Adani Ports and Special Economic Zone Ltd (“APSEZ”) today announced its results for the quarter and nine months ending 31 December, 2023.

Particulars (Rs Cr)	Q3 FY24	Q3 FY23	Y-o-Y Change	9M FY24	9M FY23	Y-o-Y Change
Cargo (MMT)	108.6	75.4	44%	311.2	252.9	23%
Revenue	6,920	4,786	45%	19,814	15,055	32%
EBITDA#	4,293	2,697	59%	11,722	7,676	53%
PAT	2,208	1,337	65%	6,089**	4,252	43%

“In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9M performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year. This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator,” said Mr. Ashwani Gupta, CEO, APSEZ.

Operational Highlights

• APSEZ achieved its highest-ever quarterly cargo volume of 108.6 MMT
• Mundra, our flagship port, recorded highest-ever monthly volume at any Indian port in Oct’23 & AICTPL (CT-3) recorded India’s highest monthly container volume in Nov’23
• APSEZ achieved a key milestone of 300 MMT in 266 days vs 329 days in FY23; overall cargo volume was ~311 MMT in 9M (+23% YoY)
• Domestic cargo growth was over 2.5x India’s growth rate, with nine of our domestic ports/terminals recording their highest ever cargo volumes in 9M
• Quarterly rail volumes grew 17% Y-o-Y to 157,904 TEUs and GPWIS volumes jumped 53% Y-o-Y to 5.29 MMT
• APSEZ recorded its highest-ever rail (+22%) and GPWIS (+46%) volumes in 9M

Financial Highlights:

• Increase in cargo volume during the quarter (+44% Y-o-Y) led to revenue growth of 45% Y-o-Y to Rs 6,920 Cr in Q3 FY24
• Domestic port EBITDA margin expansion by around 170 bps, along with improved efficiencies and capacity utilization, led to 59% Y-o-Y growth in EBITDA to Rs 4,293 Cr
• Healthy cargo volume growth led to record PAT of Rs 2,208 Cr (+65% Y-o-Y) during the quarter
• Bond buy-back of USD 325 million concluded during 9M FY24, leading to improvement in Net Debt to EBITDA (for TTM Dec’23) to 2.5x vs 3.1x for FY23

Business Highlights:

• Strategic partnership with MSC by forming a JV for Ennore Container Terminal
• Completed acquisition of Karaikal Port and sale of Myanmar asset
• ALL added 23 rakes, Loni & Valvada ICD, and warehouses at NRC and Indore
• Colombo terminal received financing commitment of USD 553 million from DFC

ESG Targets and Performance

• APSEZ is targeting Net Zero by 2040. During 9M FY24, the company improved its energy intensity by 4% and completed mangrove afforestation of 227 hectares. The company is on track to add 1,000 MW of new renewable capacity in 2024.

About Adani Ports & Special Economic Zone Ltd

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 customer gate. It is the largest port developer and operator in India with 7 strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 7 ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry, representing 27% of the country’s total port volumes, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing a transshipment port at Colombo, Sri Lanka and operates the Haifa Port in Israel. Our Ports to Logistics Platform comprising port facilities, integrated logistics capabilities including multimodal logistics parks, Grade A warehouses, and industrial economic zones, puts us in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. Our vision is to be the largest ports and logistics platform in the world in the next decade. With a vision to turn carbon neutral by 2025, APSEZ was the first Indian port and third in the world to sign up for the Science-Based Targets Initiative (SBTi) committing to emission reduction targets to control global warming at 1.5°C above pre-industrial levels.