Highlights
- 9M FY25 revenue grew 14%, EBITDA grew 19%, and PAT was up 32% YoY
- EBITDA margin increased to 62% (from 60% in 9M FY24)
- Closed Gopalpur and Astro Offshore transactions worth over Rs 4,600 crores in Q3
- Net debt to TTM EBITDA at 2.1x vs. 2.3x in FY24
- Started Trucking Management Solution (TMS), driven by a technology platform
- FY25 EBITDA guidance increased to Rs 18,800-18,900 crores (from Rs
17,000-18,000
crores)
- S&P Global CSA ranked APSEZ among the Top 10 most sustainable global companies in the
transport and transport infrastructure industry
Ahmedabad, 30 January 2025: Adani Ports and Special Economic Zone Limited
(APSEZ) today announced its results for the quarter and nine months ending 31st December 2024.
| Particulars (Rs Cr) |
Q3 FY25 |
Q3 FY24 |
YoY |
9M FY25 |
9M FY24 |
YoY |
| Cargo (MMT) |
113 |
109 |
4% |
332 |
311 |
7% |
| Revenue |
7,964 |
6,920 |
15% |
22,590 |
19,814 |
14% |
| EBITDA 1 |
4,802 |
4,186 |
15% |
14,019 |
11,820 |
19% |
| PAT2 |
2,518 |
2,208 |
14% |
8,038 |
6,089 |
32% |
- EBITDA excludes impact of forex on relevant balance sheet items as 31st Dec ’24 and 31st Dec
‘23
- During 9M FY24, APSEZ elected to switch to the new tax regime (u/s 115 BAA of the Income Tax
Act) for one of its subsidiaries, AKPL. Consequently, the past years’ MAT was written-off,
which reduced the PAT for previous period by Rs. 455 Cr
I am excited to share the fantastic momentum we have achieved during 9M FY25, driven by
exceptional execution across 3 key areas of our business - market share gains coupled with
volume-price mix increase, traction in logistics vertical, and operational efficiencies
along with technology-led gains. On the logistics front, in line with our commitment earlier
in the year, we launched a new trucking platform, which is being integrated across the rest
of the logistics value chain and will make us a true integrated Transport Utility. We have
also upgraded our FY25 EBITDA forecast to Rs 18,800-18,900 crores. Moreover, it is
incredibly gratifying to be recognized by S&P Global CSA as one of the Top 10 companies
globally in the transport industry. This prestigious recognition reflects our focus on
imbibing sustainability across our operations,” said Mr. Ashwani Gupta, Whole-time
Director & CEO, APSEZ.
Strategic highlights
- Started Trucking Management Solution (TMS), a technology platform that acts as a
transformational marketplace + fulfilment solution to streamline supply chain for customers
- TMS offers an easy-to-use marketplace interface, handles end-to-end trucking workflows, can
be seamlessly integrated with client systems, enables real-time tracking, and includes
analytical tools for pricing and operational insights. TMS incorporates SLA-based fulfilment
assurance across a wide range of fleet options, including full-load and partial-load
shipments
- Closed Gopalpur and Astro Offshore transactions worth over Rs 4,600 crores
- Signed 30-year concession agreement to manage container terminal at Dar es Salaam Port,
Tanzania
- Vizhinjam port commenced commercial operations, post extensive trials. During the trial
period, the port handled 70+ vessels and 147,000+ containers
- Commenced O&M operations at Syama Prasad Mookerjee Port’s Netaji Subhas dock
- Placed India’s largest order for eight harbour tugs with Cochin Shipyard. The contract value
is estimated at Rs 450 crores and deliveries are scheduled to begin in December 2026 and
continue until May 2028
Operational highlights
- APSEZ clocked 332 MMT (+7% YoY) cargo volume in 9M FY25 led by growth in containers (+19%
YoY), liquids and gas (+8% YoY) and dry and dry bulk cargo (iron ore, limestone, minerals,
coking coal, etc.), partially offset by decline in imported non-coking coal
- All-India cargo market share for 9M FY25 stood at 27.2% (up from 26.5% in FY24). Container
market share for 9M FY25 stood at 45.2% (up from 44.2% in FY24)
- Logistics continued to demonstrate momentum with growth across container volume (0.48 Mn
TEUs, +9% YoY), bulk cargo (16.1 MMT, +13% YoY) and container volume handled at MMLPs
(3,33,419 TEUs, +19% YoY)
- During November ’24, Mundra handled 396 vessels and executed 845 vessel movements, making it
the highest ever monthly achievement by the port. Mundra port also exported a record
breaking 5,405 cars in a single consignment during the month
- Gangavaram port launched container terminal operations with the inaugural EXIM vessel call
of MV Synergy Keelung
Financial highlights
- Operating revenue grew by 14% YoY to Rs 22,590 crores. Ports revenue increased by 11% YoY to
Rs 17,172 crores; Logistics revenue increased by 22% to Rs 1,852 crores
- EBITDA (excluding forex) increased 19% to Rs 14,019 crores. EBITDA margin increased to 62%
(from 60% during 9M FY24).
- FY25 EBITDA guidance revised to Rs 18,800-18,900 crores
- APSEZ continues to maintain excellent financial discipline - net debt to TTM EBITDA stood at
2.1x (vs 2.3x in FY24)
- ICRA Limited reaffirmed the credit rating of long-term - fund based/non-fund-based limit and
non-convertible debentures as [ICRA] AAA; stable and commercial paper as [ICRA] A1+
- India Ratings & Research reaffirmed the credit rating of non-convertible debentures and bank
loans (long-term) as IND AAA/Stable and commercial paper and bank loans (short-term) as IND
A1+
- S&P Global Ratings reaffirmed its rating at BBB- and revised outlook to “Negative” during
the quarter. Moody’s Ratings reaffirmed investment grade rating ‘Baa3’ and revised its
outlook to negative during the quarter
- Fitch Ratings reaffirmed APSEZ rating at BBB- and placed the long-term foreign-currency
issuer rating and US dollar senior unsecured bonds on Rating Watch Negative during the
quarter
ESG highlights
- APSEZ was ranked among the Top 10 global transportation and transportation infrastructure
companies in the 2024 S&P Global Corporate Sustainability Assessment (CSA - scores as of
31st December), with a score of 68 (out of 100)—three points improvement over last year.
APSEZ is now placed in the 97th percentile within the sector, improving from the 96th
percentile in 2023.
- APSEZ was ranked among the Top 12 companies in transportation infrastructure by ISS ESG and
was awarded ‘Prime’ status for the first time (making APSEZ equity and bond instruments
eligible for responsible investments)
- APSEZ is targeting Net Zero by 2040. The company is on track to add 1,000 MW of new
renewable capacity
- Krishnapatnam port received the 18th ICC Environment Excellence Award 2024 in the Platinum
category demonstrating commitment to sustainability and responsible practices
Awards and accolades
- Mundra port received the ‘Shipping Terminal of the year Award’ at the 11th International
Samudra Manthan Awards 2024
- Mundra port received ‘Port of the year – containerized cargo’ at the EXIM Star Awards 2024
- Mundra port was recognized at the Kutch Business Excellence Award 2.0 for excellence in
infrastructure development and collaborative CSR projects
- Krishnapatnam port won the ‘Sustenance Organization Award’ at the QCFI Tirupati Chapter
Meet. This award recognizes commitment to quality and continuous improvement
- Ocean Sparkle was awarded ‘The Maritime Standard Excellence Award’ at the Esteemed Star of
the Industry Awards
- Ocean Sparkle was named as ‘Best Employer of Offshore Fleet’ at the Seajob Indian Anchor
Awards 2024
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