Adani Ports FY24 guidance: Firm expects to reach revenue of ₹25,000 crore, cargo volumes estimated at 390MMT
2 min read 30 May 2023, 08:53 PM ISTAdani Ports expects revenue of up to ₹25,000 crore ($3.3bn) and EBITDA of ₹15,000 crore in FY24, with cargo volumes of 370-390 MMT and net debt to EBITDA reduced to around 2.5x. In FY23, the company recorded highest ever investment of ₹27,000 crore.
PremiumWhile ending FY23 with higher profits and revenue, Adani Ports on Tuesday announced its guidance for the fiscal year 2023-24. The Adani Group-backed ports flagship firm expects revenue to reach up to ₹25,000 crore in FY24, while EBITDA is expected at ₹15,000 crore. The company plans to achieve up to 390 MMT cargo volumes and reduce its net debt to 2.5x.
As per the regulator filing, here is FY24 guidance by Adani Ports:
- Cargo volumes during the period to be 370-390 MMT
- Revenue for the period to be ₹24,000-25,000 crore.
- EBITDA for the period to be ₹14,500-15,000 crore.
- Net Debt to EBITDA to be reduced to ~2.5x.
- Capex for the period to be ₹4,000-4,500 crore.
Read here: Adani Ports announces ₹1,080 crore worth dividend for shareholders; how much investors will get per equity share
In FY23, the company recorded the highest ever port cargo volumes of 339 MMT, registering a growth of 9% YoY. It said, APSEZ handled 300 MMT of cargo in just 329 days, surpassing the previous benchmark of 354 days in FY22.
It needs to be noted that two of APSEZ’s ports (Mundra and Krishnapatnam) are featured in the top 10 ports of India for their annual cargo volumes. Also, Mundra continues to be the largest commercial port of India with cargo volumes of 155 MMT (150 MMT achieved in record 355 days vs 365 days in FY22).
Adani Ports also said that Mundra and Krishnapatnam Ports saw the arrival of the largest ships while seven ports/terminals handled the largest parcel size vessels of their lifetime in FY23.
Read here: Adani Ports Q4 results: Consolidated PAT jumps 5% YoY to ₹1,159 crore, revenue rises 40%
For the full year FY23, Adani Ports consolidated net profit stood at ₹5,310.18 crore versus ₹4,886.03 crore in FY22. Revenue in the fiscal jumped to ₹20,851.91 crore in FY23 compared to ₹17,118.79 crore.
Also, in the fiscal FY23, the company witnessed a record investment of ₹27,000 crore in FY23 primarily funded through internal accruals and the cash and cash equivalents with the company.
Karan Adani, CEO and Whole Time Director of Adani Ports said, "The investments made along with the five bid wins during the year, will enable APSEZ to achieve its targeted cargo volumes of 500 MMT in 2025 and speed up the transition of the business model to a transport utility."
Additionally, by the end of FY23, the company managed to maintain the net debt to EBITDA ratio at 3.1x (guided range of 3-3.5x).
