Adani Ports and Special Economic Zone (ADANIPORTS) Q3 24/25 earnings summary

Executive summary

• Revenue, EBITDA, and PAT saw strong double-digit growth year-over-year for Q3 and 9M FY25, with EBITDA margin improvement and record cargo volumes.

• Upgraded FY25 EBITDA guidance to Rs 18,800-18,900 crore, reflecting robust business momentum and operational efficiency.

• Strategic initiatives included major acquisitions, new port operations, and the launch of a Trucking Management Solution.

• Maintained industry leadership in market share, sustainability, and operational efficiency.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved and released, with statutory auditor review and compliance with SEBI regulations.

Financial highlights

• Q3 FY25 consolidated revenue was Rs 7,963.55 crore, up from Rs 6,920.10 crore in Q3 FY24; 9M FY25 revenue reached Rs 21,986.89 crore, up from Rs 19,814.06 crore year-over-year.

• Q3 FY25 EBITDA was Rs 4,802 crore (up 15% YoY); 9M FY25 EBITDA at Rs 14,019 crore (up 19% YoY).

• Q3 FY25 net profit stood at Rs 2,518.39 crore, with 9M FY25 net profit at Rs 8,065 crore (up 33% YoY).

• Net debt to EBITDA improved to 2.1x as of December 2024.

• CapEx for nine months was Rs 7,500 crore, with 80% in ports and 20% in non-ports investments.

Outlook and guidance

• FY25 EBITDA guidance upgraded to Rs 18,800-18,900 crore, with current run rate expected to achieve new targets without one-offs.

• FY25 cargo volume guidance: 460-480 MMT; revenue: Rs 29,000-31,000 crore.

• Capex planned at Rs 10,500-11,500 crore; net debt to EBITDA expected at 2.2-2.5x.

• Logistics business expected to contribute 5% initially, moving to 10% of overall company revenues.

• International business targeted to reach 15% of total volume by 2029-30, up from 6%.