Adani Ports: Expanding Web Of Operations, Cutting Down Debt On List Of Goals
Adani Ports said it remains on track to grow cargo volume to 460-480 MMT in fiscal 2025 and eventually to 1 billion tonne by 2030.
Shares of Adani Ports and Special Economic Zone Ltd. surged over 10% on Monday, adding roughly Rs 31,000 crore to its market capitalisation, joining its peers in the Adani Group.
The country's largest private port operator has set ambitious goals to expand operations over this decade in India and abroad. It has achieved a cargo volume of 42.81 million metric tonnes in fiscal 2024, marking a 37% increase from 31.28 MMT in the previous year.
In addition to reaching 420 MMT and 10 of the company's ports recording lifetime high cargo volumes, it undertook successful acquisitions of Gopalpur and Karaikal ports.
Growth was reported across all three major cargo categories, with dry bulk cargo growing at 29%, container cargo at 20%, and liquid and gas cargo at 15%, according to an investor presentation.
Adani Power said it remains on track to grow cargo volume to 460–480 MMT in fiscal 2025 and eventually to 1 billion tonnes by 2030.
Financial Performance
Operating revenue increased by 28% to Rs 26,711 crore in the financial year 2024. Both domestic ports and logistics businesses maintained their industry-leading Ebitda margins of 71% and 26%, respectively, which is attributed to improved operating efficiencies and capacity utilisation. This contributed to a strong 24% growth in Ebitda to Rs 15,864 crore and a 50% growth in PAT to Rs 8,104 crore, the company said.
It has given a revenue guidance of Rs 50,000 crore by fiscal 2029.
Further, Adani Ports' net debt-to-Ebitda ratio came down to 2.3 times from 3.3 times in fiscal 2021. It repurchased bonds worth $325 million, bringing down net debt by 9% to Rs 36,462 crore as of March 2024.
"APSEZ remains on track to grow cargo volumes to 460–480 MMT in FY25 and eventually to 1 billion metric tonnes by 2030," Chief Executive Officer Ashwani Gupta said. "We are further taking proactive diversification to mitigate risks, ranging from growing non-Mundra volumes to achieving east coast-west coast parity, shifting commodity mix and increasing the share of logistics and marine services."
The stock is also set to enter the 30-share BSE Sensex, replacing Wipro Ltd., on June 24.
Shares of Adani Ports closed 10.62% higher at Rs 1,590 apiece, as compared with a 3.39% advance in the Sensex.
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