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Adani Ports and Special Economic Zone Ltd
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Ladies and gentlemen, good day, and welcome to Adani Ports and SEZ Limited Q1 FY '24 Earnings Conference Call hosted by ICICI Securities. [Operator Instructions]
Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.
Thank you, Aman. Good evening, and welcome you all to the Q1 FY '24 earnings conference call for Adani Ports and SEZ Today, we have with us Mr. Karan Adani, CEO and Whole Time Director; Mr. Subrat Tripathy, CEO of the Port business; Mr. Sushant Kumar Mishra , CEO, Adani Logistics; Mr. D. Muthukumaran, CFO of Adani Ports; and Mr. Charanjit Singh, Head of Investor Relations and ESG.
We'll start with the brief opening remarks by the management team post which we'll open up -- open it up for Q&A.
Without much delay, I would hand over the call to Mr. Charanjit Singh. Over to you, sir.
Thank you, Mohit, and good evening, everyone, and a warm welcome, and thanks for taking out the time to join our call. Our template for the call will be like the previous calls. We'll start with the remarks from the CEO, and then we'll directly go into Q&A. Please keep in mind that for any group-related questions or any other company, you can reach out to me directly after this call. And on the call, the focus will be entirely on APSEZ.
So without taking much time, I'll request Mr. Karan Adani to provide the highlights for Q1 FY '21. Over to you, Mr. Adani.
Thank you. Thank you, Charanjit. Good evening, everybody, and welcome to the quarter 1 FY '24 conference call to discuss the operational and financial performance of APSEZ.
I am pleased to announce that APSEZ has delivered its strongest ever quarterly operating performance in quarter 1 of FY '24. With record quarterly cargo volumes, revenue and EBITDA and PAT despite our operationals being adversely impacted for around 6 days due to cyclone BIPARJOY at 3 of our ports in Gujrat. That represents over 50% of APSEZ's cargo handling capacity.
Starting with financials. APSEZ delivered a record quarterly operating revenue of INR 6,248 crores, implying 24% year-on-year growth. EBITDA, including ForEx impact was at INR 3,765 crores, implying 80% year-on-year growth on a like-to-like basis. EBITDA excluding ForEx impact, was at INR 3,754 crores, implying 14% year-on-year growth on like-to-like basis.
The Ports EBITDA margin for the quarter is 72%, reflecting 150 basis points year-on-year increase. The EBITDA margin of logistics business also observed a 150 basis points increase to jump to 28%. This is higher than the listed peers in India.
The profit after tax for the quarter increased by 80% year-on-year to INR 2,119 crores.
Moving to operational highlights, starting with our ports business. We achieved a record cargo throughput of 101.4 million metric tonnes, reflecting a 12% year-on-year growth. Within India, our cargo volumes grew by 8%, which is around 3x the country's cargo growth rate for the quarter. The robust growth has resulted in APSEZ's market share increasing by 200 basis points to 26% during the quarter.
Mundra continues to be the largest container handling port of India with 1.72 million TEUs managed during the quarter. This is 12% higher than its closest competitor. 3 of our ports, Krishnapatnam, Dhamra and Tuna recorded the highest ever quarterly volumes during this quarter. Our newly acquired assets, Haifa port and Karaikal have ramped up well with monthly cargo volumes now touching 1 million metric ton mark at both these ports.
Our flagship port, Mundra, cognizant of the growing container cargo demand, is adding capacity in advance. Our new berth, T3, with a capacity of 0.8 million TEUs is set to be commissioned in quarter 3 of the current financial year. To augment container rail handling capacity, 5 new lines are being added that will increase the cargo handling capacity by over 30%.
During the current financial year, we are also targeting the commissioning of India's largest transshipment port at Vizhinjam.
Moving to operational performance of Logistics business, our overall rail volumes recorded a healthy growth of 18% year-on-year to 1,31,420 TEUs. The bulk cargo transported also increased by a strong 40% year-on-year to 4.35 million metric tonne. To enable our logistics business growth, we are adding more trains. During the quarter, 2 trains were added, taking the total count of train to 95. This includes 43 container trains and 42 bulk trains. Orders are already placed for another 13 bulk trains and 24 container trains.
Alongside, we continue to increase the count of multimodal logistics park. By the end of the current financial year, we are targeting for MMLP count of 12, with the commissioning of ICD in Virochannagar, Loni and Valvada.
Finally, the guidance of FY '24. With cargo volume of 100-plus million metric tonne in quarter 1, we are confident of meeting our cargo volume and financial guidance for FY '24 provided in May at the time of full year results. We can now open the forum for Q&A.
[Operator Instructions] The first question is from the line of Sumit Kishore from Axis Capital.
Good evening. Thanks for the opportunity. It's good to see a strong quarterly performance by Adani Ports. My first question is, in FY '22 and your warehousing capacity was 0.8 million square feet, and so far until Q1 FY '24, you are at about 1.6 million square feet. How will the ramp up to 60 million square feet be phased out? And what will be the associated CapEx?
So we have roughly, as of right now, 5 million square feet under construction. We would be looking to -- we would be looking to add roughly 10 million square feet every year in order to reach that target. .
And what will be the associated CapEx roughly?
So for this year's guidance, CapEx guidance already takes into account the 5 million square feet. And for next year, we would -- for the remaining, we would look at roughly INR 1,800 per square feet as a ballpark, INR 1,800 to INR 2,000 per square feet as a ballpark figure to compute the CapEx. .
My second question is also on logistics. Could you help disaggregate the logistics rail volumes of 131,420 TEUs into Exim and domestic. And basically, what has been the year-on-year volume growth in each. Is the Exim imbalance situation expected to improve for rail container business in the balance fiscal?
So roughly 90% of our volume is Exim, 10% is domestic. And we mainly run Mundra and North -- so partly Kila-Raipur as the [ sockets ]. And we have a very balanced -- we have a very balanced route right now. We don't see any imbalance as an issue. In essence, we have actually seen more efficiency coming in with the double stack counts increasing and especially with the DFC getting commissioned, we have seen the efficiency factors improving significantly. .
So the volume growth of high teens or 20% that we see is showing up in your Exim volume growth mainly, that would be right to conclude. .
Yes, that's right.
So you're clearly gaining market share in your Mundra to North India route as of now because your competitors don't seem to be on similar growth in Exim. Is that right to conclude?
That's right to conclude.
The next question is from the line of Aviram Ayer from Deutsche Bank.
My question is basically a bit operational, but can you provide what the debt and cash numbers were at the end of the quarter?
So the total gross debt is INR 48,800 crores and cash is INR 9,800 crores. So total net debt is about 39,000 crores.
40,800 and 9,800, right. And does...
Sorry, the gross debt is INR 48,000 crores and cash is INR 9,900 crores. So yes, gross debt is around INR 39,000 crores.
Understood. And this gross debt is inclusive of the short-term debt as well. So effectively, we see the sequential drop, small drop.
Absolutely next to nothing short-term debt, but it includes...
The next question is from the line of Achal Lohade from JM Financial.
The first question I had was we have touched 100 million tonnes plus in this quarter, and I see that we are still maintaining 370 million to 390 million guidance. Can you help us understand? Are you expecting any decline from here on? Or are we being a bit more to conservative out here? Any particular cargo or a port where you see pressure on the volumes?
So far, we are not seeing any pressures in the volume. You would have seen the June, July number also reflects the similar sort of growth that we are continuing. So we don't see -- foresee any slowdown as of right now.
So in that case, Karan, how do we explain 370 million to 390 million, if I simply analyze 100 million, it crosses actually 400 million mark for FY '24.
Achal, we're currently changing the guidance on a quarterly basis, right? We have some plus, some minuses can happen, right? So we continue to grow. So we are optimistic. At the right point in time, we might like to change the guidance, but not at this point.
Understood. Second question I had, if you look at Krishna Putnam, the margins have improved fairly significantly. So can you help us understand the measures which are driving this margin improvement and the sustainability of this? Is there any one-off in any of the other ports as well where the particular cargo or a particular receipt is helping posting the margin?
No, there is no one-off in any of the port items at any places. It is a clear reflection of the volumes, which you see. So the port has recorded the highest ever quarterly volumes, and that's the reason for improved margins.
Understood. And if I may ask the impact of the cyclone, you said 6 days, kind of impacted our capacity. So is there any way to estimate what is the impact in terms of revenue loss or the margin?
We lost 2 million tonnes of handling volume because of the cyclone.
And would that be covered in this quarter or not really, that's gone for good?
Sorry, covered meaning?
I mean effectively, that gets pushed in the following days and the quarter. So will this be covered in -- or compensated in the second quarter volumes?
I mean, directionally, yes, but accurate number prediction will be difficult, but directionally , Yes , because some volume of cargo that actually didn't show up may show up in the next quarter, July.
The next question is from the line of Parash Jain from HSBC.
Yes. I have 2 questions. First, can you talk a bit about how has been onboarding of Haifa been to your portfolio? And after initial feeding issue, what sort of margin salary shall we model as we exit from this financial year on a steady-state basis? And secondly, with [indiscernible] coming to an end by the end of this year, any time line for the Colombo port and both of those ports combining together? Will you be looking to divest stake at the terminal level to any of your anchor customers? How would be the strategy to gain -- gain a sizable transhipment volume from the get-go?
So thanks, Parash. On the Colombo, we expect Phase 1 of Colombo to be commissioned by December of 2024. As you know, we already have partners over there. We have John Keells and Sri Lankan Port Authority as partners. So we don't look at -- and so we are not looking at divestment of any equity over there. We do expect that there is enough volume over there in order to fill up the terminal.
In terms of [ Risingdon ], we have our first, a lot of cranes coming in October of this year, and we expect commissioning to be done by March of '24. We expect Phase 1 to be commissioned. We have, even over there, as of right now, we are not looking to divest any equity. We have enough interest from shipping lines to make this as a hub. And we are looking at being more on cost competitive in that region. That is how we are looking at it.
In terms of Haifa, the onboarding has been good. We are still going through some of the integration. We have appointed a new CEO over there, and we have also changed the Board. We are in, right now, in the midst of negotiation with the unions to reduce some of the manpower over there to go through the VRS scheme. As you know that 80% of the cost over their operating cost is manpower cost, and that is reflecting in the EBITDA margin.
Once we are able -- we are confident that we will be able to settle with the union by December of this year. Once done, we will see good growth -- I mean, improvement in the margins from then onwards.
In terms of volume, we are very happy with the volume growth. We are clocking 1 million tonnes per month in Haifa. And we have gained some of the cargo which we had lost -- which the port had lost when they were doing the divestment. So we are very confident that by end of this financial year, we would be clocking around anything between 12 million to 14 million tonnes of cargo in Haifa.
And your suggested margin probably will be -- are there any numbers in mind?
It's hard to give you exactly what will be the margins because it will all depend on how much -- what we are able to negotiate with the unions. I think we will be able to give you an accurate number in December in terms of what will be ongoing margins over there.
The next question is from the line of [ Shabad Hadani ] from Arcan Capital.
Congrats on a very strong set of numbers. Just had a question, I guess, more from a fixed income perspective. I think when the company had reported earnings last or towards the end of fiscal '23...
Can you speak up? Your voice is not coming clearly. .
Sorry, Can you hear me now?
Yes, Better.
Congrats on a strong set of numbers. I guess just a question from a fixed income perspective. The company had announced a tender for the Adani Ports '24s, I think, back in April, and the messaging then was that they would continue to do so every 3 months, I guess, leading up to the majority next July. So is that still part of the plan? Because I guess we've gone through July '23 without any incremental announcements.
Yes. So our plan -- as you know, that our plan, which we have communicated to all the investors is that by March of '24, we want to have our net debt to EBITDA around 2.5x. As part of it, we would look at strategically when to come out and do the repayments of the June bonds as well. So that is still on cards. I think the timing of it, we will keep it open in terms of to look at it opportunistically when would be the right time to do it. .
The next question is from the line of Asmeeta Sidhu from MetLife Investment Management.
I just have a quick question actually regarding your ESG goals. I noticed on Slide 34 that your current renewable energy share is at 14% versus your 2025 target of 100%. Could we just get an idea of how the ramp-up will go from 14% to 100% in the next 18 months?
Sure. So we are in -- currently in implementation of 250 megawatts of renewable energy, which we expect to be commissioned by April of '24, so, 2024. So we do expect with 250 megawatts, we would be reaching roughly 90% of the renewable shares.
The next question is from the line of Atul Tiwari from Citi.
Just a question on the rail logistics business.
Atul your the voice is not clear. Can you please use the handset?
So sir, just a question on the Container Logistics business. So obviously, we have seen very strong growth. So on the Exim side, what would be your current market share? Would you have some data on that?
Sir, can you repeat that question?
So sir, basically, on -- for the container logistics on the Exim side, you -- what would be your current market share?
Current market share from a port perspective or overall Exim volume?
In terms of the overall Exim volume, I mean, the kind of -- the number of containers that you have handled on your rails versus the total industry.
So to be honest, Atul, we don't track on the pan-India basis because we -- as you know, that most of our circuits that we run are Mundra to North India right now as of right now, and from TUMB to JNPT or TUMB to Hazira . I can tell you that from Mundra perspective, ALS market share from all the rail volume moving out of Mundra is roughly at around 13% to 14%. But for pan-India basis, let me come back to you, and we can -- the team can give you offline that number.
Okay. And obviously, you mentioned the 24 trains you have ordered on the container side. So it looks like that you continue to expect pretty strong growth on that side of the business over the next 2 to 3 years. So I mean, what kind of volume growth should we pencil in?
So we would look at similar growth that what we have been achieving in the last 3 years. If you've seen in the last 3 years, we've been consistently growing at anything between 20% to 25%. So we are very confident of achieving those -- continuing with that sort of target. As you know that we have commissioned the ICD in Nakpur, so that will be a completely new area for us where we will be gaining market share. We would be starting by April of -- I mean by March of next year, we would be starting our ICD in Ahmedabad. So that will be, again, a new market share that we'll be taking. So we have -- what we have planned is the rigs coming in with the assets that we are adding and getting commission. And with that, we are very confident that 20% to 25% growth in rail volume will continue.
The next question is from the line of Vishal from Silver Dill.
Just one question. I think on the cash level, what I heard was that the cash at the end of the quarter was about INR 9,000 crores. But if I look at the covenant calculation on the last page of your financial statements, the cash mentioned is about INR 3,700 crores. So could you be able to reconcile what's the difference in those 2 numbers? That's one.
And second, how much of this cash is restricted versus unrestricted? And how much of the cash is at the Haifa port that could be useful?
See, the difference between the INR 9,800 crores that we told you versus what you see in the [ annex ] share is consolidated versus stand-alone. The one in the annex share is stand-alone, which is the requirement under the LODR to actually separately file the covenants against the NCDs outstanding. So, that is it. And all the cash is actually NCD .
We'll move to the next question. That is from the line of Abhiram Ayir from Deutsche Bank.
My question is a bit medium term. Has there been any talks conducted with the Gujarat Maritime both on extending Mundra port's concession? There were a few news reports last year, but been no updates beyond that. Or is it too early to sort of think about that at the moment from the company's perspective?
No. Sure, as we have been mentioning, we are in touch with Gujarat government to come out with a policy. It's not just Mundra port, but all the minor ports or all the private ports which are operated in the state of Gujarat. The government is formulating a policy. We are hopeful that we should be able to hear something soon. But as of right now, there is no new update to give on that front.
Got it. And does the company have any expectations on when this might be this year, next year, with the elections coming up, obviously, that might take a back seat, but any expectations from the company?
As long as we get clarity, that's more than important. .
The next question is from the line of Pulkit from Goldman Sachs.
I have 2 questions. First is, as part of your annual report, in the 3 pillars of growth you talked about, building port interest outside of India, and this is through acquisitions. Could you highlight what are the key things that we look for when we are looking at these ports outside India, given that we already have 2 assets under either construction or operations for us? So that is my question number one.
I think what we look for outside India, obviously, first is basic is the returns have to be same as India, if not more. Second, we look at what kind of partners we are getting. If we are getting a good partner, then only we would be entering as you have seen in the last 2 investments, we have local partners over there.
The third is we would obviously look at what is the size of the market share that we can get by investing in that region. And unless it's not a significant market share that's in -- that won't be of interest. I mean you can see in Haifa, it's 50% of country's volume moves through Haifa port.So that is a significant presence that we can have.
And obviously, the last one is how it can benefit by having a position from our existing, how can it value add into our existing portfolio. This is more of a longer-term, part of longer strategic direction, not short term or a medium term.
It will be only an operational port or we could look at doing greenfield ports also outside of India?
Most it will be operational Ports. And it would be -- even if it is greenfield, it would be more like a terminal like what we have done and what we are doing in Colombo, which is more in a controlled environment. We wouldn't be doing a full-fledged greenfield port in outside India.
Second question is while challenge did highlight that you don't want to be coming in the first quarter and changing your guidance, but is it also because of the fact that we are seeing these export bans for food products from India, as well as some of the global shipping lines have issued profit warnings or volume warnings? Is that something that is also factored in, which is why despite doing such great volumes in the first 4 months, you're holding back on increasing your guidance?
We are kind of -- we are bullish on India. We are bullish on the trade. As you know, that we are multi-commodity, so we -- as part of our derisking, we don't rely only on container or only on core. And that is the strength of the group that -- of the company, that if we are seeing a slowdown in one part, we are able to ramp up quickly on the other part of the -- other part of the [indiscernible] segment. .
And also with geographical diversification, we are also derisking from just one particular part of the -- one particular pockets of the country. So I think it's just -- it's nothing to do with that we are cautious, but I think it's, as Charanjit said, that it would be not prudent to change right now. And maybe in October, we would be able to give a better guidance if we have to change.
The next question is from the line of Nikhil Abhyankar from ICICI Securities.
Congrats on a good set of numbers, sir. Just one question. Sir, the realizations for Q1 are down on a Y-o-Y and on Q-o-Q basis. Is it probably because of the mix? And have we taken the price hikes for the year?
You're right. Actually, it's about a couple of percentage reduction, but it's, by and large, because of the mix. But the important number to note is actually the port EBITDA, which actually is at 72%. And also in absolute terms, EBITDA has grown as well. So it's -- you're absolutely right, it is mixed.
\
Okay. And sir, have we taken the price hikes for FY '24?
Yes. Yes, we have taken.
We will see the full effect of price hike from July onwards.
If you can quantify the prices of blended?
Yes. So as you know, that we keep guiding, it's around 2%, 2.5% of our total per tonne revenue.
The next question is from the line of Nikhil Nigania from Alliance Bernstein.
I just have 1 question. So good to see a strong sort of numbers in the first quarter on volumes. But just on a longer guidance on 500 million tonnes in FY '25, now that most of the inorganic growth seems behind Krishnapatnam Gangavaram, Karaikal, Haifa. Apart from Vizhinjam, what is maybe under evaluation or something in mind to help us get close to that guidance of 500 million tonnes next fiscal?
No, 500 million tonne is predominantly from our existing assets. And obviously, it also takes into account Colombo as well as Vizhinjam coming online fully, which itself would add roughly, if I'm not wrong, 25 million to 30 million tonnes of volume additionally. So -- but this is predominantly from our existing portfolio and existing assets.
Also -- sorry, just -- and also what is more important is that we would still hit our revenue and EBITDA targets, even if we are a little bit short of the 500 million tonne in case if we do. But we will still achieve the guidance of revenue and EBITDA.
Got it. Just one follow-up to that. So on the inorganic front, is the company finding it a bit challenging now to use that lever given there aren't too many opportunities left in India per se?
No. So there are -- as you know that a lot of -- between FY '28 and FY '30, a lot of concessions will come up for renewal. So that will give us another opportunity of growth. And yes, but otherwise, we would look at expanding our existing portfolio. and we would look at increasing our portfolio as a transport utility over there.
The next question is from the line of Achal Lohade from JM Financial.
Just wanted to clarify with respect to your CapEx guidance. Is there anything new which is built in the CapEx? Or it's the same capital allocation, what you had talked about in terms of ports earlier in the overall CapEx number of INR 4,500 crores?
So right now, there is no change in our CapEx guidance. We are still well within our guided range of INR 4,500 to INR 5,000. There is no change on that.
And any update on the Dighi Port, where we are? What is the plan here from a next 3 to 5 years' perspective?
Yes. So as you know that we are working on the railway line to connect. We've got the approval from the Maharashtra government and the land acquisition is underway right now. We are also developing the -- a lot of work to be done in terms of rejuvenating the existing jetties and the backup area. So we are working on that. The road connectivity, which was also an issue, we've used this year to finish that, got [ fall in] road connectivity all the way to the port. And we are confident that we will be able to create an alternate to JNPT at Dighi.
Is there any CapEx guidance you can provide indicates for the next 3 to 4 years at Dighi Port at that [indiscernible]?
It will be hard to give you a port-by-port guidance. I think what we gave as an overall guidance, that includes all of these things.
Understood. And just one clarification with respect to in the PPT, you have talked about the Marina Popular. Is that the harbor business because we are -- the number in terms of the increase in the equipment is substantially increased. So any color you can provide there?
Yes. So that is the tug business, that is the Ocean Sparkle business and the Harbor business. that's checked. That is part of -- the predominant increase is because of Ocean Sparkle acquisition, which we did last June.
The next question is from the line of Union Bai from Bearings.
I have 2 quick questions. One is about your secured debt. I think at the year-end, if I remember correctly, you have about 20% of the secured debt. And you said you're going to repay them over time in financial year '24. Can you give us an update on this?
Can you repeat the question, I didn't quite catch the question. You're asking for secured debt?
Yes.
No, none of our bonds are secured. They are all unsecured. The only secured debt we have is actually the domestic bonds, which is actually debentures, which is also winning, which is today at INR 6,000 crores, round number, approximate number.
INR 6,000 crores.
INR 6000 crores at the end of the year.
And also, how about share pledge. I think at year-end, the share pledge is still about 4.5%. What is the level now?
So this share pledge actually is secondary collateral for operating assets. There are no loans outstanding. So therefore, actually and all these share pledges -- you're asking about promoter level share pledge, right?
I'm asking about the promoter share pledge..
Yes, yes. So yes, that's actually a secondary, and there are loan outstanding at the promoter level. as we speak. .
The next question is from the line of Aditya Mongia from Kotak Securities.
Congratulations for a very strong set of results. My question linked to CONCOR. The question was with every year of deferment of privatization and you kind of scaling up your own business, does the attractiveness of CONCOR. For you come down over time?
Directionally, yes, but we would look at -- we'll keep evaluating it.
Understood. And also wanted to get an importance on the importance of this asset. So let's say, any of these signs of FY '25 in terms of, let's say, your own CapEx and the ability to give a fairly decent bid for CONCOR to happen?
Sorry, can you say -- can you repeat that?
What I'm suggesting is that in case in FY '25, the privatization were to happen, do we believe that given our own kind of criteria of where we want to have leverage, what kind of CapEx we'd be having, we would be able to give it a decent shot?
Yes, we would find a way to do it.
If it is interesting, we'll find a financing solution. But the broad leverage level on the long term is what we have given you the guidance. So.
Understood. And just a second question, anything specific that you would want to share about, let's say, recent news flows on Tanzania and Adani Ports acquiring assets over there?
So Tanzania, we are currently doing operating and maintenance. So anything else we will actually update you on the bank of time.
Right now, there's nothing else to update. Right now, we are just doing O&M. At an appropriate time, we would, if there is anything.
Yes. And just lastly, 1,000, let's say, 1 billion tonnes for 2030 is a more longer-term target that you have spoken about. As you become the largest port operator over time, how much do you envisage would be the share of overseas within that?
Roughly not more than 10% to 15%. .
[Operator Instructions] Ladies and gentlemen, there's no further questions from the participants, I now hand the conference back to the management for their closing remarks. Thank you, and over to you.
So thank you very much for joining the call. Looking forward to have you again back on the call in the month of October when we will give us half yearly results. Thank you, and good day.
Ladies and gentlemen, on behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.