The country’s largest integrated logistics player, Adani Ports and Special Economic Zone Limited (APSEZ), is eyeing to expand its operations in the Philippines. Karan Adani, Managing Director of APSEZ, disclosed this during a courtesy call with President Ferdinand R Marcos Jr in Malacañang on May 2.
According to an official release from the office of Philippines President Marcos, the president welcomed APSEZ expansion plans in the country and suggested that it may focus on ports handling agricultural products to enable the Philippines to eventually compete globally.
The Philippines president also highlighted the importance of the synergy between the public and the private sectors as his government opens up the Philippine economy, the release added.
APSEZ reported a 76.87 percent jump in consolidated net profit to Rs 2,014.77 crore for the fourth quarter ended March 2024.
The integrated logistics player had clocked a profit of Rs 1,139.07 crore in the corresponding period of the previous fiscal, the company said in a BSE filing.
Its consolidated total income increased to Rs 7,199.94 crore for the fourth quarter of the FY24 against Rs 6,178.35 crore in the year-ago period.
For FY25, the firm has earmarked a capex of Rs 10,500-11,500 crore, while it expects cargo volumes for the period to be about 460-480 MMT. APSEZ expects revenue of Rs 29,000-31,000 crore for FY25, with an EBITDA of Rs 17,000-18,000 crore and net debt to EBITDA of 2.2-2.5 times.
On May 1, APSEZ’s credit rating was revised to ‘AAA’ by CARE Ratings.
The company stated that this rating was a testament to its “level of credit worthiness and the ability to fulfil all its financial guidance”.
APSEZ, in a filing, announced that it has become the first large-sized private infrastructure developer to get this recognition. The rating, it added, is driven by the company’s robust integrated model, dominant industry position, strong growth in operations with healthy profitability, coupled with high liquidity and low leverage.
