APSEZ sees all-round growth in H1
Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday announced its results for the quarter and half year ending September 30, 2024.
Operational highlights
* APSEZ clocked 220 MMT of cargo volume (up 9% YoY) in H1 FY25. The growth was primarily driven by Containers (up 19% YoY).
* Mundra Port achieved a significant milestone by crossing the 100 MMT mark in 181 days (101.1 MMT in H1).
* Vizhinjam Port docked the largest cargo ship ever to arrive in South Asia (MSC Claude Girardet).
* Handled 0.31 mn TEUs rail volume (up 11% YoY) and 10.7 MMT GPWIS volume (up 20% YoY).
* Container volume handled at MMLPs increased by 21% YoY to 215,958 TEUs.
Financial highlights
* Operating revenue grew by 13% YoY to Rs 14,627 crore. Ports revenue increased by 11% YoY to Rs 12,824 crore, Logistics revenue increased by 17% YoY to Rs 1,159 crore.
* EBITDA (excluding forex) increased 21% YoY to Rs 9,217 crore.
* Net debt to TTM EBITDA at 2x (vs 2.3x in FY24).
* CRISIL assigned “AAA” rating to APSEZ. India Ratings upgraded APSEZ’s long-term issuer rating to “AAA”.
* APSEZ’s long term debt is now ranked “AAA” by 4 domestic rating agencies, including ICRA and CARE.
Business highlights
* Completed the acquisition of Gopalpur Port.
* Completed acquisition of 80% stake in global offshore support vessel operator Astro Offshore, adding a fleet of 26 offshore support vessels.
* Vizhinjam Port is expected to start commercial operations by Dec. ’24
* Signed a 30-year concession agreement to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania.
* Signed a 30-year concession agreement with Deendayal Port Authority for developing Berth No. 13.
* Signed 5-year O&M of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata
* Gangavaram Port launched container terminal with the inaugural EXIM vessel call of MV Synergy Keelung.
* Rakes count increased to 132 (from 127 at FY24 end).
* Warehousing capacity increased to 3.1 million sq. ft. with the addition of warehouses at Palwal and Tumb (2.4 million sq. ft. as of FY24 end).
* Agri silo capacity stood at 1.2 MMT and is expected to increase to 1.3 MMT by FY25 end with the commissioning of two new silos. Construction activity is underway to increase the capacity to 4 MMT.
* Established a state-of-the-art Logistics ‘Strategic Command Centre’ in Ahmedabad. This centre acts as a primary information hub for all logistics operations and leverages advanced data analytics to improve turnaround time, increase asset utilisation, monitor SLA adherence and maintain safety standards, thus enhancing customer experience.
“We are pleased to witness continued growth across our operations, with our existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo,” said Mr Ashwani Gupta, Whole-time Director & CEO, APSEZ.
“During the quarter, we also diversified our marine fleet, adding 26 offshore support vessels. Our logistics business too achieved robust growth, enhancing last-mile connectivity through expansions in rakes, warehousing, MMLPs and agri-silos. Mundra Port’s remarkable milestone of crossing 100 MMT in 181 days and our cargo volume trajectory reaffirm our confidence in delivering our FY25 cargo guidance and hitting the upper end of our EBITDA guidance for the year. These results underscore APSEZ’s commitment to sustainable growth and operational excellence.”
Source: Exim News Service: Ahmedabad, Oct. 29