Ahmedabad, 31 January 2025: Adani Ports and Special Economic Zone Limited (APSEZ) today announced its results for the quarter and nine months ending 31^st December 2024.

“I am excited to share the fantastic momentum we have achieved during 9M FY25, driven by exceptional execution across 3 key areas of our business – market share gains coupled with volume-price mix increase, traction in logistics vertical, and operational efficiencies along with technology-led gains. On the logistics front, in line with our commitment earlier in the year, we launched a new trucking platform, which is being integrated across the rest of the logistics value chain and will make us a true integrated Transport Utility. We have also upgraded our FY25 EBITDA forecast to Rs 18,800-18,900 crores. Moreover, it is incredibly gratifying to be recognized by S&P Global CSA as one of the Top 10 companies globally in the transport industry. This prestigious recognition reflects our focus on imbibing sustainability across our operations,” said Mr. Ashwani Gupta, Whole-time Director & CEO, APSEZ.

Strategic highlights

• Started Trucking Management Solution (TMS), a technology platform that acts as a transformational marketplace + fulfilment solution to streamline supply chain for customers
• TMS offers an easy-to-use marketplace interface, handles end-to-end trucking workflows, can be seamlessly integrated with client systems, enables real-time tracking, and includes analytical tools for pricing and operational insights. TMS incorporates SLA-based fulfilment assurance across a wide range of fleet options, including full-load and partial-load shipments
• Closed Gopalpur and Astro Offshore transactions worth over Rs 4,600 crores
• Signed 30-year concession agreement to manage container terminal at Dar es Salaam Port, Tanzania
• Vizhinjam port commenced commercial operations, post extensive trials. During the trial period, the port handled 70+ vessels and 147,000+ containers
• Commenced O&M operations at Syama Prasad Mookerjee Port’s Netaji Subhas dock
• Placed India’s largest order for eight harbour tugs with Cochin Shipyard. The contract value is estimated at Rs 450 crores and deliveries are scheduled to begin in December 2026 and continue until May 2028

Operational highlights

• APSEZ clocked 332 MMT (+7% YoY) cargo volume in 9M FY25 led by growth in containers (+19% YoY), liquids and gas (+8% YoY) and dry and dry bulk cargo (iron ore, limestone, minerals, coking coal, etc.), partially offset by decline in imported non-coking coal
• All-India cargo market share for 9M FY25 stood at 27.2% (up from 26.5% in FY24). Container market share for 9M FY25 stood at 45.2% (up from 44.2% in FY24)
• Logistics continued to demonstrate momentum with growth across container volume (0.48 Mn TEUs, +9% YoY), bulk cargo (16.1 MMT, +13% YoY) and container volume handled at MMLPs (3,33,419 TEUs, +19% YoY)
• During November ’24, Mundra handled 396 vessels and executed 845 vessel movements, making it the highest ever monthly achievement by the port. Mundra port also exported a record breaking 5,405 cars in a single consignment during the month
• Gangavaram port launched container terminal operations with the inaugural EXIM vessel call of MV Synergy Keelung

 Financial highlights 

• Operating revenue grew by 14% YoY to Rs 22,590 crores. Ports revenue increased by 11% YoY to Rs 17,172 crores; Logistics revenue increased by 22% to Rs 1,852 crores
• EBITDA (excluding forex) increased 19% to Rs 14,019 crores. EBITDA margin increased to 62% (from 60% during 9M FY24).
• FY25 EBITDA guidance revised to Rs 18,800-18,900 crores
• APSEZ continues to maintain excellent financial discipline – net debt to TTM EBITDA stood at 2.1x (vs 2.3x in FY24)
• ICRA Limited reaffirmed the credit rating of long-term – fund based/non-fund-based limit and non-convertible debentures as [ICRA] AAA; stable and commercial paper as [ICRA] A1+
• India Ratings & Research reaffirmed the credit rating of non-convertible debentures and bank loans (long-term) as IND AAA/Stable and commercial paper and bank loans (short-term) as IND A1+
• S&P Global Ratings reaffirmed its rating at BBB- and revised outlook to “Negative” during the quarter. Moody’s Ratings reaffirmed investment grade rating ‘Baa3’ and revised its outlook to negative during the quarter
• Fitch Ratings reaffirmed APSEZ rating at BBB- and placed the long-term foreign-currency issuer rating and US dollar senior unsecured bonds on Rating Watch Negative during the quarter

ESG highlights

• APSEZ was ranked among the Top 10 global transportation and transportation infrastructure companies in the 2024 S&P Global Corporate Sustainability Assessment (CSA – scores as of 31st December), with a score of 68 (out of 100)—three points improvement over last year. APSEZ is now placed in the 97th percentile within the sector, improving from the 96th percentile in 2023.
• APSEZ was ranked among the Top 12 companies in transportation infrastructure by ISS ESG and was awarded ‘Prime’ status for the first time (making APSEZ equity and bond instruments eligible for responsible investments)
• APSEZ is targeting Net Zero by 2040. The company is on track to add 1,000 MW of new renewable capacity
• Krishnapatnam port received the 18^th ICC Environment Excellence Award 2024 in the Platinum category demonstrating commitment to sustainability and responsible practices

Awards and accolades

• Mundra port received the ‘Shipping Terminal of the year Award’ at the 11th International Samudra Manthan Awards 2024
• Mundra port received ‘Port of the year – containerized cargo’ at the EXIM Star Awards 2024
• Mundra port was recognized at the Kutch Business Excellence Award 2.0 for excellence in infrastructure development and collaborative CSR projects
• Krishnapatnam port won the ‘Sustenance Organization Award’ at the QCFI Tirupati Chapter Meet. This award recognizes commitment to quality and continuous improvement
• Ocean Sparkle was awarded ‘The Maritime Standard Excellence Award’ at the Esteemed Star of the Industry Awards
• Ocean Sparkle was named as ‘Best Employer of Offshore Fleet’ at the Seajob Indian Anchor Awards 2024

Mumbai, January 30, 2025 – Shree Cement, India’s third largest cement group by capacity, today announced its financial results for the quarter and nine months ended on 31^st December, 2024. The Company reported ₹ 4,235 crore of revenue and ₹ 947 crore of EBITDA.

Financial Highlight (Standalone)

Operational highlights (Standalone)

• Total sale volumes up by 15% from 7.60 million tonnes to 8.77 million tonnes on QoQ basis
• Power & fuel cost optimized by 9% to ₹913 crore v/s ₹ 1,001 crore in Q2’FY25 due to softer fuel prices and operational efficiency
• EBITDA jumped to ₹947 crore from ₹ 593 crore on QoQ basis
• Led by cost optimization and efficiency measures, total expenditure (excluding depreciation and interest) came down from ₹4,122/ tonne to ₹3,748/ tonne on QoQ basis
• Sales of premium products stood at 15.0% of trade sale volume vs 14.9% in Q2’FY25

Commenting on the company’s performance for the quarter, Mr. Neeraj Akhoury, Managing Director of Shree Cement Ltd., stated, “Our strategy of prioritizing premium, high value products coupled with sharp focus on brand enhancement, strengthening the dealer network and optimizing the geo-mix has enabled us to improve our sale volumes. The results of our continued emphasis on operational excellence, efficiency improvements, and cost optimization are evident in our streamlined production costs this quarter. Looking ahead, we remain committed to increasing the volume of our premium product offerings and maintaining our relentless focus on further cost optimization.”

Capex Plans

The Company’s ongoing expansion projects in Jaitaran, Rajasthan (6.0 MTPA), Kodla, Karnataka (3.00 MTPA), Baloda Bazar, Chhattisgarh (3.40 MTPA), and Etah, Uttar Pradesh (3.00 MTPA) are

nearing completion. The Company expects to commission all these projects in the first quarter of FY25-26. The Company is continuously working to identify suitable opportunities to achieve its goal of achieving > 80 MTPA capacity by 2028.

Sustainability initiatives

In Q3 FY’25, the Company continued its efforts to improve its performance regarding its commitment to operational excellence and sustainable growth. Key highlights are:

• The Company’s share of green electricity in total electricity consumption stood at 55.1% in Q3’FY25 which is one of the highest in the Indian cement industry. The Company is consistently ramping up its green power generation capacity which stood at 522 MW at the end of Q3’FY25, up by 9% vis-à-vis 480 MW at the beginning of the FY24-25.
• The Company used 0.24 lakh tonnes of agro waste in its cement operations to conserve fossil fuel equivalent to producing 71 billion kCal and saving 0.28 lakh tonnes of CO₂. As part of this agro waste consumption, the Company procured 7,130 tonnes of stubble during the quarter for its operations within the NCR region. The Company also consumed 1.04 lakh tonnes of hazardous waste during Q3’FY25, replacing the fossil fuel-based heat by 50.4 billion kCal.
• All the Company’s manufacturing locations are Zero Liquid Discharge, treating, recycling, and reusing 100% of wastewater generated from our operations. With a good monsoon this year, the Company aims to improve its water positively level of >7 times achieved in FY23-24.
• During the quarter, the Company commenced operations of its state-of-the-art, end-to-end solid waste feeding system for municipal solid waste consumption at one of its locations and this is being replicated at other plants also. This initiative shall help us enhance proportion of alternative fuel consumption and improve TSR level.

Q3FY25 vs Q3FY24

During the Third-Quarter of FY25, the Company has achieved Net Sales of ₹ 88.15 Crores and Operating Profit of ₹ 15.07 Crores, reflecting growth of 134% and 166% respectively over the corresponding quarter of the last financial year. Profit after Tax for the quarter also increased to ₹ 12.45 Crores, registering growth of 247% over the corresponding quarter of the last financial year.

9MFY25 vs 9MFY24 

During the Nine-month period ended FY25, the Company has achieved Net Sales of ₹ 203.37 Crores and Operating Profit of ₹ 31.37 Crores, reflecting growth of 129% and 115% respectively over the corresponding Nine-month period ended of the last financial year. Profit after Tax for the Nine-month period ended FY25 increased to ₹ 24.50 Crores, registering growth of 219% over the corresponding Nine-month period ended of the last financial year.

Mr. Balakrishna Tati, Managing Director informed that the Board has approved the capex for an additional capacity of 4500 tons per annum and it will be financed through internal accruals and the additional capacity is expected to be commissioned during Q4FY26. This is inline with the company’s vision and strategic move towards capacity expansion to cater to the increasing demand for coffee across the globe.

This additional line will be installed at its Instant Coffee Subsidiary Unit namely Vintage Coffee Private Limited located near Hyderabad. After installation of this additional line total capacity of the production will be 11000 Metrics tons per annum as against present capacity of 6500 Metrics tons per annum.

Mumbai, January 31, 2025: The Government of Maharashtra and TEAM (Tech Entrepreneurs Association of Mumbai) join forces to host the second edition of Asia’s largest AI event- Mumbai Tech Week (MTW), from February 24 to March 1, 2025. Following a successful inaugural year in 2024 and recognized by the Hon’ble Prime Minister, Shri Narendra Modi, MTW’25, aims to solidify Mumbai as an emerging force in tech and AI. This strategic partnership underscores India’s vision to become a global leader in artificial intelligence (AI), with Mumbai at the epicenter of this transformation.

“We are thrilled to present MTW’25 with the Government of Maharashtra, a landmark event that underscores Mumbai’s pivotal role in India’s ambitious AI & innovation ambition. This year’s event is a testament to the city’s dynamic ecosystem, where AI-driven innovation is not only transforming industries locally but also influencing global solutions. Mumbai stands at the forefront of the AI revolution, blending cutting-edge research, enterprise adoption, and world-class talent to redefine what’s possible. As the largest AI event in Asia and with an extraordinary lineup of leaders, Mumbai Tech Week 2025 is where the next era of technology is envisioned, discussed, and set in motion.” said TEAM spokesperson.

“With Mumbai contributing 4% to India’s GDP as its largest economic center, the Government of Maharashtra understands the critical role of technology in driving continued growth. Mumbai Tech Week 2025 provides the perfect platform for actionable insights and forward-thinking discussions on AI, as we partner with TEAM to solidify Mumbai’s role as an AI leader by supporting talent, infrastructure, investment, and innovation”, said Devendra Fadnavis, Hon’ble Chief Minister, Government of Maharashtra

Marking the convergence of tech, policy, governance, and AI, Mumbai Tech Week 2025 will demonstrate, deliberate on, and drive dialogue on the future of AI, showcasing what Mumbai’s AI boom means for the world. Spotlighting Mumbai’s emergence as the ‘AI Use Case Capital,’ driven by its strong entrepreneurial legacy and rapid AI adoption, Mumbai Tech Week 2025 will host a distinguished lineup of leaders across government, industry, technology, and entertainment.

Leading policymakers Shri. Piyush Goyal, Union Minister of Commerce & Industry, Shri. Ashwini Vaishnaw, Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Government of India, Shri. Devendra Fadnavis, Chief Minister, Government of Maharashtra, and Shri. Rajeev Chandrasekhar, former Minister of State, Electronics & IT, Skill Development & Entrepreneurship, Government of India, will address the audience, followed by insights from industry titans N. Chandrasekaran (Chairman, Tata Sons) and Uday Shankar (Vice Chairman, Jio Star). Emerging leader Akash Ambani (Chairman, Reliance Jio Infocomm) will also be featured, alongside tech leaders Arundhati Bhattacharya (Chairperson and CEO, Salesforce India), Sandhya Devanathan (VP & Head, India, Meta), and Puneet Chandok (President, Microsoft India & South Asia) and unicorn founders Kunal Shah (Founder & CEO, CRED), Peyush Bansal (Co-founder & CEO, Lenskart), Bhavish Aggarwal (Co-founder & CEO, OLA), Ritesh Agarwal, (Founder & Group CEO, OYO) and Aadit Palicha (Co-founder & CEO, Zepto).

MTW’25 will further explore the intersection of AI with culture, creativity and sports, featuring prominent figures from cricket and entertainment industry, including Rahul Dravid, filmmaker and producer Karan Johar, actor and investor Suniel Shetty, and influencer Raj Shamani. Attendees will gain invaluable insights from these global AI builders and enablers, discovering how Mumbai is at the forefront of AI innovation and its impact on business, governance, and society.

The week-long event is divided into two segments:

• February 24, 2025 to February 27, 2025 – satellite events across Mumbai will feature workshops, hackathons, and more
• February 28, 2025 and March 1, 2025 (Mega Days) – The excitement culminates at the iconic Jio World Convention Centre, BKC, where attendees can look forward to keynotes, panel discussions, stand-up presentations, fireside chats, and networking events.

The event will feature discussions where industry leaders will deliberate on sector-specific AI implementation strategies. Through Mumbai’s lens of practical innovation, each segment—from entertainment to retail, and from manufacturing to financial services—will find a path to AI transformation.

Mumbai Tech Week 2025 is proud to partner with CNBC-TV18 as the official media partner, ensuring comprehensive and insightful coverage of MTW 2025’s key discussions and events.

The first edition of Mumbai Tech Week was the largest tech event in Indian history. Setting new benchmarks for technology conferences in India, Mumbai Tech Week 2024 drew over 4,000 attendees and featured more than 50 distinguished speakers from across the globe. The event catalyzed significant industry growth through 10 satellite events, partnerships with 30+ leading organizations, and facilitated over 100 job placements. A key highlight was the startup pitch competition, where 30+ innovative companies presented their groundbreaking solutions to top investors and industry leaders.