Adani Ports new assets bring revenues to near $2 billion

Adani Ports

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port operator, has announced its results for the third quarter and nine months ended 31 December 2022.

APSEZ handled 252.9 million metric tons (MMT) of cargo, an 8 per cent increase compared to the previous year. The growth in cargo volume was driven by a 23 per cent increase in coal, an 8 per cent increase in liquids (excluding crude), and a 5 per cent increase in containers.

Mundra Port remained the largest container handling port with 4.88 million TEU compared to JNPT‘s 4.45 million TEU during 9MFY23.

The non-Mundra ports volumes grew at 12 per cent Year-on-Year (YoY), with the share of non-Mundra ports increasing to 54 per cent in the cargo basket from 52 per cent during 9MFY22.

During 9MFY23, APSEZ handled 24 per cent of India’s total cargo and maintained its leadership position as the country’s largest port operator, according to APSEZ.

Adani Ports will, however, make a repayment of 5,000 Rs crore ($604 million) as part of its widely publicised debt.

READ: Adani begins works on 3.2 million TEU Colombo Port terminal

Revenue increased by 16 per cent YoY to Rs 15,055 crore ($1.8 billion) in 9MFY23, while port revenue increased by 22 per cent and logistics revenue soared by 43 per cent.

EBITDA increased by 19 per cent YoY to Rs 9,562 crore ($1.1 billion) in the accounted period.

Port EBITDA grew 20 per cent YoY to Rs 8,973 crore ($1 billion), with a port EBITDA margin of around 70 per cent. The EBITDA of the logistics business segment jumped 66 per cent YoY to Rs 354 crore ($42.7 million).

The company’s CEO and Whole Time Director, Karan Adani, reported that APSEZ is well positioned to achieve the upper end of its full-year revenue and EBITDA guidance provided for FY23.

Looking ahead, APSEZ is targeting FY24 EBITDA of Rs 14,500-15,000 crore ($1.7 – $1.8 billion), with an estimated capital expenditure of Rs 4,000-4,500 crore ($483 – $543 million).

In the port business segment, the new additions in APSEZ’s portfolio include the Haifa Port Company in Israel with a capacity of 20 million metric tons, and a new container terminal at Gangavaram with a capacity of 600,000 TEU amongst others.

In the logistics business segment, one of the newly acquired assets include the ICD Tumb, one of India’s largest with a capacity of 500,000 TEU.

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