FY24 cargo volume guidance maintained at 370-390 MMT
Management maintained the full-year cargo volume guidance of 370-390 MMT, despite Q1 achieving 101.4 MMT, citing prudence and potential for revision in Q3.
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CapEx guidance maintained at INR 4,500-5,000 crore
CapEx for FY24 remains within the guided range of INR 4,500-5,000 crore, with no changes announced.
Vizhinjam port commissioning by March 2024
Phase 1 of Vizhinjam transshipment port is expected to be commissioned by March 2024, with first cranes arriving in October 2023.
Haifa Port volume target of 12-14 MMT by FY24 end
Haifa Port is expected to handle 12-14 million tons of cargo by the end of FY24, with union negotiations for cost reduction targeted for completion by December 2023.
FY25 cargo volume guidance of 460-480 MMT
Management reaffirmed full-year cargo volume target, supported by strong Q1 performance and ramp-up of new assets.
Capex guidance of INR 10,500-11,500 crore for FY25
Breakdown: ports INR 7,300 cr, marine services INR 400 cr, logistics INR 2,300 cr, renewables INR 1,500 cr.
Vizhinjam Port Phase 1 fully operational from October 2024
Nameplate capacity of 1 million TEUs, expandable to 1.5 million, with full utilization expected in FY26.
Gopalpur Port EBITDA margin target of 65-70%
Current EBITDA margin of 38-42% expected to improve to benchmark levels through operational efficiencies.
FY2026 EBITDA guidance of INR 22,000 crore maintained
Management reaffirmed the full-year EBITDA target despite Q1 volume headwinds, citing recovery in July and diversified revenue streams.
Logistics EBITDA margin target of 35-40% in 3-4 years
Management expects logistics margins to creep up to 35-40% as the business mix shifts toward asset-light segments.
1 billion MT cargo target by 2030
Long-term volume target remains unchanged, with international ports expected to contribute 115 million MT.
Container capacity expansion across multiple ports
Investments in container berths at Mundra, Hazira, Gangavaram, Vizhinjam, and Colombo are underway to capture containerized trade growth.
FY24 revenue and EBITDA guidance on higher end
With record cargo of 240 MMT in first seven months, APSEZ is well positioned to achieve full-year revenue and EBITDA guidance on the higher end.
Net debt/EBITDA target of 2.5x by March 2024
Management targets leverage of around 2.5x and cash balance of INR 8,000 crore by year-end.
500 MMT cargo volume target by FY25
Management reiterated that the 500 MMT volume guidance by FY25 is on track.
Colombo Port phase 1 commissioning by December 2024
Phase 1 of Colombo Port expected to be commissioned and operationalized by December 2024.
FY25 cargo volume guidance maintained at 460-480 MMT
Management reiterated full-year cargo volume guidance of 460-480 million metric tons, confident in H2 recovery from agro/fertilizer season and new asset contributions.
Upper end of FY25 EBITDA guidance expected
Based on H1 momentum, management expects to hit the upper end of the FY25 EBITDA guidance range.
Net debt to EBITDA target of 2.2-2.5x by year-end
Management guided net debt to EBITDA in the range of 2.2-2.5x at end-FY25, factoring in acquisitions and H2 capex.
Vizhinjam Phase 2 capex of INR 20,000 crore
Management announced the next expansion phase of Vizhinjam port with a planned investment of INR 20,000 crore.
FY26 EBITDA guidance of ₹21,000-22,000 crore
Management reiterated the full-year EBITDA guidance range despite strong H1 performance, indicating confidence in sustained momentum.
Five-year capex plan of ₹75,000 crore
Capex will be deployed across ports (₹45,000-50,000 crore), logistics, and marine, with focus on container capacity and evacuation infrastructure.
International ports EBITDA margin target of ~45%
Long-term target for stabilized international port margins, with Colombo at ~50%, Haifa 30-40%, and Australia ~65%.
Domestic port margins sustainable at 75-77%
Management expects domestic port EBITDA margins to remain in the 75-77% range over the long term, driven by operating efficiencies.
FY24 cargo volume guidance raised to over 400 MMT
Management revised full-year volume guidance upward from 370-390 MMT to over 400 MMT, citing strong demand.
Logistics EBITDA margin target of ~50%
Management expects logistics EBITDA margins to improve to ~50% as agri silo capacity scales to 4 MMT by FY26.
Logistics ROIC to approach company level in 3 years
Management guided that logistics ROIC, currently ~6%, should converge with company-level ROIC within three years as assets ramp up.
Rake count target of 300 by FY28
Management plans to increase the logistics rake fleet from 115 to 300 by FY28, driven by GPWIS and container growth.
FY25 EBITDA guidance upgraded to ₹18,800-18,900 crore
Management raised FY25 EBITDA guidance from ₹17,000-18,000 crore to ₹18,800-18,900 crore, driven by strong execution and diversification.
FY26 EBITDA growth expected ~20% YoY
CFO indicated FY26 EBITDA growth in the region of 20%±, though formal guidance will be given in Q4 results.
International port EBITDA margins to reach 30% in two years
Management expects international port EBITDA margins to improve to 30% within two years, driven by operational efficiencies.
Logistics contribution to reach 5-10% of company EBITDA
Logistics EBITDA contribution is expected to first reach 5% and eventually 10% of total company EBITDA.
FY2026 EBITDA guidance raised to INR 22,800 crore
Full-year EBITDA guidance increased by INR 800 crore to INR 22,800 crore, including one quarter of NQXT contribution (INR 300 crore EBITDA).
FY2029 revenue target of INR 65,500 crore and EBITDA of INR 36,500 crore
Management reiterated the five-year plan targets, with revenue of INR 65,500 crore and EBITDA of INR 36,500 crore by FY2029.
Vizhinjam Phase II expansion to add 4.1M TEUs capacity by FY2029
INR 16,000 crore capex for Vizhinjam Phase II, increasing total capacity to 5.7M TEUs, with cash flows spread from FY2026 to FY2030.
Coal proportion expected to settle at 20-22% in five years
Management guided that coal's share of total cargo will decline to 20-22% over five years, driven by container and oil & gas growth.
FY25 cargo volume guidance of 460-480 MMT
Management expects cargo volumes to increase to 460-480 million metric tons in FY25, implying 10-14% YoY growth.
FY25 revenue guidance of INR 29,000-31,000 crore
Revenue from operations is expected to be in the range of INR 29,000-31,000 crore for FY25.
FY25 EBITDA guidance of INR 17,000-18,000 crore
EBITDA is expected to be between INR 17,000-18,000 crore for FY25.
FY25 CapEx guidance of INR 10,500-11,500 crore
Capital expenditure is planned at INR 10,500-11,500 crore, with INR 7,300 crore for ports, INR 2,300 crore for logistics, INR 1,500 crore for renewable energy, and INR 400 crore for marine services.
FY26 Revenue Guidance: INR 36,000-38,000 crore
Management guided FY26 revenue in the range of INR 36,000-38,000 crore, implying 12-18% growth over FY25.
FY26 EBITDA Guidance: INR 21,000-22,000 crore
EBITDA guided at INR 21,000-22,000 crore for FY26, with margin expansion expected.
FY26 Capex Guidance: INR 10,000-12,000 crore
Capex of INR 10,000-12,000 crore planned, primarily for container terminal expansion and logistics.
Marine Business Revenue Target: INR 3,300 crore by FY27
Marine services revenue expected to cross INR 3,300 crore by FY27, driven by fleet expansion and long-term contracts.
FY27 Revenue Growth 11-16%
Management guided for FY27 revenue growth of 11-16%, assuming conservative assumptions amid West Asia disruptions.
Ambition 2031: 1 Billion Tonnes Cargo
Target to handle 1 billion tonnes of cargo by FY31, including 850 million tonnes domestic, with 20% ROCE.
Net Debt to EBITDA Ceiling of 2.5x
Management reiterated net debt to EBITDA ceiling of 2.5x, with flexibility for strategic M&A up to ~3.2x.
Capex Acceleration in FY27
Capex guided at ₹12,000-14,000 crore for FY27, accelerated for Mundra CT5, Dhamra expansion, and Vizhinjam phase two.