The following release was published by Adani Ports:
- Revenue for the year increased by 22% Y-o-Y to Rs 20,852 Cr
- EBITDA for the year increased by 21% Y-o-Y to Rs 12,833 Cr
- Record investments of ~Rs 27,000 Cr in FY23 primarily funded through internal accruals and the cash and cash equivalents with the company
FY23 has been a stellar year for APSEZ in operational as well as financial performance. The company has overachieved against its highest-ever revenue and EBITDA guidance provided at the beginning of the year. Our strategy of geographical diversification, cargo mix diversification, and business model transition to a transport utility is enabling robust growth, said Mr. Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone.
Over the last 5 years, APSEZ’s revenue and EBITDA have grown at a CAGR of 16-18%, while the company’s domestic market share jumped 800bps to ~24% in FY23. APSEZ did record investments of around Rs 27,000 Cr in FY23, which includes six major acquisitions totaling around Rs 18,000 Cr and organic capex of around Rs 9,000 Crs. These investments were primarily financed through internal accruals and the cash and cash equivalents held with the company. As a result, gross debt to fixed asset ratio has declined sharply from 80% in FY19 to around 60% in FY23. The investments made along with the five bid wins during the year, will enable APSEZ to achieve its targeted cargo volumes of 500 MMT in 2025 and speed up the transition of the business model to a transport utility” added Mr. Karan Adani.
Operational Milestones:
- APSEZ recorded its highest-ever port cargo volumes at 339 MMT in FY23, which is a good ~9% Y-o-Y jump
- APSEZ handled 300 MMT of cargo in just 329 days, surpassing the previous benchmark of 354 days in FY22
- Two of APSEZ’s ports (Mundra and Krishnapatnam) are featured in the top 10 ports of India for their annual cargo volumes
- Mundra continues to be the largest commercial port of India with cargo volumes of 155 MMT (150 MMT achieved in record 355 days vs 365 days in FY22)
- Mundra continues to be the largest container handling port with 6.64 Mn TEUs in FY23 (10% higher than its closest competitor)
- Logistics rail volumes crossed a milestone of 500,000 TEUs during the year
- GPWIS cargo volumes grew by 63% Y-o-Y to 14.35 MMT
- Mundra and Krishnapatnam Ports saw the arrival of the largest ships while seven ports/terminals handled the largest parcel size vessels of their lifetime in FY23
Source: Adani Ports