Ranvir’s Portfolio

Adani Ports and Special Economic zones –

Q1 FY 25 results and concall highlights –

Company’s portfolio of ports with annual cargo handling capacities –

Western Coast – 355 MMT –

Mundra – 264MMT
Dahej – 16 MMT
Hazira – 30 MMT
Dighi – 8MMT
Morumgao – 5 MMT
Vizhinjam – 18 MMT

Eastern coast – 272 MMT –

Haldia – 4 MMT
Dhamra – 50 MMT
Gopalpur – 20 MMT
Gangavaram – 64 MMT
Krishnapatnam – 75 MMT
Kattupalli – 25 MMT
Ennore – 12 MMT
Karaikal – 22 MMT

International ports –

Haifa ( Israel )
Dar-es-Salaam ( Tanzania )

Company has got a Operations and Maintenance contract for a port in North Australia at Abbot Point

Company is building a container terminal in Colombo, Sri Lanka

Special Economic Zones –

Mundra ( 12.5k hectares + ) – has air ( 1.9 km long air-strip ), rail, road ( via state highway ) connectivity

Dhamra ( 2k hectares + ) – has rail, road connectivity ( via NH )

Gangavaram ( 1k hectares + ) – has rail, road connectivity ( via expressway )

Krishnapatnam ( 2.7k hectares + ) – has rail, road connectivity ( 4 lane road connecting to NH )

Logistical infra – current capacity – target for 2029-

Marine flotillas – 114 – 140
Rail tracks – 690 km – 2000 km
Trains – 131 – 300
MultiModal Logistics parks – 12 – 20
Grain Silos – 1.2 MMT – 10 MMT
Warehouses – 2.9 M Sq Ft – 20 M Sq Ft
Trucking – 937 – 5000

APSEZ’s current mkt share of All India cargo handling @ a whopping 27 pc. It was 10 pc in 2013

Over the last 10 yrs, EBITDA for the domestic ports business has increased @ 22 pc CAGR from 2060 to 14907 cr !!! Company’s EBITDA margins in this business segment are at a whopping 71 pc

Company’s logistics business has reported an EBITDA CAGR of 43 pc over last 5 yrs with EBITDA growing from 90 cr to 540 cr. EBITDA margins in this business segment are 26 pc ( @ very healthy levels )

Q1 Financial highlights –

Revenues – 7560 vs 6248 cr, up 21 pc
EBITDA – 4848 vs 3754, up 29 pc ( margins @ 64 vs 60 pc )
PAT – 3107 vs 2119 cr, up 47 pc

Cargo handled – 109 vs 101 MMT, up 8 pc

But for a temporary disturbance at Gangavaram port ( now fully resolved ), cargo handling would have been 115 MMT

Coast wise cargo handled –

East coast – 43 pc
West coast – 57 pc

In Q1, company received LOI for Operations and Maintenance of Syama Prasad Mookerjee port in Kolkata and DeenDayal Port in Gujarat

Segment wise cargo handled –

Container – 39 pc
Dry coal – 37 pc
Dry ( except coal ) – 13 pc
Liquids ( except crude ) – 2 pc
Crude – 6 pc
Gas – 2 pc

Segment wise breakdown of revenues –

Indian Ports cargo handling – 5536 cr, EBITDA @ 72 pc
Intl. Ports cargo handling – 825 cr, EBITDA @ 11 pc
Logistics – 571 cr, EBITDA @ 25 pc

Guidance for FY 25 –

Cargo handling – 460-480 MMT
Revenues – 29000 – 31000 cr
EBITDA – 17000 – 18000 cr

Capex @ around 11000 cr

Projected breakup of capex for FY 25 –

Ports business – 7300 cr
Marine business -400 cr
Logistics – 2300 cr
Renewables business – 1500 cr

Current state of leverage in the company in terms of Debt/EBITDA is @ 2.1. They intend to maintain it below 2.5. Which means there is a descent headroom for inorganic opportunities – if they come company’s way

Company intends to have a good presence on international trade routes in India’s near vicinity like – North and East Africa, Middle East and SE Asia. That’s why they r operating in Tanzania, Haifa, SriLanka. Now they intend to expand their presence to SE Asia – to be specific – in Vietnam

Company has been growing far quicker vs the industry and the competition over the last few Yrs. Company believes, the same is because they don’t operate their ports in isolation. They operate as a part of the ecosystem and this ecosystem is connected to the customers using multi-modal ways. Plus – there is razor sharp focus on efficiency

Company is expected to spend aprox 600 cr on the DeenDayal port – for which it has got operations and maint. contract. It’s a long term lease. Should add aprox 1.2 MMT of capacity

Whenever the company ventures into an international project, its aim is to meet its minimum RoCE tgt of 16 pc in rupee terms

Disc: holding, biased, not SEBI registered, not a buy/sell recommendation