APSEZ FY24 Net Profit Soars by 50%, Achieves Threefold India Cargo Growth and Records 420 MMT Volume

Ahmedabad, 2 May 2024: Adani Ports and Special Economic Zone Ltd (“APSEZ”) today announced its results for the quarter and twelve months ending 31 March, 2024.

“FY24 has been a year of manynew milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidanceprovided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports,and focus on operational efficiencies is yielding results,”  said Mr. Ashwani Gupta, Whole-Time Director &CEO, APSEZ.

With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poisedto achieve 500 MMT of cargo volumes in 2025, aided by recentlyacquiredGopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year.We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segmentenables APSEZ to providethe last-mile connectivity solution to its customers.Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies.” added Mr.Gupta.

About Adani Ports & 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 an end-to-end solution 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, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 8ports and terminalson the East coast of India (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. Thecompany is also developing a transshipment port at Colombo, Sri Lankaand operates the Haifa Port in Israel. Our Ports to Logistics Platform comprising port facilities, integrated logistics capabilities including multimodal logistics parks, Grade warehouses, and industrial economic zones, puts us in anadvantageous position as India stands to benefit from an impending overhaul in global supply chains. Our vision is to be the largest ports and logistics platform in the world in the next decade. With a vision to turn carbon neutral by 2025, APSEZ was the first Indian port and third in the world to sign up for the Science-Based Targets Initiative (SBTi) committing to emission reduction targets to control global warming at 1.5° C above pre-industrial levels.