Adani Ports and SEZ Limited

Investors Presentation
 Vision
To achieve 400 MMT of throughput by FY 25

For this APSEZ would pursue both organic and

inorganic growth opportunities

2
Contents

1 Company Profile
2 Key Financials
3 FY 20 Outlook
4 ESG
5 Appendix

3
1. Company Profile
APSEZ: A Leader In Ports And Logistics Infrastructure Sector

Leading Developer of • India’s benchmark to global ports in terms of strengths, capacities and
Ports & Related operations
Infrastructure • 9 ports in operation, 2 under development and 3 ICDs
Market Share
21.2%1

• Diversifying and enhancing cargo across assets

Delivering on • Pan-Indian integrated logistics service provider
Strategic Priorities • Long standing customer relationships and strong business partnerships
• Successful track record of integrating acquisitions Revenue
US$ 1,563 mn2

• Developed and operating 18 terminals with 47 berths and 2 single-point

Successfull Track mooring facilities
Record of Project Ennore CT-4 at Murmugao,
Kattupalli
Development and Recent Container Mundra Vizag, Kandla EBITDA
Execution highlights Terminal Terminals US$1,011 mn2
2018 2017 2016 2015

• Delivered double digit revenue growth over the last three years: 11.5% over FY17
Key Financial – FY19 with consistently high EBITDA margins
Strengths • Established track record of investment grade ratings Net Debt / ETBIDA
• Successful in de-levering the company 2.9x3

India’s Largest Private Developer and Operator of Ports and Related Infrastructure
Note:
1. As a percentage of total imports and exports handled at all ports in India in financial year ended March 31, 2019 5
2. Revenue for the financial year ended March 31, 2019. Revenue refers to the total revenue from APSEZ operations minus other income. Average USD/INR exchange rate of 69.8889 for Fiscal Year 2019.
3. Net Debt as of March 31, 2019, EBITDA for the financial year ended March 31, 2019; Net Debt = Gross Debt (Excl. Bills Discounted) less Cash and Cash Equivalents, Bank Balances, and Current Investments
Unique and Integrated Business Model

Ports Logistics SEZ (at Mundra)

 Total installed capacity of 395 mmtpa  20 year license to operate rails  Land bank of over 8,481 hectares
 Concession assets with free pricing  Enhancing connectivity between ports and  Integration with port, developing industry cluster
origin / destination of cargo  Regular revenue stream through annual rentals

Infrastructure

Marine Quay Handling Storage Logistics

 18 dredgers  14+KM length  50 Bulk handling cranes  4.2 MN sq. mtrs. bulk  3 Logistics Parks
 24 tugs  47 berths  145 RTGs(1) storage area  30 rakes, 16 locomotives
 18 terminals  24 stakers and reclaimers  0.9 MN KL tankages  83 silos storage
 101 KM conveyors  51,385 container
ground slots

Delivering synergistic value through its integrated model across ports, logistics and SEZ business lines

Note: 6
1. Rubber tyred gantry crane
Turning Around Acquisitions

Dhamra: Well Positioned to Emerge as Hub for East India Kattupalli: Successful Commissioning

Cargo Volumes Cargo Volumes

(MMT) (MMT)
8.9
20.7 7.5
5.5

11.1 1.0

FY13 FY19 FY16 FY17 FY18 FY19

 Acquired on 22 June 2014 and turned around in the 1st year of  Started as O&M operator for L&T in Nov 16 – Acquisition
operations – Grew at a CAGR of 11.0% from FY13 to FY19 completed in June 2018
 Only port between the ports at Paradip and Haldia, is well  Strategically located – to cater to the regional container cargo
located to benefit from the resource rich hinterland of Odisha, demand for southern India
Jharkhand and West Bengal.  Recently developed another liquid tank farm of 224,500
 Key factors driving efficiency kiloliters to capture potential of liquid cargo market
− Rationalizing of operating cost per tonne  Diverse cargo now being handled. Handles RORO, TMT Bars and
− Reducing dredging cost Cement for the first time
− Reorganizing and reducing corporate expenses

Cargo Type Dry Bulk Cargo Type Mult-cargo

Draft 17.5 Meters Draft 18 Meters
Vessel size Capesize Vessel size > 10,000 TEU Vessel
Berths 4 Berths, 1,548 Meters Length Berths 2 Beths, 710 Meters Length
Unloaders 8 Cranes, 9 Stacker and Reclaimer Unloaders 6 RMQC, 15 RTG

Integrating Acquisitions: Testimony to Operational Skills

7
Robust Growth In Diversified Cargo Volumes

Our Reach
Fast Growing Market Share in India2
21.2%

19.3% 19.3%

Dahej
395 MMT
Kilaraipur
Total Installed FY17 FY18 FY19
14
Capacity
MMT In Total Cargo
Patli
Kandla
14 Robust Growth in Volumes (MMT)
MMT Kishangarh

Mundra
207.7
252 MMT
180.0
168.7
Dhamra

Hazira
45 FY17 FY18 FY19
Vizag MMT
30 MMT
Mundra is 6
India’s Largest
Maintaining a Diverse Mix of Cargo
MMT
Commercial
Port by 15% 15% 14%
Kattupalli Coal
Volume 33% 33%
18 36%
168.7 180.0 207.7 Crude
MMT
Mormugao MMT MMT MMT Container
Inland Container Depots (ICDs) 37%
5 MMT 41% 41% Other bulk
Ennore Bulk Terminals 11% 13%
12%
12 MMT Multipurpose Ports
Vizhinjam1 Container Terminals FY17 FY18 FY19
MMT: million metric tonnes

APSEZ has been successful in increasing market share sustainably, owing to its unparalleled pan-India reach covering
entire Indian hinterland
Note:
1. Under development 8
2. Percentage of the total export and import cargo handled at all ports in India
Port Assets At Optimal Utilization Of Existing Capacity
Installed
Port(1) Utilization(2) Cargo Mix Key Highlights
Capacity

137 Reaching New Heights

252
Mundra MMT • Mundra Port was ranked first in terms of total cargo handled across all Non-Major Ports and
MMT Major Ports in India for FY19
(55.2%)

20 All Cargo Segment Grows

30
Hazira MMT • Continues to register robust growth and complement nearby Dahej port by handling liquid bulk
MMT cargo and container cargo
(65.3%)

9 Continues to Register Double Digit Growth

14
Dahej MMT • Close to a cluster of chemical, textile, industrial and agricultural manufacturing facilities and
MMT power plants
(67.4%)

Well Located to Benefit from Resource Rich Hinterland

21 • Acquired on 22 June 2014 and turned around in the 1st year of operations – Grew at a CAGR of
45
Dhamra MMT 11.0% from FY13 to FY19
MMT • Driving efficiency through rationalizing of operating cost, reducing dredging cost and corporate
(46.0%) expenses

9 Gaining market share due to congestion at Chennai port

Kattu- 18 • Started as O&M operator for L&T in Nov 16 – Acquisition completed in June 2018
MMT
palli MMT • Strategy in place to convert it from container handling to becoming multi commodity port
(50.8%)

The Company has achieved its capex cycle and is ideally positioned to exploit its capacity for accelerated growth

Note: (1) Does not include Ennore, Tuna, Goa, Kandla and Vizag ports / terminals 9
(2) Actual cargo volumes in FY19, and percentage utilization: calculated as actual volumes in FY19 / installed capacity Bulk
Container Liquid Coal
 Logistics
Connecting and Simplifying the Supply Chain

10
Logistics Snapshot

Logistics Warehousing
47 Trains -
Parks at key - CFS, FTWZ,
container,
demand Bonded, &
bulk, grain
centers Domestic

Domestic
Inland &
Grain Silos for containers
Coastal
Grain storage and
Waterways
Tanktainers

9 Sea Ports,
Multi-modal with Dry,
First-Mile &
Transport Container &
Last-Mile
Technology Liquid Cargo
Road Bridging
Platform capability

Future ready to take advantage of next stage of connectivity boom

11
Logistics: End to End Connectivity
Inland Container Depots
EXIM Yard
ICD – Partner Facilities and
Acceptance Points
Network
Adani Agri
Transportation Facilities Other
Services
Rail Logistics Parks

Technology Platform
Stuffing / De-
stuffing
End-to-end
Road Warehousing Integrated
Cargo
Aggregation Logistics
Inland Inland Waterway Services
Waterway Terminals
Customs
Clearance
Air Air Cargo Complex

Other Value
Coastal added services
Sea Ports
Shipping

Creating Value

Example of Customer Centric End to End Logistics Offerings Ensuring Maximum Synergies

22 KM
Manesar Plant Patli, ICD Mundra Port

Developing fully integrated logistics model for servicing diverse range of cargo

12
Adani Logistics – by 2023

15+ 100+
Multi-modal
Rakes
Logistics Parks

5 Mn SqFt+ 2 Mn Sqft
Warehouse Space
Cold Storage

1.5 MMT+ 50K MT

Air Cargo
Silo Capacity

25+
Barges
(Inland Waterway)
13
2. Key Financials
Robust Earnings and Return Metrics

Revenue from Operations Consolidated EBITDA

(INR Cr) 11323 (INR Cr) 7145
CAGR of 19% 7067
CAGR of 18% 10925

5692
8439
7109 4574
6152 3902
4830 2919

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19

Profit for the Year Return on Capital Employed(1)

(INR Cr) CAGR of 18% (%)
3920 4006 14.4
3683
13.5
2914
2314
1740 12.1
11.9

11
10.7

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19

Note: (1) Return on Capital Employed = EBIT / Capital Employed; Capital Employed = Net Debt + Shareholders Equity; EBIT = EBITDA – Depreciation and amortization expenses; Net Debt = Gross Debt (Excl. Bills Discounted) less Cash
and Cash Equivalents, Bank Balances, and Current Investments 15
Strong Balance Sheet and Improved Leverage

Debt / Net Worth(1) 1.6

Net Debt / EBITDA(2)
1.6
(x) (x)
4.4 Within Desired
1.5
4.2 4.3 Level of 3-3.5x

1.2
1.1 3.4
1.0

2.9

2.5

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19

Borrowings Profile EBITDA / Finance Cost

(years)
(x)
5.1
Elongated Maturity Continuously 4.8
27% Improving
30%
4.1
FY19 total 3.9
borrowings
INR 27,188 cr
3.4
3.0
20% 23%

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
< 1 Year 1-2 Years 3-5 Years > 5 Years

Note: Average Exchange Rate INR / USD of 67.0896, 64.4474 and 69.8889 for FY17, FY18 and FY19 respectively for P/L items and period end exchange rate INR / USD 64.8386, 65.0441 and 69.1713 for FY17, FY18
and FY19 respectively for Balance sheet items
(1) Net worth = Equity Share Capital + Other Equity + Non Controlling interest 16
(2) Net Debt = Total Debt – Cash and Cash Equivalents; Total Debt = Long Term Borrowings + Short Term Borrowings + Current Maturities of Long Term Debt; Cash and Cash Equivalents includes Current Investments
(3) Short Term Debt = Short Term (Current) Borrowings + Current Maturities of Long Term Borrowings.
APSEZ: Compelling Investment Thesis

Proven credentials as proxy to India’s infrastructure growth

Well positioned to leverage strong macro fundamentals of India

Pan India Presence allows to capture addressable growth market and

De-risks the portfolio.

Integrated business model which includes SEZ, logistics and capacity of

delivering end-to-end solutions to marquee clients

Ability to developing and operate infrastructure assets

with focus on sustained improvement in ESG.

Robust financial performance and investment grade track record will ensure
Continuous enhanced return to shareholders.

17
Increased focus on return to shareholders

Changes in Shareholder Return Policy

 APSEZ’s recently revised its dividend and shareholder return policy to be consistent with the
long term strategic growth objectives of the company:

1. APSEZ has a consistent growth in its cash flow and thus endeavors to reward
shareholders, APSEZ can declare bonus dividend or capital return or combination of both
in addition to the set annual dividend policy.

2. APSEZ’s policy is of a stable dividend set at 20% to 25% of Profit After Tax (“PAT”) to be
paid out as dividend or capital return (share buyback) or a combination. The selection of
the form of distribution is to optimize return to Shareholder.

Source: Company Filings, Bombay Stock Exchange 18

3. Outlook
Well Positioned To Leverage India’s Macro Tailwinds

India Total Import – Export India Cargo Growth

Government Focus on Ports
India GDP Growth expected Value expected Expected to be 8.6% - 10.9%
Stable Regulatory
to be 7.7% over 2018-2023(1) to grow at 8.2% CAGR over over the FY18 to FY25
Environment
2018-2020(2) period(3)

• Stable regulatory history of 25

7.7% 7.7% $1,355 2,500 years
2,160
• Long concession periods (25-30
1,209 years) providing stability
$1,157
• New Model Concession
Agreement (MCA) to further
increase private sector
2015-2018 2018-2023 2018 2020 FY18 FY25 Base FY25 participation
Case Optimistic • Key Government initiatives:
Case
Real GDP India’s total India’s total
growth (%) Import and Export ($ bn) Cargo volumes (MMT)

The Company well-placed to capture significant portion of the large and growing addressable market

1. Source: World Bank, International Monetary Fund

2. Source: OECD (2019), Trade in goods and services (indicator). doi: 10.1787/0fe445d9-en (Accessed on 18 June 2019) 20
3. Source: Sagarmala, Ministry of Shipping
Financial Outlook – FY20

• Revenue growth of 12%-14%.

Revenue/EBIDTA • EBIDTA growth of 14%-16%
• Expected ROCE to be in the range of 14%-15%

• Port Revenue expected to grow by 1.5%-2% on per MT

Port Revenue & EBIDTA • Port EBIDTA growth of 16%-18%.

• SEZ Port development income in the range of Rs.800 cr.

SEZ & Port Development • SEZ lease income to be in the range of Rs 150-200 cr.
• SEZ Port development EBIDTA margin to be in range of 60%-65%.

• Existing Portfolio of Ports Rs.2,500 cr

Capex • Myanmar Rs.1,000 cr
• Logistics Rs.500 Cr

21
4. Environment Social Governance
Governance and strategic oversight

• Sustainability issues are overseen by the Sustainability and CSR Committee of the Board,
working in cooperation with the Risk and the Audit Committees, and the Board as a whole.

• The Committee considers and oversees the management of key sustainability issues, seeking
to perpetuate the long-term success of the business.

• The Committee mandates an annual process of assessing the materiality of sustainability

issues key to the long-term success of the business.

• Using analysis of key inputs from various stakeholders the Committee has concluded that the
three key sustainability issues for the business are:

Health and safety

Climate change and energy
Water and effluents

Please refer to Appendix for details of above initiatives

23
Corporate Social Responsibility – Major Initiatives

1) SAKSHAM:

 Aims to make 3 lakh Indian youth skilled by 2022. ASDC has more than 30 centres across the nation
for facilitating skill development through various courses. 5027 aspirants enrolled under various
ASDC courses, new projects

2) Udaan:

 Inspiration based plant visit for schools and college students at 3 port locations (Mundra, Dhamra
and Hazira).

3) Swachhagraha:

 Inculcating Culture of Cleanliness in 3 port locations and covering 48 town/ cities across 17 states
programme as whole.

4) SuPoshan:

 Curbing Malnutrition & Anaemia with Community based approach at 5 port locations. Activities
includes Anthropometric measurement process of children of age group 0-5 years, H.B. screening
process undertaken by Sangini for the adolescents, pregnant and lactating mothers.

24
Corporate Social Responsibility – Adani Foundation

 11566 students and teachers from 194 schools and institutes visited the Ports under the Udaan Project. Udaan is a project that involves exposure visits for
school and college students to Business units (Ports, Power Plants & Wilmar) to inspire them to dream big in life.

Adani Vidya Mandir, Ahmedabad

• On March 8, the Women’s Day was celebrated by felicitating the housekeeping female staff and appreciating
their work and contribution to the school.
SAKSHAM
• Adani Foundation and Adani Skill Development Centre supported the DRDA (District Rural Development
Authority) to complete its mission of empowering 18 widow women by providing General Duty Assistant
training.
• Adani Foundation organised a capacity building programme for women from Self-Help Groups with support of
Mission Mangalam Team. Three self-help groups were identified for financial support by the Mission Mangalam.

25
Corporate Social Responsibility – Adani Foundation

Adani employees adopt education of 704 children of

migrant labourers in Mundra: Adani Group employees
adopted 704 children of migrant labourers to ensure
quality education for the children. The children are
now studying in Hindi medium school. They are
getting nutritious meals, uniforms and school books
under the support program. Special smart e-learning
classes have also been introduced for the children.
The infrastructure of the school is getting upgraded in
order to provide an ideal learning environment. In
addition, school buses provided by Adani Ports &
Special Economic Zone Ltd. will ferry the children
Adani Foundation, Mundra received an award recognizing the efforts between their homes and the school.
towards sustainable measures to cultivate and increase the quality and yield
of fodder, at the Agricultural Expo in Bhuj. Adani Foundation showcased
agricultural initiatives like Maize growing, Fodder Development (NB-21), Drip
Irrigation, Bio Gas, Bags made by women from Self-Help Groups, Mangrove
Plantation details among other activities.

Order of 100 Jute Bags was completed by the women of Self-Help Groups in Children of migrant labourers in Mundra.
Jageshwar, with support from Adani Skill Development Centre at Dahej.

26
Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including
those relating to general business plans and strategy of Adani Ports and Special Economic Zone Limited (“APSEZL”),the future outlook and growth
prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases
such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking
statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to
implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This
presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any
shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of APSEZL's shares. Neither this
presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to
constitute an offer of or an invitation by or on behalf of APSEZL.
APSEZL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the
fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless
otherwise specified is only current as of the date of this presentation. APSEZL assumes no responsibility to publicly amend, modify or revise any forward
looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the
information contained herein is based on management information and estimates. The information contained herein is subject to change without notice
and past performance is not indicative of future results. APSEZL may alter, modify or otherwise change in any manner the content of this presentation,
without obligation to notify any person of such revision or changes.
No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or
made, such information or representation must not be relied upon as having been authorized by or on behalf of APSEZL.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No
part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe
for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as
amended, or pursuant to an exemption from registration therefrom.

Investor Relations Team :

Mr. D. Balasubramanyam : Head - Investor Relations : D.Balasubramanyam@adani.com (+91 79 2555 9332)
Mr. Satya Prakash Mishra: – Senior Manager - Investor Relations : Satyaprakash.Mishra@adani.com (+91 79 2555 6016)

27
5. Appendix
FY 19 Performance
Source: Company Filings, Bombay Stock Exchange
APSEZ – Operational Performance Highlights FY 19

Operational Highlights
• Record cargo throughput – Volume of 208 MMT – 15% Growth
• Growth across eight ports in India - Mundra 13%, Hazira 16%, Kattupalli 18%,
and Dahej 30%
• Our terminals at major ports handles 12 MMT (127% growth)
• All segments of cargo register double digit growth
• Balanced Cargo Mix - Coal 33%, Container 41% Crude plus Other Cargo 26%

Acquisitions
• Completion of Kattupalli acquisition
• Adani Logistics Ltd. acquires Adani Agri Logistics Ltd.
• Definitive agreement signed to acquire Innovative B2B Logistics

ESG Initiatives
• An additional Independent Director Ms. Nirupama Rao, IFS, appointed on the Board
• New Policy on “Related Party Transactions for Acquiring and Sale of Assets”
• 2nd Sustainability Report released – Qtrly. ESG Report introduced

Awards
• Mundra bags “Port of the Year – Containerized Cargo” – The Gujarat Junction
Award – 2019”

30
APSEZ – Financial Performance Highlights FY 19

P & L Highlights
• Port Revenue is at Rs.8,897 cr against Rs.7,393 cr up Rs.1,504 cr. 20% growth over FY18

• Port EBITDA is at Rs.6,053 cr against Rs.5,144 cr up Rs.909 cr. 18% growth over FY18

• Logistics EBITDA grows by 20% from Rs.76 cr to Rs.90 cr in FY 19, EBIDTA margin @ 16%
over 9% in FY 18

• Record PAT of Rs.4,006 cr

• EPS of Rs.19.27 (9% growth over FY18)

Balance Sheet Highlights

• Total receivables decrease by Rs.1,106 cr. Adani Power receivable decreased by Rs.200 cr

• Capex Rs.2,522 cr as per FY 19 guided range

• Cash flow from operations after change in working capital and investing activities Rs.1,570 cr

• Net Debt to EBITDA at 2.9x, which is within desired level of <3x

31
Consolidated Financial Performance – FY ‘19 (Rs. in Cr.)

Revenue 7145 EBIDTA** 7067

11323 10925

Revenue* has grown by 15%

(Excluding SEZ income of Rs.769
cr. in FY19 vs. Rs 2481 cr in FY 18)

FY 18 FY 19 FY 18 FY 19
EBITDA** has grown by 17%
PBT PAT (Excluding SEZ EBITDA of Rs.665
5234 4,006 cr. in FY9 vs. Rs.1679 cr. in FY 18)
5126
3683

PAT has grown by 9% to Rs.4,006

cr, highest in APSEZ history.

FY 18 FY 19
FY 18 FY 19

*Core Operating Revenue **EBIDTA excludes Forex Gain / Loss, 32

FY 18 reported EBIDTA was including 63 cr of Ind As treatment for Kattupalli.
Revenue – Segment Wise Break up FY ‘19 (Rs. In Cr.)

FY 18 FY 19

411 452
210 225
827 583

769

2,481

7,393

8,897

Ports SEZ Logistics Australia Other revenue

Ports SEZ Logistics Australia Other revenue

Total Revenue – Rs.11,323 cr. Total Revenue – Rs.10,925 cr.

Port Revenue – Rs.7,393 cr. Port Revenue – Rs.8,897 cr.

Total Revenue - 4%
Ports Revenue up 20%

33
EBIDTA* - Segment Wise Break up FY 19 (Rs. In Cr.)

FY 18 FY 19

36 210 90 35 225
76
665
1679

5144
6053

Ports SEZ Logistics Australia Other revenue Ports SEZ Logistics Australia Other revenue

Total EBIDTA – Rs.7,145 cr. Total EBIDTA – Rs.7,067 cr.

Port EBIDTA – Rs.5,144 cr. Port EBIDTA – Rs.6,053 cr.

Total EBIDTA - 1%
Ports EBIDTA up 18%

**EBIDTA excludes Forex Gain / Loss, 34

FY 18 reported EBIDTA was including 63 cr of Ind As treatment for Kattupalli.
Key Ports & Logistic Vertical Performance FY ’19 (Rs. In Cr.)

Kattupalli /
Particulars Mundra Hazira Dahej Dhamra MIDPL
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
Cargo (MMT) 137 122 20 17 9 7 21 21 9 8
Operating Revenue 5,336 6,534 1,106 962 421 335 1,106 931 211 165
Expenses 1,552 2,025 301 268 152 115 451 395 89 123
EBIDTA 3,784 4,509 804 694 269 220 655 536 122 42
EBIDTA % 71% 69% 73% 72% 64% 66% 59% 58% 58% 25%

Harbour Logistics Others Elimination Consol

Particulars
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
Cargo (MMT) 12 5 208 180
Operating Revenue 1,263 1,039 583 827 1,397 938 -498 -408 10,925 11,323
Expenses 136 107 492 751 1,110 752 -426 -359 3,858 4,178
EBIDTA 1,127 932 90 76 287 186 -72 -49 7,067 7,145
EBIDTA % 89% 90% 16% 9% 21% 20% 14% 12% 65% 63%

Mundra -: Includes SEZ income of Rs769 cr in FY 19 vs. Rs.2,481 cr. in FY 18 and SEZ EBITDA Rs.665 cr in FY 19 vs. Rs.1679 cr in FY 18.
To have fair comparison of Mundra EBIDTA margin Rs.65 cr of one time incentive to be eliminated.

Kattupalli – Operating cost reported last year includes the Ind AS treatment of finance cost of Rs.63 cr which has been removed in current year.
Kattupalli EBITDA not comparable as it was acquired in June 2018

Others includes Goa, Tuna, Vizag, Shanti Sagar International Dredging, Australia Ops, Ennore, Aviation and Utilities

35
Above financials are based on standalone. Consolidated financials eliminates inter company transactions.
Debt Profile & Key Rating Ratios – FY 19 (Rs. In Cr.)

Net Debt Maturity profile of Long Term Debt

54%
Description Mar'2018 Mar'2019 Variance

Long Term Borrowings 20,629 19,883 (746)

Short Term Borrowings 1 6,188 6,187 34%
Current Portion of Long Term Borrowings 802 1,116 314
Gross Debt 21,432 27,188 5,756
-
Less Cash and Bank Balances 2,968 5,967 3,000
Less Current Investments 520 514 (6) 6%
5%
Total Cash & Cash equivalent 3,487 6,481 2,994
-
Net Debt 17,945 20,707 2,762 < 1 Year 1-3 Years 3-5 Years > 5 Years

Particulars FY 18 FY 19

FFO / Gross Debt (18% - 25%) 22.4% 18.7%

• *Net Debt to EBIDTA at 2.9x.
• Debt maturity at 4.08 years.
FFO / Net Debt (13% to 15%) 25.1% 22.7% • Key ratios within rating agencies norms..
FFO Interest coverage (3x – 4.5x) 5.4x 4.5x

i) FFO (Funds from operations) : EBIDTA - Interest and Tax paid in cash + Interest received in cash. 36
ii) *calculated on an EBIDTA of 7067 cr
Key Return Ratios & Cash Flow (Rs. in cr.)

Ratios FY 17 FY 18 FY 19

ROCE 12.1% 15.8% 13.5%

ROE 24.9% 19.0% 17.6%

Net Debt /EBIDTA 3.4x 2.5x 2.9x

• Continue to maintain net debt to EBITDA within our desired level of 3 to 3.5x

• Investment in new assets viz. Kattupalli, Dhamra and Terminals at Major Ports are
yet to achieve their full potential, thereby impacting profitability ratios in the
interim

37
ESG Performance
Source: Company Filings, Bombay Stock Exchange
Health and Safety

25
Safety Performance 0.29 0.35

0.26
0.3

20

0.22
0.21
0.25

0.18 0.18
15

0.2

0.15

10

0.06
0.1

0.03
5

0.02 0.05

2 5 1 14 18 13 16 23 14
0 0

FY 17 FY18 FY 19 FY 17 FY18 FY 19 FY 17 FY18 FY 19

Work Related Injury (Fatality) High Consequence Work Recordable Work Related
Related Injuries (LTI) Injuries (Fatality + LTI)

Number Rate

(On Roll + Contractual + Third Party Associates)

Our clearly stated goal is 'No Fatality, No Injuries and No Excuses and are working towards it

39
Climate Change and Energy

Energy - Performance
14356
3000000 20000

18851 15503
0 18000

44610
2500000

1748 16000

52851
14000

9906
2000000

9071 12000

6246
9738
1500000 10000

3296
8000

1000000

0
1743 6000

7043 4000

500000

15806 2000

782276 681000 464162 305201 2565281 2342188 2295625 1850402

0 0

FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19
Standalone Consolidated

Non- Renewable Energy (GJ) Renewable Energy (GJ) Intensity (GJ/MMT)

Energy consumption per MMT of cargo Energy consumption per MMT of cargo handled
handled ↓ 47% from previous year FY 18 & ↓ ↓ 32% from previous year FY 18 & ↓ 48% than
67% than the base year FY 16 the base year FY 16

Renewable Energy share is 5% in FY 19 Renewable Energy share is 3% in FY 19

40
Climate change and energy

GHG Emissions - Reduction

2232
350000 2500

2136 2060 2090

300000 1977
1781 2000

250000

1382
1218
1500

200000

165051
150000

175568 176616 1000

74438 66794 65279

100000

193817
67577 138744 123270
500

50000

94278 88245 92383 113668

51064 76353
0 0

FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19
Standalone Consolidated

Scope 1 Scope 2 Intensity (tCO2/MMT)

GHG Emission per MMT of cargo handled GHG Emission per MMT of cargo handled 22%
42 % from previous year FY 18 & 43% than from previous year FY 18 & 38% than the base
the base year FY 16 year FY 16

3600 tCO2 GHG emission saved due to 12038 tCO2 GHG emission saved due to
renewable energy initiative in FY 19 renewable energy initiative in FY 19

41
Water

Reduction of Water Withdrawal

21% 9%
32% 16% Third-party withdrawal to total water
18% withdrawal (%)
35% 3% 4% 5%
15%
27% 2%
9%
6%
16%
54% 11%
9%
67%
44% 15%
40%
Public Utility
Surface Water Ground Water Sea Water Third Party Private Utility
Wastewater from other Industries

422 ML Wastewater treated in our treatment Reduced our fresh water withdrawal by
facilities and reused for gardening in FY 19. increasing the share of wastewater from other
industries from 2 % in FY 16 to 16 % in FY 19.
Hazira Port has laid 14 km long pipeline to
channelize treated water effluent of KRIBHCO to our Reduce 72% freshwater withdrawal from shared
port facility, which has reduced 52% of fresh water resources in FY 19
withdrawal in FY 19.

42
Water

Water Consumption
6000 40

37 35

5000

31 30

4000

24 18
20 25

3000 20

15

2000

13
11 9

5008
10

3648
2464

3508
3254
804

896
992
1000

0 0

FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19
Standalone Consolidated
Consumption (ML) Intensity (ML/MMT)

Water intensity improved by 31% from Water intensity improved by  10% from
previous year FY 18, &  71% from base previous FY18 &  51% from base year
year FY 16 FY 16

43
44