Delivers 3x the India cargo growth rate and a record volume of 420 MMT
- Volume grew 24% Y-o-Y to 420 MMT
- Revenue grew by 28% Y-o-Y to reach record high of Rs 26,711 Cr
- EBITDA jumps 44% Y-o-Y to Rs 15,751 Cr
- PAT increased by 50% Y-o-Y to Rs 8,104 Cr
- Net Debt to EBITDA for FY24 at 2.3x vs 3.1x in FY23
- Acquires Gopalpur Port and Karaikal Port to drive growth and improve east-west parity
Bhubaneswar: Adani Ports and Special Economic Zone Ltd (“APSEZ”) today announced its results for the quarter and twelve months ending 31 March, 2024.
| Particulars (Rs Cr) | Q4 FY24 | Q4 FY23 | Y-o-Y Change | FY24 | FY23 | Y-o-Y Change |
| Cargo (MMT) | 108.7 | 86.3 | 26% | 419.9 | 339.2 | 24% |
| Revenue | 6,897 | 5,797 | 19% | 26,711 | 20,852 | 28% |
| EBITDA# | 4,029 | 3,271 | 23% | 15,751 | 10,947 | 44% |
| PAT** | 2,015 | 1,139 | 77% | 8,104 | 5,391 | 50% |
# EBITDA includes the impact of forex MTM gain or loss. In Q4 FY24, forex loss is Rs 15 Cr and in Q4 FY23, forex loss is Rs 1 Cr. In FY24, forex loss is Rs 113 Cr and in FY23, forex loss is Rs 1,886 Cr. **Based on estimated future profits, APSEZ has elected to switch to the new tax regime (u/s 115 BAA of the IT Act) for one of its subsidiaries, AKPL, in Q2 FY24. Consequently, the past years MAT was written-off, which has reduced the FY24 PAT by Rs 455 Cr.
“FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Mr. Ashwani Gupta, Whole-Time Director & CEO, APSEZ.
With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year. We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies.” added Mr. Gupta.
