- Quarterly cargo of 86.6 MMT, which is 15% Y-o-Y growth
- Revenue increase of 33% Y-o-Y to Rs 5211 Cr in Q2 FY23
- PAT increase of 65% Y-o-Y to Rs 1738 Cr in Q2 FY23
Ahmedabad, 1 November 2022: Adani Ports and Special Economic Zone Ltd (“APSEZ”), the largest transport utility in India, today announced its results for H1 FY2023.
|
Particulars |
Q2 FY23 |
Q2 FY22 |
Y-o-Y 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 Cr in current period and Rs 53 Cr of forex gains in FY22
“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,” said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
For H1 FY23, this record cargo volumes have resulted in a 24% Y-o-Y jump in Port EBITDA, while the EBITDA of the logistics business jumped 57% Y-o-Y. The margin expansion of the logistics segment continued with a 470 bps Y-o-Y jump on the back of better utilization of assets and increased share of the GPWIS revenue stream.
The volume growth will be further fueled 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 mechanization at Haldia port taking our India footprint to 13 locations. 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 Cr,” added Mr. Karan Adani.
KEY BUSINESS HIGHLIGHTS – H1 FY23 (YoY)
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Ports Business
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