Adaniports Ltd — Q2 FY25
Adani Ports reported a solid Q2 FY25 with revenue, EBITDA, and PAT growing 6%, 13%, and 37% YoY respectively, driven by container volume growth and market share gains.
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.
65%Questions answered2Evaded / deflected10Questions auditedContradictedNumbers vs filing
Answered
High priority
Update on Sri Lanka, Vizhinjam, recent acquisitions, and Haifa Port.
Asked by Parash Jain, HSBC
Management provided specific updates on each asset without evasion.
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Question
If you can bring all of us up to speed with respect to developments in Sri Lanka, Vizhinjam, your recent acquisitions, and also any incremental color that you can share with Haifa Port, then we'd much appreciate it.
Ashwani Gupta, CEO
In the second half, we finalized our acquisition transaction in Gopalpur. Vizhinjam is doing better than what we planned. Sri Lanka is also very much on track to start the operations next year in quarter four. Haifa is working 24 by 7.
Answered
Low priority
Impact of US port labor strikes on Adani ports.
Asked by Asmeeta Sidhu, MetLife Investment Management
Clear and direct answer with no hedging.
Read the exchange
Question
Was there any implications that were seen from the ports under Adani, or would there have been any implications should the strikes have gone on longer than the three days?
Ashwani Gupta, CEO
To answer to your question very precisely, no, it does not have any impact on us.
Partial answer
High priority
Gangavaram volume recovery timeline and margin profile.
Asked by Achal Lohade, Nuvama
Management gave qualitative recovery outlook but no specific volume or margin numbers.
no specific timeline givenno quantitative recovery target
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Question
With respect to Gangavaram Port, in the past quarter, the run rate was between 8 million tons- 10 million tons, while we have seen first quarter was impacted. Second quarter, we have seen the number at around 6.8. So how do you see this in coming quarters?
Ashwani Gupta, CEO and D Muthukumaran, CFO
Gangavaram is also fast recovering in terms of volume. In quarter three and quarter four, we will make up, specifically in Gangavaram. Company as a whole, we are running ahead of the estimates.
Deflected
Medium priority
Reason for lower realizations at Dahej and Hazira.
Asked by Achal Lohade, Nuvama
CFO challenged the premise and offered to discuss offline instead of answering.
disputed analyst's numbersdeferred to offline
Read the exchange
Question
In terms of realization, particularly for the couple of ports, Dahej and Hazira, we've seen that their realizations are actually down almost in teens on a YoY basis. Is there any particular reason?
D Muthukumaran, CFO
Considering the number that you are quoting, I may have to check and come back to you separately because I don't see that actually in my sheet. Based on publicly published numbers, it should show that actually in both places, we have gone up by at least double digits.
Partial answer
Medium priority
Quarterly volume, revenue, and profitability of Tanzania.
Asked by Priyankar Biswas, BNP Paribas
Management gave volume but refused to disclose revenue and profitability.
provided volume onlydeclined revenue and profitability
Read the exchange
Question
Since Tanzania has been integrated, it seems, can you give us an idea of, let's say, the quarterly volume, revenue, and profitability of this asset?
D Muthukumaran, CFO and Ashwani Gupta, CEO
We actually give only the volume, and the volume for this quarter is actually 3 million tons, roughly. Not right now, Priyankar.
Answered
Low priority
Impact of cyclone Dana on Gopalpur operations.
Asked by Priyankar Biswas, BNP Paribas
Specific and quantitative answer about impact and recovery time.
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Question
What can be the kind of impact, or how much time would it take for us to come back to a relatively normal level of operations?
Ashwani Gupta, CEO
The impact was for four and a half hours, and there was no physical damage, and there was no human impact. So four and a half hours already we have recovered.
Answered
High priority
Confidence in achieving full-year volume guidance given H1 weakness.
Asked by Alok Deora, Motilal Oswal
Management reaffirmed guidance with specific drivers.
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Question
Based on the kind of subdued volumes in some of the months in the first half, so it's a pretty tall ask for the second half. So how confident we are on this volume guidance?
Ashwani Gupta, CEO
Containers, we are very much confident. The agro and fertilizers are coming back. In addition to that, we have Gopalpur and Tanzania. So that's why we re-emphasize today our guidance, where the volume between 460-480, we are very much confident of achieving that.
Answered
High priority
Key volume growth drivers for the quarter, especially containers.
Asked by Ketan Jain, Avendus Spark
Provided specific growth percentages for key ports.
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Question
What were the key drivers for our volumes for this quarter, especially container and at Mundra and Dhamra?
Ashwani Gupta, CEO
The main growth pillar in this quarter was container. Mundra grew by 17.6%, Karaikal grew by 6.5%, Ennore grew by 36.3%. Dhamra grew by 18.6%.
Answered
Medium priority
Market share gains in rail logistics and drivers.
Asked by Aditya Mongia, Kotak Securities
Clear explanation of market share source and driver.
Read the exchange
Question
Across our MMLPs, where are we getting a lot more market share, gaining market share in this business? And what is driving that market share kind of improvement?
Ashwani Gupta, CEO
The market share that we are getting into is not from any other MMLP. This is primarily a conversion from road into rail. With the DFC coming in, the ability to double stack is increasing.
Answered
Medium priority
Rail coefficient at major container ports and change from last year.
Asked by Bharanidhar Vijayakumar, Avendus Spark
Provided specific rail coefficient numbers for Mundra and comparison.
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Question
Can you highlight the rail coefficient in major container ports like Mundra and Hazira and others in this particular first half compared to the same period first half last year?
D Muthukumaran, CFO
32%. So roughly at Mundra, 32% as of this year. It would be roughly around 31% last year.
Evasive
Medium priority
Why domestic port EBITDA per ton is higher than international.
Asked by Sumit Kishore, Axis Capital
CFO avoided explaining the difference and said the metric is not comparable.
dismissed metric as not comparableno explanation of dynamics
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Question
If I look at the domestic port EBITDA per ton versus international port EBITDA per ton, domestic port EBITDA per ton is significantly higher, so could you just explain what is the dynamics here?
D Muthukumaran, CFO
India is a homogeneous market, and all the investment that we make outside India, the market is a bit heterogeneous. EBITDA per ton is not comparable.
Partial answer
High priority
Use of free cash flow: deleveraging vs dividends given low leverage.
Asked by Luke Chua, Pictet Asset Management
Management gave a long-term target but no specific plan for excess cash.
no commitment to delever or dividenddeferred to medium-term
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Question
If your cash flow conversion is as high as I think, you should draw a lot of cash. But did I miss something here? Because your CapEx is going to be INR 11,000 crores-INR 12,000 crores, correct?
D Muthukumaran, CFO
Our long-term target for debt is 2.5 leverage. So we will take appropriate actions. It's not based on one quarter, but it has to be probably seen consistently over a few quarters before we can take action.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Mundra container volume growth 17.6% in H1 FY25 | 17.6% | 6% | Overstated vs filing |
| Dhamra volume growth 18.6% in H1 FY25 | 18.6% | 6% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.