APSEZ records all-time high PAT of Rs 11,061 cr. in FY25, up 37%
Adani Ports and Special Economic Zone Limited (APSEZ) has announced results for the quarter and twelve months ending March 31, 2025.
“Our record-breaking performance in FY25—crossing Rs 11,000 crore in PAT and handling 450 MMT cargo—is a testament to the power of integrated thinking and flawless execution,” said Mr Ashwani Gupta, Whole-time Director & CEO, APSEZ. “We have outperformed guidance across all metrics, expanded our footprint across India and globally, and transformed our logistics and marine verticals into engines of future growth. From Mundra crossing 200 MMT, to Vizhinjam rapidly achieving 100,000 TEUs, to the strategic acquisitions of NQXT and Astro Offshore—every milestone reflects our long-term vision to become the world’s largest ports and logistics platform. With robust fundamentals, industry-leading ESG ratings and an unwavering commitment to excellence, we are well-positioned for even greater strides in FY26.”
Strategic highlights
* During the year, APSEZ made considerable progress in expanding its domestic port footprint. Within India, APSEZ closed the acquisition of Gopalpur port. APSEZ commenced operations at Vizhinjam port, India’s first fully automated transhipment port that has already crossed the milestone of 100,000+ TEUs in a single month. APSEZ also commenced O&M operations at Syama Prasad Mookerjee Port’s Netaji Subhas dock and won concession agreement with Deendayal Port Authority to develop Berth No. 13.
* APSEZ also expanded its international footprint significantly during the year. APSEZ commenced operations at the Colombo West International Terminal (CWIT), located at the port of Colombo. This is the first deep-water terminal in Colombo to be fully automated, designed to enhance cargo handling capabilities, improve vessel turnaround times and elevate the port’s status as a key transhipment hub in South Asia. APSEZ’s Board approved the acquisition of North Queensland Export Terminal (NQXT), Australia. NQXT is a critical export gateway for producers in resource-rich Queensland, Australia and has current capacity of 50 MTPA. APSEZ also signed a 30-year concession agreement to manage container terminal at Dar es Salaam Port, Tanzania.
* On Haifa Port, significant progress on both fronts viz. integration with APSEZ processes including appointment of senior leadership team at the site and signing of union agreement in April 2025. The agreement will lead to significantly higher productivity and efficiency at the port. During FY25, Haifa Port’s EBITDA increased by 36% YoY.
* APSEZ launched a strategic initiative to expand its marine business during the year. APSEZ closed the acquisition of offshore support services operator Astro Offshore. Astro will enhance APSEZ’s global marine portfolio, add new Tier-1 customers to the roster, and strengthen geographical footprint. As of FY25, APSEZ’s marine fleet stood at 115 vessels (Ocean Sparkle, Astro, TAHID). APSEZ expects its marine business to grow 3x in two years. In addition to these vessels, Adani Harbor operated a fleet of 46 vessels across APSEZ ports.
* Logistics vertical continued to pursue its high-growth trajectory (39% revenue growth YoY). During FY25, APSEZ expanded into new lines of business via Trucking Management Solution and International Freight Network services. This enhanced presence across the value chain will strengthen our Integrated Transport Utility positioning. TMS acts as a transformational marketplace and fulfilment solution to streamline supply chain for customers. International Freight Network services is an integrated platform connecting carriers with end users.
Operational highlights
* APSEZ handled 450 MMT (+7% YoY) cargo volume in FY25, driven by containers (+20% YoY), liquids and gas (+9% YoY).
* All-India cargo market share for FY25 increased to 27% (26.5% in FY24). Container market share for FY25 increased to 45.5% (c.44% in FY24).
* Mundra became the first Indian port to cross 200 MMT annual cargo volume in a single year.
*Vizhinjam port crossed the 100,000 monthly TEUs milestone in March 2025, just four months after becoming operational.
* Logistics handled container volumes of 0.64 mn TEUs (+8% YoY), and bulk cargo of 21.97 MMT (up 9% YoY) in FY25. 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. Construction activity is underway to increase the capacity to 4 MMT.
Financial highlights
* Operating revenue grew by 16% YoY to Rs 31,079 crore. Domestic ports revenue increased 12% YoY to Rs 22,740 crore; Logistics revenue increased 39% to Rs 2,881 crore. Marine revenue increased 82% to Rs 1,144 crore.
* EBITDA (excluding forex) increased 20% to Rs 19,025 crore. EBITDA margin stood at 61% (59% in FY24).
* APSEZ continues to maintain excellent financial discipline - net debt to TTM EBITDA stood at 1.9x (vs 2.3x in FY24).
* For FY25, the APSEZ Board has recommended a dividend of Rs 7 per share. This implies a payout of c. Rs 1,500 crore.
* S&P Global Ratings revised the outlook on APSEZ to “Negative” from “Positive” and reaffirmed the rating at “BBB-“. Moody’s Ratings revised its outlook to negative and reaffirmed its investment grade rating “Baa3”. Fitch Ratings affirmed long-term foreign currency issuer default rating at “BBB-“ and removed from Rating Watch Negative (RWN) and assigned a negative outlook.
* ICRA reaffirmed the credit rating of long-term fund based / non-fund based limit and non- convertible debentures of APSEZ at AAA; Stable and commercial paper of APSEZ as [ICRA] A1+.
* India Ratings & Research reaffirmed the credit rating of non-convertible debentures and bank loans (long-term) of APSEZ as IND AAA / Stable and commercial paper and bank loans (short term) as IND A1+.
Source: Exim News Service: Ahmedabad, May 4