Adani Ports posts strong financial results

Adani Ports and Special Economic Zone (APSEZ), India’s largest port operator, has released its third-quarter and nine-month results for the period ending 31 December 2022.

APSEZ carried 252.9 million metric tonnes of cargo from April to December 2022, an increase of 8% year on year. The rise in cargo volume was driven by a 23% increase in coal, an 8% increase in liquids (excluding oil), and a 5% growth in container volume. The automobile segment, though a small proportion of overall volumes, saw a significant 22% jump in volumes.

APSEZ said it handled 24% of India’s total cargo and retained its leadership position as the country’s largest port operator during the aforementioned nine-month period.

During the same period, the company’s revenue climbed by 16% year-on-year to US$1.8 billion, while port revenue increased by 22% and logistics revenue increased by 43%. Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 19% year-on-year to US$1.1 billion.

Amounts in Rs Cr

“Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 Cr (US$1.7-US$1.8 billion). Besides an estimated capital expenditure of Rs 4,000-4,500 Cr (US$483-US$543 million), we are considering total loan repayment and prepayment of around Rs 5,000 Cr (around US$600 million), which will significantly improve our Net Debt to EBITDA ratio and bring it closer to 2.5x by March 24,” stated Karan Adani, CEO of Adani Ports and Special Economic Zone.