Guidance for FY25 vs Audited FY24
Cargo : 500 MMT vs 420 MMT
Revenue : Rs 30000 Cr vs 28210 Cr
EBITDA : 18700 Cr vs 17363 Cr
ROCE : 20% vs 18%
Net debt to EBITDA : 3.0-3.5X vs 2.3X
Key Highlights from Concall:
Targeting 1,000 MMT cargo volumes in 2030
Current domestic port capacity at ~627 MMT, capacity expansion at existing ports being guided by cargo demand
Domestic port volume growth >2x the country’s cargo growth rate.
Acceleration in growth driven by newly introduced trucking segment, supported currently through asset light model approach
Trucking and container rake segments combined to contribute over 2/3 rd of the revenue of the entire logistics segment
EBITDA margin supported by growth of agri logistics, bulk trains and warehousing
Ramp up at all ports and particularly the ones acquired in the last few years; commissioning of Vizhinjam Port, India and WCT, Sri Lanka
Asset additions continues across various sub-segments of logistics business; new trucking segment launched, likely to be the largest revenue contributor for logistics in two years
Healthy transformation of EBITDA to operating cashflows averaging over 90%
Average turnaround time (TAT) for ships at ~0.7 days vs other ports in the India minimum 2 days
