Adani Ports & Special Economic Zone (APSEZ) Q4 Results: PAT up 77% YoY Growth; Revenue Growth at 19% YoY

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Synopsis:

In the fourth quarter of fiscal year 2023-24, Adani Ports and Special Economic Zone (APSEZ) showcased strong performance indicators, highlighting its robust position in the shipping and logistics industry. Cargo volumes surged by 26% year-on-year, reflecting significant operational growth. Financially, the company experienced a 19% increase in revenue, reaching ₹6,897 Crore, and a 23% rise in EBITDA to ₹4,029 Crore.Read more... Notably, the Profit After Tax (PAT) grew by 77%, amounting to ₹2,015 Crore. These results underscore APSEZ's efficient management and strategic expansions, including the acquisition of new ports which increased its total to 15, enhancing its network across India. The company's strategic operational improvements and financial growth emphasize its potential for continued expansion and dominance in the global market.Read less

Introduction

APSEZ Q4 results are a good sign for the Company’s future in the shipping, logistics, and supply chain industry in India. With the acquisition of new ports and the building of superior infrastructure enabling seamless transportation execution, APSEZ has its sights set on bigger and greater achievements with each financial quarter. In Q4 FY2023-24, there was a 26% YoY growth (in MMT) in Cargo Volumes, speaking volumes about the Company’s operations. All the significant financial metrics for the Company were on the upside, including a Revenue of ₹6,897 Crore, and an EBITDA of ₹4,029 Crore, up 23% YoY. 

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5 Key Financial Highlights

Adani Ports & Economic Zone Q4 results show signs of a progressive and efficient shipping and transportation company, fast changing into a global contender in the industry. Since its financial performance indicators have a lot to do with its success, here are 5 key financial highlights of the Q4 result that will convince you of the Company’s excellence: 

  • In Q4, EBITDA stood at ₹4,029 Crore relative to ₹3,271 Crore in Q4 FY23, a rise of 23% YoY for Q4 FY 2023-24.

  • Profit After Tax for the quarter stood at ₹2,015 Crore compared to ₹1,139 Crore in Q4 FY23, a rise of 77% for Q4 FY2023-24. 

  • Revenue of APSEZ for Q4 FY2023-24 was at ₹6,897 Crore, up 19% YoY compared to ₹5,797 Crore in Q4 FY23. 

  • The largest contributor to Q4 Revenue was from AICTPL (CT-3), a Joint Venture with MSC at  ₹491 Crore. 

  • The current level of Net Operating Cash Flows exceeds the annual loan repayments; it is important to note that the Total Debt O/s as of March 2024 without Ind AS adjustment is ₹46,389 Crore and after Ind AS adjustment is Rs ₹46,279 Crore. 


Additional Read129 Indian Companies to Release Q4 Results

Other Crucial Highlights of FY2023-24

  • APSEZ handled approximately 27% of the nation's total cargo and an impressive 44% of container cargo

  • Ten of the company’s ports in India achieved their lifetime high cargo volumes

  • APSEZ reported robust performance with a revenue growth of 28% year-on-year, amounting to Rs 26,711 crore in FY24

  • S&P and ICRA upgraded company outlook from ‘negative’ to ‘stable’ during the year

  • APSEZ expanded its footprint with the acquisition of Gopalpur and Karaikal ports, bringing the total count of ports in the India portfolio to 15

Strategic Q4 Operational Aspects

In APSEZ Q4 results, the Company has revealed many milestones for the 2024 fiscal year. This has some bearing on Q4 results, just as the quarterly results have contributed to the Company’s annual results. APSEZ has managed to outperform its upper end of guidance by 6%-8% while closing the year with a quarter and a fiscal year of Net Debt to EBITDA Ratio of 2.3x compared to its guidance of 2.5x. From this, it is evident that APSEZ has been consistent in maintaining its business model of strategic partnership, and end-to-end service, making the most of the network effect via its port framework. 

Additional ReadQuarterly Results

Here are some interesting operational aspects of APSEZ Q4 results to note:

  • The Company has 90% access to India’s hinterland

  • As of Q4, APSEZ operates 15 ports with a capacity of ~627 MMT and achieves east-west coast uniformity

  • In Q4 FY24, APSEZ Cargo Volume (Domestic and International) rose by 26% YoY, Container Volume rose 10% YoY, East Coast Volume rose 43% YoY, West Coast Volume rose 17% YoY, and the Mundra Port Volume rose 19% YoY

Key Financial Metrics - Consolidated Q4 (FY2023-24) Financial Results (Income Statement) of Adani Ports & Special Economic Zone (in ₹ Crore)



Metrics

Q4 FY24

Q4 FY23

YoY Change %

Cargo MMT

108.7

86.3

26%

Revenue

6,897

5,797

19%

EBITDA

4,029

3,271

23%

Profit After Tax

2,015

1,139

77%

Sailing On With Strength

In Adani Ports & Special Economic Zone Q4 results, the Company has featured its clear road ahead with guidance for FY25. With key highlights in its business such as the Mundra Port recording yet another milestone of handling the highest-ever monthly cargo by any port in India, managing 17 MMT of cargo in Q4 2024, the Company has stated that it will raise its stakes across all its financials to grow the Company further into FY2025. The Company’s operational ramp-up in ports is expected to raise its ROCE to ~20%. Other guidance principles include Cargo Volumes during FY25 to be 460-480 MMT. 

Additional Read: Annual Results

Conclusion

Strong in its scale and skillful in its operations, APSEZ, as a Company has a sound financial structure and knows how to balance its operations in a way to meet its expansion goals and aims for FY25. APSEZ Q4 results have exhibited yet another consistently robust quarter with the Company reaching more corners of India and scaling new heights globally. 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Frequently Asked Questions

What is the highest growth metric in Adani Ports & Special Economic Zone’s Q4 results?

Answer Field

The highest growth metric is the PAT, or Profit After Tax which grew 77% on a YoY basis. 

What was the Consolidated Revenue for Q4?

Answer Field

The Consolidated Revenue for Q4 was at ₹6,897 Crore, up by 19% YoY.

Were the Q4 results of APSEZ good for Q4?

Answer Field

The APSEZ Q4 results may be considered positive as the Company has recorded increases in key financial indicators like its Revenue, PAT, and EBITDA for Q4 FY2023-24. 

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