by Prathamesh Masdekar, Research Analyst, StoxBox
- The company reported revenue growth of 6.3% YoY / down 6.5% QoQ to Rs. 7,067 crores in Q2FY25, above market expectations of Rs. 7,007 crores. The healthy performance was due to existing ports delivering strong volume ramp-ups and new capacity additions progressing as planned in Gopalpur, Vizhinjam and Colombo.
- During the quarter, the company clocked 220 MMT cargo volume (up 9% YoY). The growth was primarily driven by Containers (up 19% YoY).
- EBITDA increased 12.6% YoY / down 9.9% QoQ to Rs. 4,369 crores on revenue growth and operating efficiencies, beating market expectations of Rs. 4,233 crores. The EBITDA margin stood at 61.8% in Q2FY25 compared to 58.4% in Q2FY24.
- Profit after Tax stood at Rs. 2,413 crores (up 36.9% YoY / down 22.4% QoQ) in Q2FY25, above market expectations of Rs. 2,393 crores. PAT margin stood at 34.1% compared to 26.5% in Q2FY24.
- Mundra Port achieved a significant milestone by crossing the 100 MMT mark in 181 days. Vizhinjam port docked the largest cargo ship to arrive in South Asia (MSC Claude Girardet).
- The company has completed the acquisition of Gopalpur Port and Astro Offshore and signed two new port concession agreements.
- The company also diversified its marine fleet, adding 26 offshore support vessels. Its logistics business, too, achieved robust growth, enhancing last-mile connectivity through expansions in rakes, warehousing, MMLPs, and agri-silos.
- In its FY25 guidance, the company (1) expects cargo volumes at 460-480 MMT, which will result in a revenue of Rs. 31,000 crores (2) EBITDA is expected to be around Rs. 18,000 crores (3) Net Debt to EBITDA during the year is expected to be 2.5x and (4) Capex is expected to be around Rs. 11,500 crores.