completed mangrove plantations on 4,000 Ha against its 2025 target of 5,000 Ha.
Net-zero planning process: We are ready with a net-zero plan for submission to the Science Based Target Initiative (SBTI).
APSEZ was recognised among the top 50 sustainable companies in India by the Business World.
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 the customer gate. It is the largest port developer and operator in India, with six strategically located ports.
