APSEZ 9M FY22 – Cargo Volume up 22% & Total Revenue up 35%

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  • Achieved total cargo volume of 212 MMT – a growth of 22%
  • Market share in All India cargo increased by 350 bps to reach 28.1%
  • Market share in container segment increased by 189 bps to 42.2%
  • Consolidated Revenue Rs.12,089 Cr – a growth of 35%
  • Consolidated EBITDA Rs.7,428 Cr – a growth of 29%
  • Port EBIDTA of Rs.6,876 Cr – a growth of 27%
  • Proposal to acquire Surguja Rail (SRCPL) was approved by an overwhelming majority of 92% of minority shareholders, setting up higher governance standards in line with the policy of Board and consolidated from 1 April 2021.
  • APSEZ has been a Signatory for the SBTi, which mandates businesses for setting a net-zero target in line with 1.5-degree centigrade future

Hyderabad: 01st February, 2022: Adani Ports and Special Economic Zone Ltd (“APSEZ”), the largest transport utility in India and apart of the diversified Adani Port folio, today announced its results for the third quarter and nine month sended 31December, 2021.

ParticularsQ3 FY22Q3 FY21Growth9M FY229M FY21Growth
Cargo(MMT)6876-11%21217422%
Consolidated Revenue3,7973,7461%12,0898,94235%
Consolidated EBITDA*2,4312,488-2%7,4285,77629%
Port Revenue3,1563,279-4%9,7067,61527%
Port EBIDTA2,2462,351-4%6,8765,39427%
Port EBIDTA Margin71%72% 71%71% 
Forex mark to market–Loss/(Gain)13(206) 348(691) 
PBT before Exceptional Item1,7392,013-14%4,7764,7530.5%
PAT1,4791,577-6%3,7623,7281%

*EBITDAexcludesforexmark-to-marketloss/(gain).|EBITDAof9MFY21excludesone-timedonationofRs.80Cr,EBITDAof9MFY22excludesone-timeexpensesofRs.60CrrelatedtoacquisitionofSRCPL

InQ3FY22, cargo volume was subdued on account of lower import of coal by key IPPs like Adani Power Mundra, GGPL and lower trading coal volume which was impacted due to higher commodity prices and disruptions in the supply chain. Coal volume in Q4 FY22 is likely to improve due to increasing power demand and softening of prices Globally.

“APSEZ had shown tremendous resilience all through the pandemic period,” said Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ. “Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 –Krishnapatnam and Gangavaram in Andhra Pradesh on the east coast of India – to the ones on the west coast continued to tighten our pan-India presence. Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in south east Asia.”

“Our carbon offsetting, mangrove affore station and terrestrial plantation, as well as our extensive focus on the use of renewable energies, have meant that APSEZ is well on the road to achieving carbon neutrality by 2025 and becoming the world’s most sustainable ports company,” added Mr. Karan Adani.

The Adani Group’s progress in firming up its Transport Utility model is a recognition that transport infrastructure performs as essential a function as electricity. This transport utility model was further augmented by the expansion in the rail network and Grade-Aware housing capacity, as well as by further investments in logistics capabilities. The Adani Group will continue to invest in new technologies, automation and digitization, to provide further impetus for growth.

KEYBUSINESSHIGHLIGHTS–9M/FY22 (YoY)

Operational Highlights

Port Business

  • APSEZcontinuestooutperformallIndiacargovolumegrowth.During9MofFY22, it handled 212 MMT of cargo compared to 174 MMT in 9M FY21 thus registering a growth of 22% compared to 7% growth registered by all India cargo volume. As a result, market share of APSEZ in all India cargo volumehasincreasedby350bpsto28.1%
  • Gangavaram Port (GPL) handled cargo volume of 22.35 MMT which is not consolidated in the above cargo numbers as the process of acquisition is under way and we expect the same to be completed by Q4 FY22 (Post NCLT approval) which will enable us to consolidate Gangavaram Port in our books retrospectively from 1 April 2021.
  • The growth in cargo volume was led by containers which grew by 25%, dry cargo by21%, &liquids (including crude) by 22%.
  • In the container segment, APSEZ continues to gain market share in India. In9MFY22 market share in the container segment grew by 189bps to42.2%.
  • In 9M FY22, it handled 6.2 Mn TEUs a growth of 25% against as against 19%growth achieved at all India container volume.
  • APSEZ is focused on achieving east coast west coast parity. Ports on the east coast grew by 58% and those on the west coast grew by 10% thus improving parity between the west coast and east coast to 69:31 from 76:24.
  • Non-Mundra ports in the portfolio are growing faster and have contributed 47% to the cargo basket which is a growth of 7 percentage points.
  • Mundra continues to be the largest container handling port with 4.9 MnTEUswhichis0.72Mn TEUs higher than JNPT.

Logistics Business

  • Adani Logistics (ALL), the large stand most diversified private rail operator in India, registered a 25% growth in rail volume to 284,477 TEUs and a 13% growth in terminal volume to 211,679 TEUs.
  • Adani Logistics has expanded its rolling stock and added 11 new bulk rakes under the GPWIS scheme, taking the total number of rakes to 72.
  • In the warehousing segment, ALL added 0.43 mn sqft during the period which is a growth of 108%

Financial Highlights

Revenue

  • Consolidatedrevenuegrewby35%,fromRs.8,942Crin9M/FY21toRs.12,089 Cr. on the back of all-around growth registered in all three key segments of Port, Logistics and SEZ revenue and addition of SRCPL.
  • Cargovolumegrowthof22%, addition of SRCPL and higher realization ensured Port revenue to increase by 27% to Rs.9,706 Cr.
  • Revenue from the logistics business stood at Rs.845 Cr, a growth of 22% on account of improving container and terminal traffic along with improvement in rolling stock both for container and bulk cargo movement.

EBITDA

  • Consolidated EBITDA* grew by 29% from Rs.5,776 Cr in 9M FY21 to Rs.7,428Cron theback of35% growth in revenue.