Adani Ports and Special Economic Zone (ADANIPORTS) Q2 24/25 earnings summary

Executive summary

• Cargo volume rose 9% year-over-year to 220 million metric tons in H1 FY25, driven by a 19% increase in container volumes, despite weather disruptions at key ports.

• Market share in India's total cargo rose to 27% and 45% in container cargo, with Mundra Port crossing 100 MMT in 181 days.

• Recent acquisitions include Gopalpur Port (95% stake) and 80% stake in Astro Offshore, expanding marine and logistics capabilities.

• Integration and ramp-up of new assets in Sri Lanka, Vizhinjam, Haifa, and Tanzania are progressing well, with Vizhinjam Port to start commercial operations by Dec'24.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, were approved and released, with statutory auditor review and compliance with SEBI regulations.

Financial highlights

• H1 FY25 revenue reached ₹14,627 crore (up from ₹12,894 crore YoY); EBITDA at ₹9,217 crore (vs. ₹7,634 crore YoY); PAT at ₹5,520 crore (vs. ₹3,881 crore YoY).

• Q2 FY25 revenue was ₹7,067 crore (up from ₹6,646 crore YoY); EBITDA at ₹4,369 crore (vs. ₹3,880 crore YoY); PAT at ₹2,413 crore (vs. ₹1,762 crore YoY).

• Domestic ports contributed 72% of revenue and maintained high EBITDA margins (Q2: 72%, H1: 72%).

• Revenue per MMT increased to 535 from 515 year-over-year.

• Basic and diluted EPS for H1 FY25 was ₹25.73, compared to ₹17.88 in H1 FY24.

Outlook and guidance

• FY25 cargo guidance reaffirmed at 460–480 million metric tons; revenue: ₹29,000–31,000 crore; EBITDA: ₹17,000–18,000 crore.

• Capex planned at ₹10,500–11,500 crore; net debt to EBITDA targeted at 2.2–2.5x.

• Expect continued growth in containers, agri, and fertilizer cargoes in H2 FY25.

• Margins in logistics expected to stabilize as cost increases have been passed on.

• Management continues to monitor regulatory developments and maintains a positive compliance outlook.