Adani Ports and Special Economic Zone (ADANIPORTS) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 delivered record performance with highest-ever revenue, EBITDA, and PAT, driven by 8% YoY cargo volume growth to 109 MMT, excluding Gangavaram's non-operational days.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, with results reviewed by statutory auditors and limited review reports provided.

• Expansion included new concessions in Tanzania and Deendayal Port, O&M contract in Kolkata, and first mothership at Vizhinjam Port.

• Four ports featured in World Bank's Container Port Performance Index 2023.

• Logistics business expanded warehousing to 2.9 million sq ft and agri-silo capacity to 1.2 MMT, targeting 4 MMT.

Financial highlights

• Operating revenue for Q1 FY25 was INR 7,560 crore, up 21% YoY.

• Consolidated revenue from operations for Q1 FY25 was ₹6,956.32 crore, up from ₹6,247.55 crore in Q1 FY24.

• EBITDA (excluding forex impact) reached INR 4,848 crore, up 29% YoY; domestic ports' EBITDA margin rose to 72%.

• Profit after tax was INR 3,107 crore, up 47% YoY.

• Gain of ₹603.27 crore recorded from sale of 49% stake in Adani Ennore Container Terminal Private Limited.

Outlook and guidance

• On track to deliver full-year guidance, expecting strong contributions from Gopalpur and Vizhinjam ports in H2 FY25.

• Vizhinjam Port to be fully operational from October, with full capacity utilization expected in FY26.

• Management concluded there are no material consequences from the short seller report or SEBI show cause notices, and the company continues to comply with all applicable laws and regulations.

• Targeting 1 billion metric tons cargo by 2030 through capacity expansion and new projects.