FINANCIAL STATEMENT

ANALYSIS OF APSEZ
GROUP PROJECT PRESENTATION
Group members:
Sr. No Name Roll Number
1 Avinash Deshmukh 06
2 Omkar Patil 24
3 Aniket Sutar 31
4 Anshu Thakur 34
5 Hritik Ugar 36

Date:29/04/2024
Specialization: Operation and Supply chain management.
 APSEZ

 Vision: To become the world’s leading transport utility company with strategic
assets across the globe, offering integrated logistics services driven by customer
centricity through technology and best-in-class talent, following international
standards on sustainable health, safety, environmental, financial and
governance practices.

 Mission: To emerge as the world’s largest port company by 2030 with strategic
assets across the globe, offering integrated logistics services driven by customer-
centricity through technology and best-in-class talent, following international
standards on sustainable health, safety, environmental, financial and
governance practices
About the Company:

•Indian Multinational Company: APSEZ operates in the port and logistics sector,
headquartered in Ahmedabad, India.
•Largest Private Port Operator: A subsidiary of Adani Group, APSEZ is the leading private
player managing a network of 12 ports and terminals across India.
•Pioneering Port Projects: APSEZ boasts India's first deep water transshipment port
(Vizhinjam International Seaport) and the nation's first port-based special economic zone
(SEZ) at Mundra.
•Part of Adani Group: This highlights APSEZ's association with the Adani Group, a large
Indian conglomerate.
Background:
•Early roots: Established as Mundra Port and Special Economic Zone (MPSEZ) in 2006.
•Mundra focus: Initial operations centered on developing and operating the Mundra Port in
Gujarat.
•SEZ creation: Established India's largest multi-product SEZ at Mundra.
•Expansion through acquisitions: From 2010 onwards, APSEZ grew by acquiring stakes in
existing ports like Dhamra Port and Hazira Port.
•Becoming APSEZ: The company rebranded from Mundra Port and SEZ Limited to Adani
Ports and Special Economic Zone Limited (APSEZ) in 2014.
•Continued Acquisitions: Acquisitions of Krishnapatnam Port and Kattupalli Port further
expanded their network in the mid-2010s.
•Recent growth: APSEZ has secured deals for new ports and terminals like Dighi Port in
recent years.
Industries Involved:

 • Ports (Dry Bulk, Liquid Cargo, Crude Oil, Containers)

 • Logistics (Warehousing, Transportation)

 • Manufacturing (Mundra SEZ)

 • Trading (Mundra SEZ)

Major Brands:

• The main brand is APSEZ, encompassing ports, logistics, and SEZs.

• Individual APSEZ ports are known by location, like Mundra Port, Dhamra Port and Hazira Port.

• Mundra Special Economic Zone is their most prominent SEZ.

• APSEZ prioritizes development and management, not individual consumer brands.

• Logistics services are offered but not under separate brands.

 Services offered:
 Ports:
* Cargo Handling (Dry Bulk, Liquid Cargo, Containers)
* Value-Added Services (Warehousing, Customs Clearance, Bunker Fuel Supply)
 Logistics Network:
* Warehousing.
* Transportation (Road, Rail, Inland Waterways).
* Value-Added Services (potentially Packaging, Labelling, Inventory Management)
 Special Economic Zones (SEZs):
* Land Leases for Manufacturing/Trading Units.
* Duty-Free Imports on Raw Materials & Capital Goods.
* Advanced Infrastructure (Power, Water, Waste Disposal).
Recent Initiatives:
 No recent new products are explicitly mentioned, focus seems to be on
managing existing services.

 Acquisitions like Dighi Port and Gangavaram Port suggest expansion initiatives.

 Collaboration with CMA Terminals indicates strategic partnerships for

potentially new services.

 Focus on continual development and management across ports, logistics, and

SEZs.

 They prioritize innovation through expansion and partnerships.

Market share:

 Adani Ports and Special Economic Zone Limited

operates 12 ports and terminals, including India\'s first
port-based SEZ at Mundra, making it the largest ports
company in the country, with a market share of 24% at
the end of March 2023.
Key competitors:
 Ports:
Major Private Players:
o DP World (Dubai)
o PSA International (Singapore)
o APM Terminals (Maersk)
o J M Baxi Ports & Logistics
 Logistics:
Large Players:
o The logistics (formerly Blue Dart)
o Delhivery
o Safexpress
o Rivigo
Special Economic Zones (SEZs):
o Reliance SEZ (Gujarat)
o Mahindra World City (various locations)
o Sri City (Andhra Pradesh)
Business Model:

 Core Revenue Streams:

Port Operations:
• Cargo handling charges.
• Dockage charges.
• Storage charges.

Logistics Network:
 Warehousing charges.

 Transportation charges.

 Value-added logistics services.

Special Economic Zones (SEZs):

• Land lease rentals.
• SEZ service charges.
Major sources of revenue:
1) Revenue from Port Operations (Including Port Infrastructure Services): 90.79%(18932.25 cr) of total
revenue comes from ports(Dry Bulk Cargo, Liquid Cargo:, Containerized Cargo, Vessel Charges)

2) Revenue from Aircraft operations: 0.40%(84.49 cr)of total revenue comes from here.

3) Revenue from Logistics Operations: 5%(1043.38 cr) of total revenue comes from here.
 Major Expenses Incurred:
1) Cargo handling charges: 47.20% (2669.09 cr) of total expense.
2) Railway service charges: 12.9% (731.95 cr) of total expense.
3) Store, spares and consumable:8.09% (457.68 cr) of total expense.
4) Power and fuel:13.33% (754.03 cr) of total expense.
Swot Analysis:
 Strengths:
• Leading Private Port Operator in India.
• Integrated Business Model.
• Strong Financial backing.

 Weaknesses:
• Limited Market Share in Logistics.
• Dependence on Adani Group.
• Limited Brand Recognition.
 Opportunities:
• Economic Growth.
• Government Initiatives.
• Expansion into New Markets.
• Strategic Partnerships.

 Threats:
• Competition.
• Economic Slowdown.
• Fluctuations in Commodity Prices.
• Geopolitical Tensions.
• Changes in Regulations.
Trend Analysis for Net Sales of the last 5 years for APSEZ
YEAR 2023 2022 2021 2020 2019

20,851.91 17,118.79 12,549.60 11,873.07 10,925.44

NET SALES
CAGR 17.54

Net Sales
25000

20851.91
20000

17118.79
15000
Sales

12549.6
11873.07
10925.44
10000

5000

0
2023 2022 2021 2020 2019

Year
Liquidity analysis
Current Ratio: Current Ratio
2.5

2 1.92554638685008
1.78384455392865
1.59107057880797

CURRENT RATIO
1.41340592695492
Formula:
1.5 1.34995079136156

1
Current ratio = current
0.5
asset/current liability 0
2023 2022 2021 2020 2019

YEAR

PARTICULARS 2023 2022 2021 2020 2019

CURRENT ASSETS 17,447.52 18,088.42 12,907.81 14,819.91 14,631.14
CURRENT
12,924.56 11,368.71 7,235.95 7,696.47 10,351.69
LIABILITIES

CURRENT RATIO 1.349950791 1.59107058 1.783844554 1.925546387 1.413405927

Average 1.612763648
 Liquid Ratio

Quick Ratio:
2 1.88098959652932
1.8 1.63296180874661
1.6 1.5471597041353

1.4 1.30276311147149 1.33107154483954

Liquid ratio
1.2
1
0.8
0.6
0.4
0.2
0
2023 2022 2021 2020 2019

Formula:- Year

Quick Ratio = liquid

asset/liquid liabilities CURRENT ASSETS 17,447.52 18,088.42 12,907.81 14,819.91 14,631.14
STOCK 451.97 395.64 991.85 288.28 806.68
PREPAID EXPENSES 157.91 103.57 99.93 54.65 45.62

LIQUID ASSETS=
CA-Stock-PE 16,837.64 17,589.21 11,816.03 14,476.98 13,778.84
CURRENT 12,924.56 11,368.71 7,235.95 7,696.47 10,351.69
LIABILITIES
BANK OD+CC 0 0 0 0 0
LIQUID
LIABILITIES=CA
-
BANK OD-CC 12,924.56 11,368.71 7,235.95 7,696.47 10,351.69
LIQUID RATIO 1.302763111 1.5471597 1.632961809 1.880989597 1.331071545
Average 1.538989153
Profitability analysis
 Net Profit Margin
PAT
45 40.34399502773
40 31.911881257332 37.021941450413
35 28.832586882600 8
25.632999566946
Formula:- 30
25
1
9

npm
Net Profit Margin = PAT/Net Sales 20
15
10
5
0
2023 2022 2021 2020 2019
year

PAT/NET
SALES 2023 2022 2021 2020 2019
PAT- 5,344.97 4,935.79 5,063.01 3,788.92 4,044.81

NET 20,851.91 17,118.79 12,549.60 11,873.07 10,925.44

SALES

NPM 25.63299957 28.8325869 40.34399503 31.91188126 37.02194145

average 32.75
CAGR -8.78
RETURN ON CAPITAL EMPLOYED Return On Capital Employed
14.250807295687
16 8
12.548523173355
14 8 11.480281504094
12 8.9010779210196 9.7929608430348 9
3
10 6
8

roce
6
4

Formula:- 2
0
2023 2022 2021 2020 2019
Return on capital employed = year

PBIT/Capital Employed
RETURN ON CAPITAL

EMPLOYED 2023 2022 2021 2020 2019

EBIT 9,077.37 8,648.86 8,561.57 6,257.58 6,580.42
1,14,905.13 99,685.82 75,463.66 62,203.67 56,527.46
TOTAL ASSETS
CURRENT 12,924.56 11,368.71 7,235.95 7,696.47 10,351.69
LIABILITIES

CAPITAL
EMPLOYED=
TA-CL 1,01,980.57 88,317.11 68,227.71 54,507.20 46,175.77

ROCE 8.901077921 9.79296084 12.54852317 11.4802815 14.2508073

average 11.39473015
 Return on Equity
18
16.541319238663 16.4837274127687
Return on Equity 16 14.7869006134605
14
11.7256477003342 11.7551779999247
12

10

roe
8

Formula:- Return On Equity = 4

PAT/Shareholders Equity*100 2

0
2023 2022 2021 2020 2019

year

RETURN ON
EQUITY 2023 2022 2021 2020 2019
PAT 5,344.97 4,935.79 5,063.01 3,788.92 4,044.81
SHAREHOLDERS 45,583.58 41,988.22 30,608.26 25,623.49 24,538.20
EQUITY
RETURN ON
EQUITY 11.7256477 11.755178 16.54131924 14.78690061 16.48372741
Solvency analysis
Debt TO Equity Ratio DEBT TO
EQUITY 2023 2022 2021 2020 2019
LONG TERM DEBT 46,516.94 39,691.48 32,935.53 26,181.33 19,883.32

EQUITY 45,583.58 41,988.22 30,608.26 25,623.49 24,538.20

DEBT TO EQUITY 1.020475794 0.94530037 1.076034051 1.021770649 0.810300674

Average 0.974776308

Formula:- Debt to Equity = DEBT TO EQUITY RAT IO

Long Term Debt/Shareholders 1.2
1.02047579413464
1.07603405093919
1.02177064872896

Fund 1 0.945300372342529
0.810300674051071

DEBT TO EQUITY
0.8

0.6

0.4

0.2

0
2023 2022 2021 2020 2019

YEAR
 Interest
INTEREST COVERAGE RATIO coverage
ratio 2023 2022 2021 2020 2019
EBIT 9,077.37 8,648.86 8,561.57 6,257.58 6,580.42
INT 2,362.64 2,543.92 2,255.29 1,950.64 1,385.19

3.84204533 3.3998160 3.79621689 3.20796251 4.75055407

ICR 9 3 5 5 6
3.79931897
Formula:- Average 1

Interest coverage ratio= EBIT/

Interest Expense Interest Coverage Ratio
5 4.75055407561418
4.5
4 3.84204533911218 3.79621689450137
3.39981603195069
3.5 3.20796251486692
3
2.5

ICR
2
1.5
1
0.5
0
2023 2022 2021 2020 2019
Year
Turn over ratio
 TOTAL ASSETS
TURNOVER

Asset turnover ratio RATIO

NET SALES
2023
20,851.91
2022
17,118.79
2021
12,549.60
2020
11,873.07
2019
10,925.44

TOTAL ASSETS 1,14,905.13 99,685.82 75,463.66 62,203.67 56,527.46

TATR 0.181470662 0.17172743 0.166299912 0.190874108 0.193276684

Average 0.18072976

Formula:-
Total asset turnover ratio = net TAT R
sales/ total assets 0.2
0.19327668357998
0.195 0.190874107588829
0.19
0.185 0.181470661927801
0.18

TATR
0.175 0.171727433249784
0.17 0.166299911772103
0.165
0.16
0.155
0.15
2023 2022 2021 2020 2019
YEAR
 17,118.7 10,925.4
Working Capital Turnover ratio NET SALES
20,851.91
9
12,549.60 11,873.07
4

CA 17,447.52 18,088.42 12,907.81 14,819.91 14,631.14

CL 12,924.56 11,368.71 7,235.95 7,696.47 10,351.69

WC=CA-CL 4,522.96 6,719.71 5,671.86 7,123.44 4,279.45

Formula:-
4.61023533 2.5475489 2.21260750 1.66676072 2.5530009
Working Capital Turnover ratio = NET WCTR 3 3 4 2 7
SALES/ Working Capital 2.71803069
Average 1

WCTR
5 4.61023533261404
4.5
4
3.5
3
2.54754892696262 2.55300096975079

WCTR
2.5 2.21260750441654
2 1.66676072234763
1.5
1
0.5
0
2023 2022 2021 2020 2019
YEAR
 YEAR 2023 2022 2021 2020 2019

SALES 20,851.91 17,118.79 12,549.60 11,873.07 10,925.44

GROSS PROFIT 8,912.37 8,816.44 8,399.35 5,924.20 6,499.70

Inventory Turnover COGS 11,939.54 8,302.35 4,150.25 5,948.87 4,425.74
Ratio OPENING
395.64 991.85 288.28 806.68 520.29
STOCK
CLOSING
451.97 395.64 991.85 288.28 806.68
STOCK
AVG
INVENTOR
Y 423.805 693.745 640.065 547.48 663.485

ITR: 28.17224903 11.9674376 6.484107083 10.86591291 6.670444697

average 12.83203026

Inventory Turnover Ratio

Formula:- 30 28.1722490296245

Inventory Turnover Ratio = COGS/Inventory 25

20

15

ITR
11.9674376031539
10.8659129100606
10
6.4841070828744 6.67044469731795
5

0
2023 2022 2021 2020 2019

YEAR
Miscellaneous Ratios
 Trend Analysis for EPS
YEAR 2023 2022 2021 2020 2019
24.58 22.62 24.58 18.35 19.27
EPS

average 21.88
Formula:-
EPS= average MPS/ Basic EPS
EPS
30

24.58 24.58
25 22.62

20 19.27
18.35

15

EPS 10

0
2023 2022 2021 2020 2019

YEAR
 YEAR 2023 2022 2021 2020 2019

Trend Analysis for P/E MPS-AVG 777.0728

24.58
731.297
22.62
413.0149
24.58
374.0894
18.35
363.111
19.27
EPS

31.6140276 32.32966 16.8028844 20.3863433 18.843331

P/E 6 4 6 2 6

23.9952502
average 1
Formula:-
P/E= average MPS/ Basic EPS
P/E RAT IO
35 32.3296640141468
31.6140276647681
30

25
20.3863433242507
18.8433316035288

P/E RATIO
20
16.8028844589097
15

10

0
2023 2022 2021 2020 2019

YEAR
 Trend Analysis for Dividend Payout Ratio
YEAR 2023 2022 2021 2020 2019
1,056.19 1,020.88 0 691.58 414.19
TOTAL EQUITY
DIVIDEND
EARNINGS 5,310.18 4,886.03 4,994.30 3,763.13 3,990.22
19.8899095 20.893854 18.3777865 10.3801294
DPR in percent 7 5 0 8 2
13.9083360
Average 2
Formula:-
Dividend payout ratio = DPS/EPS Dividend Payout Ratio
25
20.8938545199272
19.8899095699204
20 18.3777865765998

DPR (percent)
15

10.3801294164232
10

0
0
2023 2022 2021 2020 2019

YEAR
THANK YOU!!