Adani Ports & Special Economic Zone Ltd (ADANIPORTS) — concall transcript | 31 March 2024

Adani Ports reported FY24 revenue of INR26,711 crores, up 28% YoY, with EBITDA at INR15,864 crores (+24%) and PAT at INR8,104 crores (+50%). Cargo volume grew 24% to 420 million metric tons, driven by Mundra handling 180 million MT and CT3 terminal achieving 3.1 million TEUs. Capex for FY25 is guided at INR10,500-11,500 crores targeting 460-480 million MT cargo volume. Management emphasized asset-light trucking expansion with 900 trucks operational and JV with MSC for Ennore terminal. Dividend recommended at INR6 per share. The company highlighted logistics growth through last-mile connectivity and renewable investments of INR1,500 crores for 1,000 MW capacity at Khavda solar park. Cargo growth guidance remains neutral at 10-14% YoY for FY25, supported by double-digit growth in coal, container, and liquid segments. International expansion is underway in Israel, Sri Lanka, and Africa via partnerships, with no new greenfield projects planned. Capex allocation prioritizes port expansions and renewables, with 2/3 of next year's EBITDA earmarked for these areas. Returns on capital are expected to improve, supported by Birmingham and WCT project completions.