Adaniports Ltd — Q1 FY24
Adani Ports delivered its strongest ever quarterly performance in Q1 FY24, with record revenue of INR 6,248 crore (+24% YoY), EBITDA of INR 3,765 crore (+80% YoY), and PAT of IN...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions audited
Partial answer
High priority
Phasing of warehousing ramp-up to 60 million sq ft and associated CapEx.
Asked by Sumit Kishore, Axis Capital
Provided phasing but CapEx detail only for next year, not full plan.
no timeline for full ramp-upCapEx only for next year
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Question
How will the ramp up to 60 million sq ft be phased out, and what will be the associated CapEx?
Karan Adani, CEO
We have roughly as of right now 5 million square feet under construction. We would be looking to add roughly 10 million square feet every year in order to reach that target.
Answered
Medium priority
Disaggregate logistics rail volumes into EXIM and domestic.
Asked by Sumit Kishore, Axis Capital
Provided clear percentage split as requested.
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Question
Could you help disaggregate the logistics rail volumes of 131,420 TEUs into EXIM and domestic?
Karan Adani, CEO
Roughly 90% of our volume is EXIM, 10% is domestic.
Answered
High priority
Debt and cash numbers at end of quarter.
Asked by Aviram Iyer, Deutsche Bank
Provided specific debt and cash figures as asked.
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Question
Can you provide what the debt and cash numbers were at the end of the quarter?
D. Muthukumaren, CFO
The total gross debt is INR 48,800 crore, and cash is INR 9,800 crore. Total net debt is about INR 39,000 crore.
Evasive
High priority
Why maintain 370-390 MMT guidance despite 100 MMT quarterly run-rate?
Asked by Achal Lohade, JM Financial
Did not explain why guidance not raised despite strong Q1.
no explanation for conservatismdeferred to future
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Question
We have touched 100 million tons plus in this quarter, and I see that we are still maintaining 370-390 guidance. Can you help us understand?
Charanjit Singh, Head of IR
We can't be changing the guidance on a quarterly basis. At the right point in time, we might like to change the guidance, but not at this point in time.
Partial answer
Medium priority
Revenue loss estimate from cyclone impact.
Asked by Achal Lohade, JM Financial
Provided volume loss but not financial impact.
no revenue or margin impact given
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Question
Is there any way to estimate what is the impact in terms of revenue loss or the margin?
Karan Adani, CEO
We lost 2 million tons of handling volume because of the cyclone.
Evasive
High priority
Haifa margins and strategy for Colombo and Vizhinjam.
Asked by Paras Shah, HSBC
Declined to provide margin numbers, deferred to later.
no margin guidancedeferred to December
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Question
Can you talk a bit about how has been onboarding of Haifa? What sort of margins shall we model?
Karan Adani, CEO
It's hard to give you exactly what will be the margins, because it will all depend on how much we are able to negotiate with the unions.
Evasive
Medium priority
Plans for partial tender of Adani Ports '24s bonds.
Asked by Shabad Thadani, Arkhan Capital
Did not confirm specific plan or timing.
no timelinevague commitment
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Question
Is that still part of the plans? I guess we've gone through July 2023 without any incremental announcements.
Karan Adani, CEO
We would look at strategically when to do the repayments. That is still on cards. We will keep it open in terms of to look at it opportunistically.
Answered
Medium priority
Ramp-up plan from 14% to 100% renewable energy by 2025.
Asked by Asmita Sidhu, MetLife Investment Management
Provided specific capacity and timeline to reach near 100%.
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Question
Could we just get an idea how the ramp-up will go from 14% to 100% in the next 18 months?
Karan Adani, CEO
We are in implementation of 250 megawatts of renewable energy, which we expect to be commissioned by April 2024. With that we would be reaching roughly 90% of the renewable shares.
Partial answer
Medium priority
Market share in EXIM container logistics and volume growth outlook.
Asked by Atul Tiwari, Citi
Gave Mundra share but not pan-India as asked.
pan-India share not provideddeferred offline
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Question
On the EXIM side, what would be your current market share?
Karan Adani, CEO
From Mundra perspective, ALL's market share from all the rail volume moving out of Mundra is roughly at around 13%-14%. But for a pan-India basis, let me come back to you.
Answered
Medium priority
Reconciliation of cash balance and restricted vs unrestricted cash.
Asked by Vishal, Silverdale
Explained difference and confirmed cash is unrestricted.
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Question
If I look at the covenant calculation, the cash mentioned is about INR 3,700 crore. Could you reconcile? How much is restricted?
D. Muthukumaren, CFO
The difference is consolidated versus standalone. The one in the annexure is standalone. All the cash is actually unrestricted.
Answered
Medium priority
Criteria for port acquisitions outside India.
Asked by Pulkit Patni, Goldman Sachs
Provided clear criteria as asked.
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Question
Could you highlight what are the key things that we look for when we are looking at ports outside India?
Karan Adani, CEO
Returns have to be same as India, if not more. Good partners, significant market share, and value add to existing portfolio.
Answered
High priority
Path to 500 MMT FY25 guidance without further acquisitions.
Asked by Nikhil Nigania, AllianceBernstein
Confirmed reliance on existing assets and new projects.
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Question
Apart from Vizhinjam, what else is maybe under evaluation to help us get close to that guidance of 500 million tons?
Karan Adani, CEO
500 million tons is predominantly from our existing assets. It also takes into account Colombo as well as Vizhinjam coming online fully.