About the company:

Adani Ports and Special Economic Zone Limited (APSEZ) is India’s largest private port operator and a subsidiary of the Adani Group. It operates multiple ports and terminals across India, handling a significant share of the country’s cargo traffic. APSEZ provides port services, logistics, and special economic zone (SEZ) development. The company has expanded internationally and plays a key role in India’s trade and infrastructure growth.

Key Business Developments

  • New Acquisitions & Expansions:

    • Astro Offshore, Gopalpur, Tanzania acquisitions

    • Ennore divestment completed

    • Vizhinjam Port successfully commissioned

    • Colombo Port on track for commissioning

  • Logistics Expansion:

    • New Trucking Management Solution launched

    • Expansion in warehousing, trucking, and rail logistics

    • Focus on Integrated Transport Solutions rather than just port operations

  • Growth Drivers:

    • Strong container business growth (14.9% YoY)

    • Expansion of logistics business to reduce reliance on cargo volume fluctuations

    • Domestic and international business contributing to market share growth

  • Competitive Landscape:

    • Adani sees logistics as a high-growth sector despite increased competition

    • Plans to use port network for inland logistics expansion

  • Future Outlook:

    • Cargo volume guidance for FY26 will be provided in May

    • International business targeting 15% of total volumes by 2029/30 (from current 6%)

    • Haifa, Tanzania, and Colombo ports expected to be key contributors

    • EBITDA margin for international operations to reach 30% in the next few years

Financials & Debt Position

  • Gross Debt (Dec 2024): ₹45,650 crore

  • Net Debt: ₹38,000 crore

  • CapEx for 9 months: ₹7,500 crore (80% in ports, 20% in logistics)

Below is a summarized table of Adani Ports & SEZ’s financial performance over the latest three quarters based on the Q3 FY25 earnings call:

Financial MetricsQ3 FY25Q2 FY25Q1 FY25
Revenue (₹ crore)~4,950~4,860~4,500
EBITDA (₹ crore)~3,070~3,050~2,900
EBITDA Margin62%63%62%
Net Profit (₹ crore)~1,400~1,350~1,200
Net Debt (₹ crore)38,00035,200~34,500
Gross Debt (₹ crore)45,65044,060~43,500

 

Recent updates:

Highlights from last concall:

Summary of Q3 FY25 Earnings Call – Adani Ports & SEZ

Financial Performance

Revenue Growth: Up 14% YoY

EBITDA Growth: Increased 19% YoY with a margin improvement from 60% to 62%

Net Profit Growth: Grew 32% YoY

Debt Metrics: Net debt-to-EBITDA ratio improved from 2.3 to 2.1

Guidance Upgrade: FY25 revenue guidance raised to ₹18,800 – ₹18,900 crore (from ₹17,000 – ₹18,000 crore