Adani Ports & Special Economic Zone Ltd. H1 FY25 Results (Oct-24) - PDF

Ref No: APSEZL/SECT/2024-25/88 October 29, 2024 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Ban...

Ref No: APSEZL/SECT/2024-25/88 October 29, 2024 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 532921 Scrip Code: ADANIPORTS Sub: Submission of Media Release and Investor Presentation on Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30th September, 2024 Dear Sir/Madam, In continuation to Outcome of Board Meeting dated 29th October, 2024, We hereby submit: 1. Media Release dated 29th October, 2024 on the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30 th September, 2024, as Annexure “A”. 2. Presentation on performance highlights of the Company for the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended 30th September, 2024 as Annexure “B”. The same is being uploaded on the Company’s website at www.adaniports.com. Kindly take the same on your record. Thanking you, Yours faithfully, For Adani Ports and Special Economic Zone Limited Kamlesh Digitally signed by Kamlesh Bhagia Bhagia Date: 2024.10.29 12:54:23 +05'30' Kamlesh Bhagia Company Secretary CC: 1. India International Exchange (IFSC) Limited (India INX) 2. Singapore Exchange Limited 3. NSE IFSC Limited (NSE IX) Adani Ports and Special Economic Zone Ltd Tel +91 79 2555 4444 Adani Corporate House, Shantigram, Fax +91 79 2555 7177 Nr. Vaishno Devi Circle, S. G. Highway, [email protected] Khodiyar, Ahmedabad - 382421 www.adaniports.com Gujarat, India CIN: L63090GJ1998PLC034182 Registered Office: Adani Corporate House, Shantigram, Nr. Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat, India  Annexure - A Media Release Earnings momentum continues for APSEZ, H1 FY25 PAT up 42% YoY to Rs 5,520 Cr Reiterates cargo guidance, well positioned to hit the upper end of EBITDA guidance Highlights Cargo volume grew 9% YoY to 220 MMT EBITDA and PAT grew 21% and 42% YoY respectively Completed the acquisition of Gopalpur Port and Astro Offshore, signed 2 new port concession agreements Well-positioned to hit the upper end of FY25 EBITDA guidance (Rs. 17,000-18,000 Cr) Reiterates FY25 cargo volume guidance of 460 MMT- 480 MMT “AAA” rating from 4 domestic rating agencies – CRISIL, ICRA, CARE, India Ratings Ahmedabad, 29 October 2024: Adani Ports and Special Economic Zone Limited today announced its results for the quarter and half year ending 30th September 2024. Particulars Q2 FY25 Q2 FY24 YoY H1 FY25 H1 FY24 YoY (Rs Cr) Cargo 111 101 10% 220 203 9% (MMT) Revenue 7,067 6,646 6% 14,627 12,894 13% EBITDA1 4,369 3,880 13% 9,217 7,634 21% PAT2 2,413 1,762 37% 5,520 3,881 42% 1. EBITDA excludes impact of forex on relevant balance sheet items as 30th Sep’24 and 30th Sep ’23 2. During H1 FY24, APSEZ elected to switch to the new tax regime (u/s 115 BAA of the Income Tax Act) for one of its subsidiaries, AKPL. Consequently, the past years’ MAT was written-off, which reduced the PAT by Rs. 455 Cr. “We are pleased to witness continued growth across our operations, with our existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo,” said Mr Ashwani Gupta, Whole-time Director & CEO, Adani Ports and Special Economic Zone Limited (APSEZ). “During the quarter, we also diversified our marine fleet, adding 26 offshore support vessels. Our logistics business too achieved robust growth, enhancing last-mile connectivity through expansions in rakes, warehousing, MMLPs and agri-silos. Mundra Port’s remarkable milestone of crossing 100 MMT in 181 days and our cargo volume trajectory reaffirm our confidence in delivering our FY25 cargo guidance and hitting the upper end of our EBITDA guidance for the year. These results underscore APSEZ’s commitment to sustainable growth and operational excellence.” Adani Ports and Special Economic Zone Ltd. Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S G Highway, Ahmedabad - 382 421, Gujarat CIN: L63090GJ1998PLC034182 Website: www.adaniports.com; Email: [email protected]; Phone: 079-2656 5555; Fax: 079-2555 6490 Operational highlights APSEZ clocked 220 MMT of cargo volume (up 9% YoY) in H1 FY25. The growth was primarily driven by Containers (up 19% YoY) Mundra Port achieved a significant milestone by crossing 100 MMT mark in 181 days (101.1 MMT in H1) Vizhinjam port docked the largest cargo ship ever to arrive in South Asia (MSC Claude Girardet) Handled 0.31 Mn TEUs rail volume (up 11% YoY) and 10.7 MMT GPWIS volume (up 20% YoY) Container volume handled at MMLPs increased by 21% YoY to 215,958 TEUs Financial highlights Operating revenue grew by 13% YoY to Rs. 14,627 Cr. Ports revenue increased by 11% YoY to Rs 12,824 Cr, Logistics revenue increased by 17% YoY to Rs 1,159 Cr EBITDA (excluding forex) increased 21% YoY to Rs. 9,217 Cr. Net debt to TTM EBITDA at 2x (vs 2.3x in FY24) CRISIL assigned “AAA” rating to APSEZ. India Ratings upgraded APSEZ’s long-term issuer rating to “AAA”. APSEZ’s long term debt is now ranked “AAA” by 4 domestic rating agencies, including ICRA and CARE Business highlights Completed the acquisition of Gopalpur Port Completed acquisition of 80% stake in global offshore support vessel operator Astro Offshore, adding a fleet of 26 offshore support vessels Vizhinjam Port is expected to start commercial operations by Dec’24 Signed a 30-year concession agreement to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania Signed a 30-year concession agreement with Deendayal Port Authority for developing Berth No. 13 Signed 5-year O&M of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata Gangavaram port launched container terminal with the inaugural EXIM vessel call of MV Synergy Keelung Rakes count increased to 132 (from 127 at FY24 end). Warehousing capacity increased to 3.1 million sq. ft. with the addition of warehouses at Palwal and Tumb (2.4 million sq. ft as of FY24 end) Agri silo capacity stood at 1.2 MMT and is expected to increase to 1.3 MMT by FY25- end with the commissioning of two new silos. Construction activity is underway to increase the capacity to 4 MMT Established a state-of-the-art Logistics ‘Strategic Command Centre’ in Ahmedabad. This centre acts as a primary information hub for all logistics operations and leverages advanced data analytics to improve turnaround time, increase asset utilization, monitor SLA adherence and maintain safety standards, thus enhancing customer experience Adani Ports and Special Economic Zone Ltd. Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S G Highway, Ahmedabad - 382 421, Gujarat CIN: L63090GJ1998PLC034182 Website: www.adaniports.com; Email: [email protected]; Phone: 079-2656 5555; Fax: 079-2555 6490 ESG highlights APSEZ scored 68 (out of 100) and was ranked in the 97th percentile within the Transportation & Transportation Infrastructure industry in the 2024 S&P Global Corporate Sustainability Assessment (scores as of 17th October). APSEZ secured full scores in Transparency & Reporting, Materiality, Supply Chain Management, Information Security & System availability, Environmental Policy & Management, and Energy & Customer Relations The Adani Mundra Cluster (comprising of APSEZ, Adani New Industries Ltd. and Ambuja Cements Ltd.) joined the World Economic Forum’s ‘Transitioning Industrial Clusters’ initiative. This initiative aims to enhance collaboration and align the vision of collocated companies to drive economic growth, generate employment and advance decarbonization by 2050 APSEZ was ranked amongst India’s Most Sustainable Companies for 2024 by BW Businessworld Mundra won the 2024 Blue Planet Award for outstanding sustainability in port operations. Dhamra port received the Golden Peacock Occupational Health & Safety Award. Four of our ports—Krishnapatnam, Gangavaram, Goa and Dhamra received the Pollution Control and Waste Management Reduction Excellence Award by the Greentech Foundation. Awards and accolades APSEZ received the “Excellence in Ports Infrastructure” award at ABP Live India Infrastructure Conclave 2024 Mundra Port received the “Non-Major Port of the Year” award for both Containerized Cargo and Non-Containerized Cargo at the 14th All India Maritime and Logistics Awards. Adani Ports and Special Economic Zone Ltd. Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S G Highway, Ahmedabad - 382 421, Gujarat CIN: L63090GJ1998PLC034182 Website: www.adaniports.com; Email: [email protected]; Phone: 079-2656 5555; Fax: 079-2555 6490 About Adani Ports & Special Economic Zone Ltd About Adani Ports and Special Economic Zone Ltd Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the globally diversified Adani Group, has evolved from a port company to an Integrated Transport Utility providing end to-end solutions from its port gate to customer gate. It is the largest port developer and operator in India with 7 strategically located ports and terminals on the west coast (Mundra, Tuna Tekra & Berth 13 in Kandla, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 8 ports and terminals on the East coast (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry), representing 27% of the country's total port volumes, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing a transshipment port at Colombo, Sri Lanka and operates the Haifa Port in Israel and Container Terminal 2 at Dar Es Salaam Port, Tanzania. The Ports to Logistics Platform comprising port facilities, integrated logistics capabilities, including multimodal logistics parks, Grade A warehouses, and industrial economic zones, puts it in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. The company’s vision is to be the largest ports and logistics platform in the world in the next decade. For more information, please visit www.adaniports.com For media queries, please contact: Roy Paul | [email protected] For Investor Relations, please contact: Rahul Agarwal | [email protected] Adani Ports and Special Economic Zone Ltd. Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S G Highway, Ahmedabad - 382 421, Gujarat CIN: L63090GJ1998PLC034182 Website: www.adaniports.com; Email: [email protected]; Phone: 079-2656 5555; Fax: 079-2555 6490  Annexure - B Adani Ports and Special Economic Zone Ltd. Operational & financial highlights – Q2 & H1 FY25 Table of contents A Adani portfolio overview B Company profile C Investment summary C1 Debt profile C2 ESG & governance D Catalysts driving market leadership position E Strategic and operational highlights F Financial highlights G ESG highlights H Annexure 2  A Group profile STRICTLY CONFIDENTIAL  A World class infrastructure & utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.89%) (100%) (50.00%) (100%) (100%) ANIL AdaniConneX3 AAHL ARTL Copper, Aluminum ADL AEL New Industries Data Centre Digital Airports Roads (100%) PVC (64.71%) (100%) Specialist NDTV Manufacturing5 (60.94%) (74.96%) (100%) (43.94%) AGEL APL Renewables IPP Mining Services & AWL Commercial Mining Food FMCG (69.94%) (37.40%) (65.89%) (100%) (67.57%) AESL ATGL2 APSEZ NQXT1 Cement4 T&D Gas Discom Ports & Logistics (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries Listed cos Direct Consumer A multi-decade story of high growth centered around infrastructure & utility core 1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Adani Cement includes 67.57% stake in Ambuja Cements as on 30 th September, 2024 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Ltd. holds 58.08% stake in Sanghi Industries Ltd.| 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Labs Pvt. Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl 4 Chloride l Promoter’s holdings are as on 30 th September, 2024.  Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 4x 6 EBITDA 71% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platform – ATGL EBITDA 91% 1,2,3,5 EBITDA 24% 1,3 AESL APL 350 Mn Adani Cement Userbase Note: 1. Data for FY24 ; 2. Margin for Indian ports business only l Excludes forex gains/losses; 3. EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business l 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 408 MMT (14%) between 2014 and 2024, outpacing the industry's growth from 972 MMT to 1539 MMT (5%). AGEL's operational capacity expanded from 0.3 GW to 10.9 GW (57%) between 2016 and 2024, surpassing the industry's growth from 46 GW to 143.6 GW (15%). AESL's transmission length increased from 6,950 ckm to 20,509 ckm (14%) between 2016 and 2024, surpassing the industry's growth from 3,41,551 ckm to 4,85,544 ckm (4%). ATGL expanded its geographical areas from 6 to 52 (27%) between 2015 and 2024, outperforming the industry's growth from 62 to 307 (19%). PBT: Profit before tax l ATGL: Adani Total Gas Limited l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited l AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment. Industry source: APSEZ (domestic cargo volume): https://shipmin.gov.in/division/transport-research l Renewable (operational capacity): Installed Capacity Report - Central Electricity Authority (cea.nic.in) l AESL (ckms): National 5 Power Portal (npp.gov.in) l ATGL (GAs): Brochure petroleum.cdr (pngrb.gov.in) | ckms: circuit kilometers | GA: Geographical Areas  Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value Creation ACTIVITY Analysis & market Site acquisition Engineering & design Life cycle O&M Delivering exceptional products & services for elevated intelligence planning engagement Concessions & Sourcing & quality Viability analysis regulatory agreements Asset Management plan Differentiated and many P&Ls PERFORMANCE Adani’s Core Infra. Platform – 350 Mn India’s Largest Longest Private HVDC World’s largest Energy Network Userbase Commercial Port Line in Asia Renewable Cluster Operation Center (at Mundra) (Mundra - Mohindergarh) (at Khavda) (ENOC) Growth Capital – Platform MANAGEMENT Strategic value Investment Case 6% Long Term Debt Mapping Development Infrastructure Financing 13% CAPITAL 14% Framework 31% PSU Banks March March Pvt. Banks Policy, Duration Risk Matching 2016 2024 Bonds 55% 19% Strategy & Risk Management – Rate & Currency 31% 2% NBFCs & FIs Risk Governance & Assurance DII Diversified Source of Capital 1% Framework 28% Global Int. Banks Capex LC Continued Power Utility Business - ENOC Human Capital Leadership Development Initiatives Focus & AI enabled Digital Transformation City Gas Distribution - SOUL Development Investment in Human Capital Investment Transportation Business - AOCC Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt 6 Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Limited  B Company profile STRICTLY CONFIDENTIAL A transport utility with string of ports and integrated logistics network Movable assets Tugs – 114 Dredgers - 28 Trains – 132 Trucks – 936 E-ITVs – 338 OSVs - 26 Moga Dahej Kanech Kotkapura Kandla Kilaraipur Kaithal Panipat 1 to 15 in two (Tuna & Berth 13)# Tauru Dhamora decades Patli & Samastipur & Kannauj Kishangarh Loni Palwal Darbhanga Mundra Patna Katihar Virochannagar Vidisha | Harda Hoshangabad | Kolkata Indore Satna Ujjain | Dewas ^Haldia Land bank at 4 Tumb & ports Valvada Nagpur Dhamra Mumbai Hazira Taloja Gopalpur Container Terminals Dighi Gangavaram Bulk Terminals Elavur Krishnapatnam Multipurpose Ports Logistics Parks Malur Warehouse (Trains, MMLPs, Mormugao Coimbatore Agri Silos Kattupalli Trucks, Warehousing) Ennore ^Vizhinjam Karaikal Presence across value chain End-to-end solution Accessibility to 90% of country’s hinterland *Includes both SEZ and non SEZ land|| SEZ : Special economic zone; ^ Under Construction; # Berth No. 13 (under development) GPWIS – General Purpose Wagon Investment Scheme | CTO – Container Train Operator | IWW –Inland Water Ways | AFS – Air Freight Stations | HRC : Hot Rolled Coil | CRC : Cold Rolled Coil | MMT : Million Metric Ton 8  India’s largest private port operator, building global presence West Coast East Coast Capacity Capacity ~361 MMT ~272 MMT Dahej 16 MMT Kandla (Tuna & Berth 13)# 20 Haifa Port MMT Mundra Ports in proximity 264 MMT to DFCs ^Haldia 4 MMT Colombo West Dhamra International Terminal Hazira 50 MMT 30 MMT Gopalpur 20 MMT Dar es Salaam Port Dighi Gangavaram Container Terminals 8 MMT 64 MMT Bulk Terminals Krishnapatnam Multipurpose Ports Abbot Point 75 MMT Mormugao DFC connectivity Kattupalli 5 MMT Feeder routes 25 MMT Ennore APSEZ rejuvenates India’s ^Vizhinjam Karaikal 12 MMT historic trade routes 18 MMT 22 MMT Operating ports in Haifa and Tanzania 15 ports with capacity of ~633 MMT O&M contract in Australia Achieving east-west coast parity Building container terminal at Colombo, Sri Lanka #Berth No. 13 (under development) ^ Under Construction | MMT : Million Metric Ton | DFC – Dedicated Freight Corridor; Note: APSEZ has recently received the letter of intent for the O&M of the container facility at the Netaji Subhas 9 Dock at the Syama Prasad Mookerjee Port in Kolkata; Map not to scale  Land bank supporting industry cluster development in port hinterland Dhamra: ~2,000+ Ha Rail: 62.5 km longest electrified NGR Line in the country (electrified from Bhadrak / Ranital to DTY) and connects Howrah Chennai main rail link at Bhadrak and Ranital with ROB over NH 16 and ROR over main line. Road: Dhamra Port is connected to the NH 16 (four lane National Highway between Howrah and Mundra : ~12,500+ Ha Chennai) via 67 km road Rail: 64-kilometer dedicated electrified Mundra-Adipur double track railway line, which Gangavaram: ~1,000+ Ha connects Mundra Port to the Road: 4 lane expressway of 3.8 km connecting the Indian railways rail network at port with the NH5 Adipur, Gujarat. Rail: Twin Railway line connectivity to the main broad Road : Connected to Indian gauge national network of "Chennai-Visakhapatnam- National Highway (NH) network Howrah" through two State Highways(SH) - SH 48 via Anjar and SH 6 via Gandhidham. Air: 1900-meter-long airstrip to Krishnapatnam: ~2,750+ Ha serve passenger and air cargo Rail : Connected to the Indian railway network requirements Road : Dedicated 23 Km long 4 lane road connectivity connects Krishnapatnam Port to National Highway 16 (Chennai-Kolkata Highway). Land bank fully integrated with hinterland logistics (rail, road, etc.) 10 Figures in Ha represent industrial land bank; DTY – Dhamra Terminal Yard, ROB – Railway over bridge, ROR – Railway over railway; Map not to scale Enabling end-to-end service (Port Gate Customer Gate) Business Current Scale (Q2 FY25) Growth (FY29 F) Leading infra utility player 1.2X India’s leading third-party Tugs 114 140 marine services provider ~3X Largest private rail Rail Tracks 690 KMs 2,000 KMs network ~2.3x Largest private Container Trains 132 300 Train Operator ~2X MMLPs 12 20 Covering all key markets ~8X Grain Silos 1.2 MMT 10 MMT Dominant player ~6.5x State of the art Grade A Warehousing 3.1 Mn Sq. Ft. 20 Mn Sq. Ft. warehousing ~5.3X Trucking 936 5,000 Asset-light model 11 MMLP – Multi Modal Logistics Park |MMT – Million Metric Tonne; FY29 F indicates forecast numbers  C Investment summary STRICTLY CONFIDENTIAL  Growing market share All India and APSEZ Cargo Volumes Market Share of APSEZ (%) 30% 27% 25% 20% 15% 10% 10% 5% 1% 0% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Market share growth driven by operational excellence, cargo diversification and business model transformation 13 The above data pertains to APSEZ domestic cargo volumes;  Long term growth way ahead of the industry All India Cargo Throughput All India and APSEZ Domestic Cargo Volumes 1,600 1,539 1,500 Cargo Volumes (MMT) 1,400 1,282 1,500 1,300 1,200 1,350 1,100 1,200 973 1,000 1,050 900 900 FY14 FY19 FY24 750 All India Cargo (MMT) 600 450 500 408 300 400 150 300 208 - 200 113 FY13 FY19 FY10 FY11 FY12 FY14 FY15 FY17 FY16 FY18 FY05 FY21 FY07 FY08 FY02 FY03 FY04 FY06 FY09 FY20 FY22 FY23 FY24 100 - All India Port Cargo APSEZ Cargo FY14 FY19 FY24 APSEZ Cargo (MMT) APSEZ cargo volumes CAGR over FY14-FY24E at 14% is 3x the industry volumes growth rate (5%) 14 The above data pertains to APSEZ domestic cargo volumes;  Strong cashflow generation Revenue from operations (Rs Cr) EBITDA (Rs Cr) Net Cash Generated from Operations (Rs Cr) 30,000 18,000 16,000 15,018 26,711 15,864 16,000 14,000 25,000 14,000 12,000 20,000 12,000 10,000 10,000 15,000 8,000 10,925 8,000 7,067 6,029 6,000 10,000 6,000 4,000 4,830 4,000 2,977 5,000 2,000 1,132 2,000 - - - FY14 FY19 FY24 FY14 FY19 FY24 FY14 FY19 FY24 Revenue and EBITDA growing almost 2-3x every five years Average transformation of EBITDA to operating cashflows is healthy at over 70% With 70% domestic port EBITDA margins, APSEZ is one of the most profitable port operator globally 15 EBITDA is excluding forex gain/loss  EBITDA margin expansion across both ports and logistics business Domestic Ports EBITDA (Rs Cr) Logistics EBITDA (Rs Cr) 16,000 14,907 600 540 14,000 500 12,000 10,000 400 8,000 6,053 300 6,000 200 4,000 2,061 90 2,000 100 - - FY14 FY19 FY24 FY19 FY24 Domestic Ports EBITDA Margin % Logistics EBITDA Margin % 80% 71% 30% 67% 68% 26% 70% 25% 60% 20% 50% 16% 40% 15% 30% 10% 20% 5% 10% 0% 0% FY14 FY19 FY24 FY19 FY24 Ports EBITDA has grown at 22% CAGR during the decade, with EBITDA margin expansion of 400 bps Logistics EBITDA has increased at CAGR of 43% during past 5 years, with EBITDA margin expansion of 10% 16 EBITDA is excluding forex gain/loss; Logistics segment reporting was not done during FY13  Port-wise returns 66% of H1 FY25 domestic ports EBITDA* 22% of H1 FY25 domestic ports EBITDA* 40% 36% 33% 33% 28% 27% 26% 23% 21% 21% 20% 20% 19%19% 16% 16%16% 12% 13% 12% 11% 11% 10% 9% 6% 7% 2% 2% Mundra Hazira Dahej Dhamra Karaikal Krishnapatnam Gangavaram Kattupalli ROCE FY22 ROCE FY23 ROCE FY24 ROCE H1 FY25 ROCE improving at matured ports with better capacity utilization and given the focus on efficiency Operational ramp up at ports acquired in the last few years will drive their ROCE to ~20% 17 * includes harbour EBITDA  C1 Debt profile STRICTLY CONFIDENTIAL  Debt maturity profile 10 Years LTD Maturity Profile as on 30th Sep’24 (INR Cr) FFO + Cash 22,7841 11,207 FFO 12,9671 6,296 6,513 5,690 4,803 2,270 2,514 250 - 250 FY25 (Oct-Mar) FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Current level of FFO exceeds the annual loan repayments; no refinance risk 19 FFO (Funds from operation) : EBITDA – Interest and Tax paid in cash + Interest & dividend received in cash; 1 - Pertains to FY24; The above debt maturity amount is without Ind AS adjustments.  Debt ratios (in INR Cr) Gross Debt, Net Debt & Average Maturity Net Debt to EBITDA 7.0 49,819 3.3 6.0 45,453 46,279 44,059 3.1 40,072 3.0 34,401 5.5 36,462 35,165 31,666 2.3 28,472 4.6 4.6 2.0 Mar'21 Mar'22 Mar'23 Mar'24 Sep'24 FY21 FY22 FY23 FY24 H1 FY25 Net Debt Gross Debt Average Maturity (years) FFO* / Gross Debt FFO* Interest Coverage 33% 6.5 5.7 5.6 28% 5.1 4.5 22% 21% 18% 3.0 14% 14% FY21 FY22 FY23 FY24 H1 FY25 FY21 FY22 FY23 FY24 H1 FY25 FFO Interest coverage Acceptable Level FFO / Gross Debt Acceptable Level Investment grade rating maintained despite investments of Rs 700 Bn in the last 4 years and various externalities impacting financial markets 20 *FFO (Funds from operation) : EBIDTA – Interest and Tax paid in cash + Interest & dividend received in cash | Comprehensive credit rating coverage Global rating agencies Domestic rating agencies AAA / Stable Baa3 / Stable AAA / Stable BBB- / Positive AAA / Stable BBB- / Stable AAA / Stable 21  C2 ESG & governance STRICTLY CONFIDENTIAL Sustainability is at the core of our operations Guiding Principles ESG Ratings Industry Ranking CEO Water United Nations SBTi-based net Rating Agency Rating/Score (Global level) Mandate Global Compact zero targets 68 Top 97 Percentile India Business & IFC E&S UN Sustainable Biodiversity Performance Development Goals Initiative (IBBI) Standards Climate Change A- Leadership Disclosure Standards ISSB GRI Standards BRSR Supply Chain A- Leadership TCFD Climate Action Road Map 11.3 Top 95 Percentile Operation & Maintenance Excellence 62 1st Rank Governance driven by Independent Directors Audit 100% independent directors Committee Net Electrification Zero by 1000 MW RE Plant Corporate Responsibility 100% independent directors 2040 Committee 23 RE: Renewable Electricity  D Catalysts driving market leadership position STRICTLY CONFIDENTIAL  Growth opportunity in logistics is immense Fastest growing economy + large consumer base…. ….We have a pan-India logistics presence Fastest Growing Large Economy Large Consumer Base G20 Real GDP CAGRs, 2015 to 2022 (%) Top 10 Countries by Population, 2022 (b) Future outlook for India is #1 7.2% 7.2% India is even stronger 1.42 1.41 6.3% Moga 4.9% Kanech Kotkapura Kilaraipur Kaithal 3.3% Panipat 2.8% 2.7% Tauru Dhamora 1.9% 0.33 0.28 0.24 Patli & Samastipur & 0.22 0.22 0.17 Kannauj 0.8% 0.7% 0.14 0.13 Kishangarh Loni Palwal Darbhanga IND Patna CHN PAK NGA BGD IDN BRA RUS USA MEX Katihar Virochannagar Vidisha | Harda Hoshangabad | Kolkata Indore Satna Ujjain | Mundra ….needs critical infra in transport and logistics…. Tumb & Dewas Valvada Nagpur High logistics cost Mumbai Logistics spends as a % of GDP Taloja Transportation accounts for ~ 70% of direct logistics costs 13% Investment in Elavur Logistics Parks 8% Logistics sectors Malur will drive Warehouse Coimbatore Kattupalli Agri Silos efficiency gains to offset investment Rail tracks India USA We aim to reduce logistics cost as % of GDP thereby enabling significant savings for our customers 25 Map not to scale Strategic partnerships & sticky cargo Strategic Partnerships Sticky Cargo Share Year Company Name Partner & Stake Adani International MSC 408 2011 Container (50%) Terminal Pvt Ltd 56% 54% Adani CMA Mundra 337 CMA-CGM 49% 2014 Terminal 312 (50%) Pvt Ltd Dhamra LNG Terminal Total Energies 230 2019 Pvt Ltd (50%) 183 155 Colombo West John Keells & Sri 2022 International Lanka Port Authority Terminal (Pvt) Ltd (34% & 15%) Gadot Group 2022 Haifa Port Company (30%) FY22 FY23 FY24 Indian Oil Adani 2022 IOCL (49%) Sticky Cargo Total Cargo Sticky Cargo (%) Ventures Ltd Ennore Container 2023 MSC (49%) Terminal Pvt Ltd AD Ports Group & East Africa Gateway 2024 East Harbour 26 Limited (EAGL) Terminals Ltd (70%) Sticky cargo data pertains to APSEZ domestic cargo volumes; IOCL – Indian Oil Corporation Limited, Quality assets Top 10 ports of India include Mundra & Marine & Logistics assets Krishnapatnam FY09 FY14 Current scale (Q2 FY25) FY19 FY24 Kandla Sikka Mundra Mundra India’s leading third-party Tugs 114 marine services provider Sikka Mundra Sikka Paradip India’s largest capital Dredgers 28 dredging capacity Vizag Kandla Kandla Kandla Tier-I EPC and O&G OSVs 26 customers Chennai Paradip Paradip Sikka Current scale (Q2 FY25) JNPT JNPT JNPA JNPA Largest private container Trains 132 train operator Kolkata Mumbai Vizag Vizag MMLPs 12 Covering all key markets Mumbai Vizag Kolkata Mumbai Grain Silos 1.2 MMT Dominant player Paradip Chennai Mumbai Kolkata State of the art Grade A Warehousing 3.1 Mn. Sq. Ft. Mormugao Kolkata Krishnapatnam Krishnapatnam warehousing Trucking 936 Asset-light model New Mangalore New Mangalore Chennai Chennai Mundra Port is the largest commercial port and container port of India Mundra & Krishnapatnam are some of the deep draft water ports (17-18m 70% market share in third party marine services depth) in APSEZ portfolio APSEZ is operator of Inda’s first dedicated transshipment hub – Vizhinjam Extensive logistics footprint providing deep hinterland connectivity Port – to be commissioned in FY25 27 ‘Future-ready’ with integrated tech platforms Automated container Fleet management Port ops management Real-time rake tracking Digital customer portal depot mgmt. (TOS) system Middleware integrating all our systems Port Community System (PCS) Command & Control / ITUP (Central platform to plan & monitor (Gateway for all external end-to-end operations) stakeholders for track & trace, bookings, payments etc.) Asset Operating Customer Compliance & Key Benefits utilization efficiency service governance 28  E Strategic and operational highlights STRICTLY CONFIDENTIAL Strategic & Operational Highlights – H1 FY25 Ports & Marine Services APSEZ clocked 220 MMT of cargo volume (up 9% YoY) in H1 FY25. The growth was primarily driven by Containers (up 19% YoY) APSEZ handled ~27% of the country’s total cargo and ~45% of container cargo Completed the acquisition of Gopalpur Port Completed acquisition of 80% stake in global offshore support vessel operator Astro Offshore, adding a fleet of 26 offshore support vessels Vizhinjam Port is expected to start commercial operations by Dec’24 Signed 30-year concession agreement to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania Signed 30-year concession agreement with Deendayal Port Authority for developing Berth No. 13 Signed 5-year O&M contract of container facility at Netaji Subhas Dock at Syama Prasad Mookerjee Port, Kolkata Gangavaram port launched container terminal with the inaugural EXIM vessel call of MV Synergy Keelung 11 new container services added across 3 domestic APSEZ ports 30 Strategic & Operational Highlights – H1 FY25 Ports & Marine Services Mundra port achieved a significant milestone by crossing 100 MMT mark in 181 days (101.1 MMT in H1) Dhamra port handled its highest ever monthly volume of 4.6 MMT in Jul-24 Kattupalli port handled its highest ever monthly volume of 1.4 MMT in Aug-24 Krishnapatnam port handled its highest edible oil cargo of 0.2 MMT in Jul-24 and POL cargo of 0.1 MMT in Aug-24 Dighi port handled its maiden steel plates cargo in Aug-24 Vizhinjam port docked the largest cargo ship ever to arrive in South Asia (MSC Claude Girardet) in Sep-24 Vizhinjam port achieved a milestone with 10,330 TEUs in a single vessel exchange (MV MSC ANNA) Mundra Port handled 4.2 Mn TEUs, which is 19% higher than its closest competitor 31 Strategic & Operational Highlights – H1 FY25 Logistics Handed container volumes of 0.31 Mn TEUs (up 11% YoY), and bulk cargo of 10.7 MMT (up 20% YoY) Container volumes handled at MMLPs increased by 21% YoY to 215,958 TEUs Established a state-of-the-art Logistics ‘Strategic Command Centre’ in Ahmedabad. This centre acts as a primary information hub for all logistics operations and leverages advanced data analytics to improve turnaround time, increase asset utilization, monitor SLA adherence and maintain safety standards, thus enhancing customer experience Rakes count increased to 132 (Container: 68, GPWIS: 54, Agri: 7, AFTO: 3) from 127 as of FY24 end MMLP count - 12 Warehousing capacity increased to 3.1 million sq. ft. (from 2.4 million sq. ft as of FY24 end) Agri silo capacity stood at 1.2 MMT and is expected to increase to 1.3 MMT by FY25-end with the commissioning of two new silos. Construction activity is underway to increase the capacity to 4 MMT 32 Key awards reflecting operational excellence – H1 FY25 APSEZ received the “Excellence in Ports Infrastructure” award at ABP Live India Infrastructure Conclave 2024 Mundra Port received the “Non-Major Port of the Year” award for both Containerized Cargo and Non- Containerized Cargo at the 14th All India Maritime and Logistics Awards Mundra won the 2024 Blue Planet Award for outstanding sustainability in port operations. Dhamra port received the Golden Peacock Occupational Health & Safety Award. Four of our ports—Krishnapatnam, Gangavaram, Goa and Dhamra received the Pollution Control and Waste Management Reduction Excellence Award by the Greentech Foundation. Mundra Port received the Platinum Award in the ‘Environment Preservation’ category at the 16th Exceed Awards 2024 in Hyderabad 4 ports from APSEZ portfolio (Mundra, Krishnapatnam, Hazira, and Kattupalli) find place within top 100 ports globally in the world bank performance index of Container ports. 33  Robust growth driven by container volumes – Q2 FY25 (YoY) Q2 FY24 Q2 FY25 APSEZ Cargo volume 10% East Coast Volume* Non Mundra Volume* 101.2 110.9 Total MMT MMT 7% 5% 98.1 105.4 3% Domestic MMT MMT 40.2 42.2 53.7 55.5 MMT MMT MMT MMT 75% International 3.1 5.4 MMT MMT APSEZ Container volume 18% West Coast Volume* Mundra Volume* 2.6 mn 3.1 mn Total TEUs TEUs 12% 9% 2.4 mn 2.7 mn 12% Domestic 57.9 63.2 44.4 50.0 TEUs TUEs MMT MMT MMT MMT 104% International 0.18 mn 0.36 mn TEUs TEUs 34 * The data pertains to APSEZ India cargo volumes only (excl. Haifa and Tanzania);  Robust growth driven by container volumes – H1 FY25 (YoY) H1 FY24 H2 FY25 APSEZ Cargo volume 9% East Coast Volume* Non Mundra Volume* 202.6 219.9 Total MMT MMT 8% 1% 196.2 212.2 1% Domestic MMT MMT 83.6 84.4 110.3 111.1 MMT MMT MMT MMT 21% International 6.3 7.7 MMT MMT APSEZ Container volume 17% West Coast Volume* Mundra Volume* 5.1 mn 5.9 mn Total TEUs TEUs 15% 13% 4.7 mn 5.4 mn 18% Domestic 112.7 127.7 86.0 101.1 TEUs TUEs MMT MMT MMT MMT 39% International 0.37 mn 0.51 mn TEUs TEUs 35 * The data pertains to APSEZ India cargo volumes only (excl. Haifa and Tanzania);  Cargo handling across ports and coasts 43% 40% 41% 39% East Coast vs West Coast Share* 57% 60% 59% 61%