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 and despite weather disruptions at key ports.

• Revenue, EBITDA, and PAT for Q2 FY25 grew by 6%, 13%, and 37% year-over-year, respectively; H1 FY25 saw revenue, EBITDA, and PAT up 13%, 21%, and 42% year-over-year.

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

• Major acquisitions and expansions included Gopalpur Port, Astro Offshore (marine business), and new concessions in Tanzania and Kolkata.

• Logistics business saw 11% YoY growth in container volumes, 20% in bulk cargo, and warehousing capacity increased to 3.1 million sq. ft.

Financial highlights

• Q2 FY25 revenue rose to ₹7,067 crore (up from ₹6,646 crore YoY); H1 FY25 revenue reached ₹14,627 crore (up from ₹12,894 crore YoY); PAT for H1 FY25 was ₹5,520 crore (vs. ₹3,881 crore YoY).

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

• Logistics revenue grew 22% YoY in Q2 FY25, with EBITDA margin improving to 27%.

• Mundra and Dhamra ports led volume and EBITDA growth; Hazira and Dahej saw lower volumes but improved realizations.

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

Outlook and guidance

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

• CapEx for FY25 guided at ₹10,500–12,000 crore, with H1 spend at ₹4,400 crore.

• Net debt to EBITDA targeted at 2.2–2.5x by year-end due to acquisitions and CapEx.

• Confident in achieving full-year cargo volume guidance, supported by strong container, agri, fertilizer, and new port contributions.

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