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Revenue
₹6,646 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
₹7,429 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Ports delivered its strongest ever half-yearly result, with H1 FY24 operating revenue of INR 12,894 crore (+26% YoY) and EBITDA of INR 7,429 crore (+49% YoY), driven by record cargo volumes of 203 MMT (+14% YoY) across all major categories. Port EBITDA margins expanded 220 bps YoY to 72%, while logistics EBITDA margins reached 29%. The company maintained its FY24 guidance for the higher end, supported by a record 37 MMT in October. Net debt/EBITDA improved to 2.8x, with a target of 2.5x by year-end. Key growth drivers include strong container volumes (Mundra at 3.6M TEUs), Haifa Port benefiting from diversion due to Ashdod closure, and logistics rail volumes up 25%. Risks include potential slowdown in global trade and execution challenges at new projects like Colombo and Dighi.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management targets leverage of around 2.5x and cash balance of INR 8,000 crore by year-end.
- Management reiterated that the 500 MMT volume guidance by FY25 is on track.
- Phase 1 of Colombo Port expected to be commissioned and operationalized by December 2024.
Risks flagged
- Analyst raised concern about potential subdued container volumes due to global trade challenges; management countered with strong October volumes and new services.
- Dighi Port is effectively a greenfield project and will take 4-5 years to reach scale, with significant infrastructure buildout required.
- Haifa's revenue is in local currency (NIS), which is stable historically but unhedged long-term; near-term exposures are hedged.
- Sale price revised down from $260M to $30M, resulting in $155M impairment; management cited inability to complete project and regulatory hurdles.
Key quotes
- APSEZ delivered its strongest ever half-yearly result with record cargo volumes, revenue and EBITDA.
- We are seeing actually an increase in traffic in Haifa because the second-largest port, Ashdod Port, has been closed for commercial operations since the conflict.
- Our predominant focus would be expanding our footprint of our existing ports and diversifying the cargo base, because the incremental capacity will be 30%-40% of the cost of a greenfield CapEx.
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