Adani ports Q3 –
Network of 13 Ports across India’s coastline. No concentration risk
India’s largest player. Rail,warehouses connecting ports to consumer gates
Huge land banks which can be developed into SEZs
Covers entire gamut – dredging to evacuation, 70 pc port margins
Has diversified from bulk and liquid cargo into LNG
Acquisitive and turnaround strategy has ensured quick upscaling of new ports to company level EBITDAs
Net Debt/EBITDA at 3.2 – manageable
Aim to be carbon neutral by 2025
Port capacities including warehouses & Agri Silos –
( grown from 01 to 13 ports in 20 Yrs )
West Coast –
Mundra – 264 MMT ( India’s largest )
Dahej – 16 MMT
Tuna – 14 MMT
Hazaria – 30 MMT
Dighi – 8 MMT
Mormugao – 5 MMT
Vizhinjam – 18 MMT
East Coast –
Haldia – 4 MMT
Dhamra – 45 MMT
Gangavaram – 64 MMT
Krishnapatnam – 75 MMT
Kattupalli – 25 MMT
Encore – 12 MMT
Inland logistics parks –
01 at Nagpur
02 in Punjab
01 in Haryana
01 in Karnataka
01 in Rajasthan
02 in Maharashtra
Logistics infra – 87 trains ( to take it to 200 trains by 2026 )
Currently owned railway track at 620 Km ( to take it to 2000 km by FY 26 to become the largest track owner )
Last 9 months acquisitions – Hafia port in Israel ( largest port there )
Indian Oil Tanking Ltd ( largest operator of liquid storage facilities in India )
Gangavaram Port ( India’s third largest private sector Port )
Ocean Sparkle (India’s leading third party marine service provider)
Additionally-Adani Ports is the highest bidder for Karaikal port
Adani Agri Logistics – won contracts in 8 states for Grain storage silos ( at 70 locations ). Will take their Silos capacity from 2.8 MMT to 4 MMT
Cargo handling breakdown –
Containers -37 pc
Coal -38 pc
Dry cargo (non coal) -15 pc
Crude -6 pc
Other liquids -3 pc
Gas -1 pc
Financials (Consol)-
Sales -5334 vs 4576 cr
EBITDA -3328 vs 2889 cr
PAT -1426 vs 1658 cr(Q3 FY 23 PAT includes 320 cr forex hit)
Revenue contribution, standalone-
Ports -3936 vs 3431 cr @ 70 pc EBITDA
Logistics -490 vs 300 cr @ 29 pc EBITDA
SEZ -169 vs 124 cr @ 64 pc EBITDA
Gross Debt at aprox 45500 cr Net Debt at aprox 39300 cr
Net Debt/EBITDA at 3.2
Strong internal accruals supporting organic and inorganic growth
Avg Debt maturity profile at 6 yrs Aprox 75 pc debt is foreign currency denominated ( mostly USD )
Disc: holding, biased
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