Adani Ports and Special Economic Zone (ADANIPORTS) Investor Presentation summary

Adani portfolio overview

• Adani Group operates a diversified infrastructure and utility portfolio, with APSEZ as a core transport and logistics platform, spanning ports, logistics, renewables, energy, and more.

• APSEZ has a national footprint, with 15 ports totaling ~627 MMT capacity, and is expanding internationally with operations in Israel, Tanzania, Australia, and Sri Lanka.

• Cargo volumes at APSEZ have grown at a 14% CAGR over FY14–FY24, three times the industry rate, reaching 408 MMT in FY24 and a 27% domestic market share.

• The company’s integrated model covers the full logistics value chain, including rail, warehousing, trucking, and grain silos, supporting end-to-end solutions.

• Land banks at key ports enable development of industry clusters and deep hinterland connectivity via road, rail, and air.

Financial performance and capital management

• Revenue and EBITDA have grown at 19% and 18% CAGR respectively over the past decade, with EBITDA margins for domestic ports at 70% in FY24.

• Net cash generated from operations reached ₹15,864 Cr in FY24, with a healthy EBITDA-to-cashflow conversion rate above 70%.

• Logistics EBITDA grew at a 43% CAGR over the last five years, with margin expansion from 16% to 26%.

• ROCE at major ports exceeds 20%, with further improvement expected as newly acquired ports ramp up.

• Comfortable leverage maintained, with net debt/EBITDA at 2.3x in Mar'24 and investment grade ratings from global and domestic agencies.

Debt profile

• Debt maturity is well-distributed over the next decade, with FY24 FFO exceeding annual loan repayments, minimizing refinance risk.

• FFO interest coverage stands at 5.1x in FY24, and FFO/gross debt at 28%, supporting strong credit metrics.

• APSEZ holds investment grade ratings: Baa3/Stable (Moody’s), BBB-/Positive (S&P), BBB-/Stable (Fitch), and AAA/Stable (domestic agencies).