#1adani Ports and Logistics Ref No: APSEZL/SECT/2023-24/106 January 12, 2024 BSE Limited Floor 25, P J Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 532921 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Scrip Code: ADANIPORTS Sub.: Analyst/Investor Meet revised presentation Dear Sir/Madam, In reference to our intimation vide letter no. APSEZL/SECT/2023-24/105 dated January 11, 2024, please find enclosed herewith revised updated presentation for the Investor/Analyst meeting and the same is uploaded on the website of the Company www.adaniports.com You are requested to kindly take the same on your record. Thanking you. For, Adani Ports and Special Economic Zone Limited Kamlesh Digitally signed by Bhagia Kamlesh Bhagia Date: 2024.01.12 15:28:16 +05'30' Kamlesh Bhagia Company Secretary Encl. as above Adani Ports and Special Economic Zone Ltd Adani Corporate House, Shantigram, Nr. Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 Gujarat, India CIN: L63090GJ1998PLC034182 Tel +91 79 2555 4444 Fax +91 79 2555 7177 [email protected] www.adaniports.com Registered Office: Adani Corporate House, Shantigram, Nr. Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat, India#2Adani Ports and SEZ Ltd. Investor Presentation - Jan'24 SCHOOL AW#3Table of Contents A Group Profile B APSEZ Company Profile C D Catalysts Driving Market Leadership Position Investment Summary E ESG Performance F Annexure adani Ports and Logistics 2#4adani Ports and Logistics A Group Profile#5Adani Portfolio: A World class infrastructure & utility portfolio Flagship adani Infrastructure & Utility Core Portfolio Incubator (72.6%) Energy & Utility Transport & Logistics (56.3%) (73.2%) (65.5%) (100%) AGEL AESL APSEZ AEL NQXT1 Renewables T&D Ports & Logistics (37.4%) (70.0%) ATGL² APL Gas Discom IPP (100%) ANIL New Industries (50%) AdaniConneX³ Data Centre (100%) (100%) AAHL Airports ARTL Roads I (%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries Primary Industry Materials, Metal & Mining I (63.2%) I I I Cement4 I I I I (100%) Copper, Aluminum (100%) I I I adani Ports and Logistics Emerging B2C Direct to consumer (44.0%) AWL Food FMCG (64.71%) PVC (100%) T NDTV Specialist Manufacturing5 (100%) Mining Services & Commercial Mining I (100%) I ADL Digital I A multi-decade story of high growth centered around infrastructure & utility core 1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride | 4. Cement business includes 63.19% stake in Ambuja Cement which in turn owns 50.05% in ACC Limited. 4 Adani directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturing of Defense and Aerospace Equipment | Promotors holding are as on 30th September, 2023#6Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency adani Ports and Logistics adani Renewables National footprint with deep coverage Growth 3x 6 EBITDA 70% 1,2 Growth 4x 6 EBITDA 92% 1,4 adani Energy Solutions adani Gas Growth 3x 6 Growth 1.4x6 EBITDA 91% 1,3,5 EBITDA 19% 1,3 AEL APSEZ AGEL ATGL AESL APL Adani Cement adani Ports and Logistics Adani's Core Infra. Platform - 320 Mn Userbase Note: 1. Data for FY23; 2. Margin for indian ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs - Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business, PBT- Profit before tax, ATGL-Adani Total Gas Limited, AEL: Adani Enterprises Limited, APSEZ: Adani Ports and Special Economic Zone Limited, AESL: Adani Energy Solutions Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited I Growth represents the comparison with respective industry segment. 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 339 MMT (13%) between 2014 and 2023, outpacing the industry's growth from 972 MMT to 1433 MMT (4%). AGEL's operational capacity expanded from 0.3 GW to 8.1 GW (60%) between 2016 and 2023, surpassing the industry's growth from 46 GW to 125 GW (15%). AESL's transmission length increased from 6,950 ckm to 19,779 ckm (16%) between 2016 and 2023, surpassing the industry's growth from 3,41,551 ckm to 4,71,341 ckm (5%). ATGL expanded its geographical areas from 6 to 52 (31%) between 2015 and 2023, outperforming the industry's growth from 62 to 293 (21%). 5#7adani Ports and Logistics Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Center of Excellence Project Management & Assurance Group Activity Site Development Site acquisition Operations 1 AIMSL Construction Operation • Engineering & design • Life cycle O&M planning • • Sourcing & quality levels. • Asset Management plan • Equity & debt funding at project Origination Analysis & market intelligence Viability analysis Strategic value India's Largest Commercial Port (at Mundra) Concessions & regulatory agreements Investment case development Longest Private HVDC Line in Asia (Mundra Mohindergarh) 2,140 MW Hybrid cluster operationalized in Rajasthan in FY23 Post Operations Policy -Strategy - Risk Capital Mgmt Redesigning capital structure of assets Operational phase funding consistent with asset life Energy Network Operation Center (ENOC) • Duration Risk Matching Performance Highest Margin among Peers Highest line availability India's first and World's largest solar- wind hybrid cluster Centralized continuous monitoring of plants across India on a single cloud based platform . Forex Currency Risk Management Interest Rate Risk management Governance & Assurance (ABEX -Adani Business Excellence) March 2016 Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GM TN: Global Medium-Term Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd., AIMSL: Adani Infra Mgt Services Pvt Ltd, IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd.,NBFC: Non-Banking Financial Company ●DII 14% 34% 5% 11% 31% 55% 3% 29% PSU ◆ Pvt. Banks Bonds 15% NBFCs & Fls Global Int. Banks PSU - Capex LC March 2023#8adani Ports and Logistics B APSEZ Company Profile#9APSEZ: Transformational Business Model adani Ports and Logistics Development Operations • Ports National footprint with 14 ports across country's coastline, & 2 ports outside India One stop solution to customers through a single window service Best in Class Efficiency Entire gamut of services, from dredging to evacuation enables cost efficient solutions with 70%+ Port Margin globally Digitizing through technology solutions (ITUP) SEZ Large scale 'ready to setup' industrial land (SEZ) Land Bank of 16,500 ha. at Mundra, Dhamra and Krishnapatnam Diversification & Integration Removed multiple agency friction to enable single source to entire supply chain requirement. Diversification of Bulk and liquid with new age cargo like LNG / LPG . Logistics Largest integrated logistics player in India Rail, MMLPs, Warehousing connecting ports to customer gate Acquisition & Turnaround Acquisition and turnaround strategy has ensured EBITDA margin step up post acquisition to APSEZ levels Acquired 9 assets in last 3 years Value Creation Strategy 4x growth compared to market without dilution in equity. Strategic partnerships in container segment with MSC and CMA CGM, TotalEnergies, IOCL accelerates market share gain • Capital Management IG rated since FY16 Net Debt/ EBITDA at -2.8x as on Sep'23 Average maturity of long-term debt at-5 years ESG Carbon neutral by 2025, Net zero thereafter Governance program assured by board committees Reporting per CDP, TCFD & SBTI ESG ratings Growth in non Mundra Ports, traffic parity in coasts and reaching customer gate builds the largest Transport Utility MMLP: Multimodal logistics Park | SEZ: Special Economic Zone | LNG: Liquified natural Gas | LPG: Liquified petroleum Gas | CDP: Carbon disclosure project | TCFD: Task Force on climate related financial disclosure | SBTI : Science Based Targets initiative | RONC: Remote Operating Nerve Center | IG: Investment Grade | ESG: Environmental, Social, and Governance 00 8#10APSEZ: A transport utility with string of ports and integrated logistics network adani Ports and Logistics String of Ports Ports of Prosperity Portss One to fourteen in two decades SEZ "Transport Utility" 12k+ Ha of land Land Bank Integrated Logistics (Trains, MMLPs, Trucks, Warehousing) Presence across value chain Port gate to customer gate model intertwined to customer's supply chain. Moga APSEZ-Dhamra Port Kanech Dahej- Kotkapura Kilaraipur Kaithal Panipat Tauru Dhamora Export Steel Tuna (HRC/CRC) Palwal Patli & Kannauj 2x Port income Kishangarh Loni Mundra Samastipur & Darbhanga Patna Katihar Virochannagar Warehousing 2x Warehousing income Warehousing Indore Vidisha | Harda Hoshangabad | Satna Ujjain | Dewas Kolkata ^Haldia Hazira Tumb & Valvada Mumbai Taloja Nagpur Dhamra 000000000 Rail - GPWIS 2x Rail income Rail GPWIS Dighi Gangavaram Elavur Krishnapatnam Malur Mormugao Coimbatore Customer-Tata Steel Plant ^Vizhinjam End-to-end solution Kattupalli Ennore Karaikal Container Terminals Bulk Terminals Multipurpose Ports Logistics Parks Warehouse (Operational) Agri Silos Warehouse (Under Construction) Silos (Under Construction) Logistics Parks (Under Construction) Accessibility to 90% of country's hinterland *Includes both SEZ and non SEZ land || SEZ: Special economic zone; ^ Under Construction GPWIS - General Purpose Wagon Investment Scheme | CTO - Container Train Operator | IWW-Inland Water Ways | AFS - Air Freight Stations | HRC: Hot Rolled Coil | CRC: Cold Rolled Coil | MMT: Million Metric Ton 9#11APSEZ: India's largest private port player, building global presence Israel Australia West Coast Capacity ~355 MMT Dahej 16 MMT Tuna 14 MMT Mundra 264 MMT East Coast Capacity ~252 MMT Haldia MMT Dhamra 50 MMT Haifa Port Tanzania Dar es Salaam Port Sri Lanka Abbot Point adani Ports and Logistics Hazira 30 MMT Dighi 8 MMT Mormugao 5 MMT "Vizhinjam Karaikal 18 MMT 22 MMT Gangavaram 64 MMT Krishnapatnam 75 MMT Kattupalli 25 MMT Ennore 12 MMT Container Terminals Bulk Terminals Multipurpose Ports 14 ports with capacity of ~607 MMT Achieving east-west coast parity Colombo West International Terminal Operating Israel's largest port, Haifa Port, handling 50% of the country's total cargo O&M contracts at ports in Australia and Tanzania Building a container terminal at Colombo, Sri Lanka ^ Under Construction | MMT: Million Metric Ton 10#12APSEZ: SEZ business supporting industry growth in backyard of the ports India's largest SEZ at Mundra Land Bank 12,500+ Ha All land figures are approx. and include Port, SEZ and Non-SEZ areas Mundra Dhamra Dhamra Industrial Zone Land Bank: 2,000+ Ha adani Ports and Logistics Krishnapatnam Industrial Zone Krishnapatnam Land Bank: ~2,000+ Ha 11#13APSEZ: Most diversified logistics player in the country Assets Marine Flotila* Trains MMLPs adani Ports and Logistics Ware-housing Grain Silos Rail Tracks FY20 26 58 Trains 5 MMLP 0.4 mn 0.88 540 Sq. ft. MMT KMS 104 H1 FY24 112 Trains 10 MMLP 2.4 mn 1.1 620 Sq. ft. MMT KMS 1.1X 1.9X 1.5X 25X 3.6X 3X 200+ FY26 120 15 MMLP Trains 60 mn Sq. ft. 4.0 MMT 2000+ KMS Integrated logistics allows for a single window service for the customer MMLP - Multi Modal Logistics Park |MMT - Million Metric Tonne, IFT - Inland Freight Terminals; 12#14APSEZ: India's largest marine services provider foraying into global waters Oman Presence across all the major ports Kandla Oman Drydock, Fipavar Patronat LNG DHIL, Danel Muldwarka ONGC wwwwwwwwww. Mumbal JNPT Konken LNG New Mangalore Holda Paradio Gopalpur Vishakhapatnam Kadnado Krishnagatam Coromandel Kamaralar wwwwwww Chernal Chamolest Cuddalore Champlast Koralbol wwwwwwwww • RIL KG Bosh Petrofac Kakinada Largest third-party marine services provider in the country with 112 tugs • Currently operating operating in Sri Lanka and Oman • Pre-qualified for contracts with Saudi Aramco and in Oman, Kuwait, and Qatar • Seventh largest in the world on tug count Patronat LNG Kochh wwwwwwwww YO. C. Pert Sri Lanka adani Ports and Logistics 13#15adani Ports and Logistics C Catalysts Driving Market leadership Position#16APSEZ: Establishing new benchmarks on operational efficiency adani Ports and Logistics 3.5 Average Turnaround Time (days) for Ships 3.0 2.5 2.0 1.5 1.0 0.5 LL --- FY18 FY19 FY20 ■Major Ports APSEZ FY21 FY22* FY23** APSEZ has been driving transformation of India's port sector by establishing new operational benchmarks; currently, our average turnaround time (TAT) for ships at ~0.7 days APSEZ has been guiding major ports in India to improve their TAT; Indian ports have managed to bring down their TAT to ~2 days from ~5 days in 2011 ** * FY22 turnaround time (TAT) for major ports is a provisional figure; FY23 TAT for major ports indicate provisional figure for Apr-Sep'22 period; 15#17APSEZ: Geographical & cargo diversification Growing share of non Mundra Cargo 11% 34% 56% 89% 66% 44% FY14 FY19 Mundra ■Non-Mundra H1 FY24 East Coast-West Coast Parity FY14 15% 100% ■ West East FY19 85% ■ West ■ East 43% H1 FY24 57% ■ West ■ East Non Mundra ports volume CAGR 34% from FY14 The above data pertains to APSEZ domestic cargo volumes. Our guidance of over 400 MMT for FY24 also includes international operations. E indicates projection based on guidance provided Domestic Cargo Diversification 113 MMT 32% 390 MMT 37% 208 MMT adani Ports and Logistics FY14 FY19 FY24E ■Others ■Crude ■Coal Container 16#18APSEZ: Strategic partnerships & proximity to customers Strategic Partnerships Sticky Cargo Share Year 2011 Company Name Partner & Stake Adani International Container Terminal Pvt Ltd MSC (50%) 2014 Adani CMA Mundra Terminal Pvt Ltd CMA-CGM (50%) 2019 Dhamra LNG Terminal Pvt Ltd Total Energies (50%) 2022 Colombo West International Terminal (Pvt) Ltd John Keells & Sri Lanka Port Authority (34% & 15%) 2022 Haifa Port Company Gadot Group (30%) 2022 Indian Oiltanking Ltd IOCL (49%) 337 54% 54% 211 183 FY23 FY24E 390 Sticky Cargo Total Cargo Sticky Cargo (%) Sticky cargo data pertains to APSEZ domestic cargo volumes; IOCL - Indian Oil Corporation Limited, Our guidance of over 400 MMT for FY24 also includes international operations. E indicates projection based on guidance provided adani Ports and Logistics 17#19APSEZ: Quality assets Top 10 ports of India include Mundra & Krishnapatnam FY23 H1 FY24 Mundra FY05 FY13 Vizag Kandla Mundra Chennai Mundra Kandla Paradip Kandla Vizag Paradip Sikka Haldia JNPT Sikka Kandla Mumbai Chennai JNPA JNPA Mangalore Paradip Vizag Vizag JNPT Mumbai Kolkata Mumbai Mormugao Mormugao Mumbai Kolkata Paradip Haldia Chennai Krishnapatnam Cochin Mangalore Krishnapatnam Chennai Key characteristics of Mundra & Krishnapatnam Mundra & Krishnapatnam are some of the deep draft water ports (17-18m depth) in the APSEZ portfolio In 2023, Mundra Port berthed one of the longest vessel ever, MV MSC Hamburg, (399 meters long and 54 meters wide vessel) with a carrying capacity of 15,908 TEU. In 2023, Krishnapatnam berthed its largest vessel measuring 335.94 m LOA and 42.94 m beam Mundra Port is the largest commercial port and container port of India The above data pertains to APSEZ domestic cargo volumes adani Ports and Logistics 18#20APSEZ: Digital platforms providing end-to-end connectivity Our Integrated Transport Utility Platform (ITUP) has improved efficiency across different segments of port operations Our Control and Command Center for the logistics business is enabling volume growth and improved EBITDA margins (from 16% in FY19 to 29% in H1 FY24) through optimal asset utilization We continue to invest in digitization and automation for further efficiency improvements and cost reductions. ΑΙ adani Ports and Logistics 19#21adani Ports and Logistics D Investment Summary#22APSEZ: Growing market share All India and APSEZ Cargo Volumes 30% 25% 20% 15% 10% 5% Market Share of APSEZ (%) 26% -10% 1% 0% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24E adani Ports and Logistics Market share growth driven by operational excellence, cargo diversification and business model transformation The above data pertains to APSEZ domestic cargo volumes; E indicates projection based on guidance provided 21#23APSEZ: Long term growth way ahead of the industry All India Cargo Throughput All India and APSEZ Domestic Cargo Volumes 1,500 1,350 1,200 1,050 900 750 600 450 300 150 Cargo Volumes (MMT) | 1,600 1,500 3% 1,400 6% CAGR 1,487 1,300 CAGR 6% 1,282 CAGR 1,200 1,100 1,000 973 900 FY14 FY19 25% CAGR All India Cargo (MMT) FY24E 400 300 All India Port Cargo FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24E 13% CAGR 13% CAGR 390 200 208 113 100 APSEZ Cargo FY02 FY14 FY19 FY24E ■APSEZ Cargo (MMT) APSEZ cargo volumes CAGR over FY14-FY24E at 13% is 3x the industry volumes growth rate (4%) The above data pertains to APSEZ domestic cargo volumes. Our guidance of over 400 MMT for FY24 also includes international operations. E indicates projection based on guidance provided adani Ports and Logistics 222 22#24APSEZ: Strong cashflow generation adani Ports and Logistics 30,000 Revenue from operations (Rs Cr) 25,000 20,000 15,000 10,000 5,000 18% CAGR 16,000 EBITDA (Rs Cr) 25,000 14,000 18% CAGR 15,000 12,000 10,000 8,000 7,067 16,000 14,000 12,000 10,000 8,000 Net Cash Generated from Operations (Rs Cr) 28% CAGR MMM 4,830 10,925 6,000 4,000 2,977 2,000 FY14 FY19 FY24E FY14 FY19 FY24E 6,000 4,000 2,000 1,132 6,029 13,500 FY14 FY19 FY24E Revenue and EBITDA growing almost 2-3x every five years. Average transformation of EBITDA to operating cashflows is healthy at over 70% With 70% domestic port EBITDA margins, APSEZ is one of the most profitable port operator globally EBITDA is excluding forex gain/loss. E indicates projection based on guidance provided 23#25APSEZ: Margin expansion across both ports and logistics business 16,000 Domestic Ports EBITDA (Rs Cr) 14,000 12,000 18% 14,000 10,000 CAGR 8,000 6,000 6,053 4,000 2,000 FY19 FY24E Domestic Ports EBITDA Margin % 80% 68% 70% 60% 50% 40% 30% 20% 10% 0% FY19 72% FY24E Logistics EBITDA (Rs Cr) 700 600 500 45% CAGR 400 300 200 90 100 578 FY19 FY24E Logistics EBITDA Margin % 35% 29% 30% 25% 20% 16% 15% 10% 5% 0% FY19 FY24E Ports EBITDA has grown at 18% CAGR during the past 5 years, with EBITDA margin expansion of 400 bps Logistics EBITDA has increased at CAGR of 45% during past 5 years, with EBITDA margin expansion of ~13% EBITDA is excluding forex gain/loss; Logistics segment reporting was not done during FY14. E indicates projection based on guidance provided adani Ports and Logistics 24#26H2 FY24 FY 24-25 APSEZ: Debt Maturity Profile as on 30th Sep'23 FY 25-26 12,000 Net Cash flow from operating activities in FY23 - Rs 11,933 Crs 10,000 8,000 2,190 6,000 4,000 2,000 694 ..lu.. 853 822 0 7,189 1,341 4,078 1,661 85 10,466 6,228 1,500 4,152 2,491 3,737 Note: Total Debt O/s as on Sep'23 without Ind AS adjustment is Rs 47,488 Crs and after Ind AS adjustment is Rs 47,177 Crs FY 26-27 FY 27-28 Foreign Debt (in Rs Cr) Rupee Debt (in Rs Cr) FY 29-30 Of the Rs 7,189 Crs Foreign Debt repayment due in FY25, Rs 1,616 Crs (USD 194.65 Mn) was repaid in Oct-23 FY 30-31 FY 31-32 25 FY 41-42 adani Ports and Logistics#27APSEZ: Leverage ratios Gross Debt, Net Debt & Average Maturity adani (YoY, in INR Cr) Ports and Logistics Rating Ratios* 7.0 49,819 27% 47,177 45,453 25% 23% 24% 23% 6.0 22% 39,989 38,696 21% 5.5 18% 34,401 28,472 5.1 31,666 5.7 5.9 5.1 4.5 FY21 FY22 FY23 H1 FY24 Mar'2021 Mar'2022 Mar'2023 Sep'23 Net Debt Gross Debt Average Maturity (years) FFO/Gross Debt (13% - 15%) FFO Interest coverage (3x-4.5x) FFO / Net Debt (18% -25%) (in USD mn) FX Revenue and FX Debt Coverage 2.8 2.5 3.6 ill 474 630 742 FY21 FY22 412 1.3 FX Revenue FY23 H1 FY24 FX Maturity Coverage *FFO (Funds from operation): EBIDTA - Interest and Tax paid in cash + Interest received in cash | 4.4 3.4 Net Debt to EBITDA 2.5 2.9 2.9 3.3 3.0 3.1 2.8 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 FY24 26#28APSEZ: Credit ratings International Company APSEZ Domestic Ratings Rating Company Domestic Rating Agency Adani International Container Terminal Private Limited (AICTPL) BBB- (S&P, Fitch) / Baa3 (Moody's) BBB- (S&P, Fitch)/ Baa3 (Moody's) APSEZ ICRA APSEZ India Ratings adani Ports and Logistics Long Term Ratings AA+/Negative AA+/Stable Moody's: Baa3 (Sovereign Equivalent) The affirmation of APSEZ's issuer ratings considers the company's strong market position as the largest port developer and operator in India by cargo volume and its strong liquidity and financial profile. The stable outlook on the ratings reflects Moody's expectation that APSEZ would continue to generate relatively steady cash flow over the next 12-18 months and would be able to realign its capital spending plans in the event of a liquidity squeeze. S&P: BBB- with negative outlook We believe the Adani companies we rate have long- established infrastructure assets with strong fundamentals and cash flows. This rating action does not impact the rated debt issued by Adani International Container Terminal Pte. Ltd. (BBB-/Stable). These debts are fully secured and have cash flow waterfalls that prioritize operating expenditure and debt service over distributions. Given the ring-fenced assets, in our view the structure of these financings currently sufficiently protects investors. Fitch: BBB- (Sovereign Equivalent) We continue to assess APSEZ's underlying credit profile at 'BBB'. APSEZ's underlying credit profile reflects its status as India's largest commercial port operator, with best- in-class operational efficiency. Source: https://www.moodys.com/research/Moodys-takes-ratings-actions-on-8-Adani-Group-entities--PR_473652, 06-2022, https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2944357 https://www.fitchratings.com/research/infrastructure-project-finance/fitch-affirms-adani-ports-at-bbb-outlook-negative-07- 27#29adani Ports and Logistics E ESG Performance#30APSEZ: ESG Ratings Dow Jones Sustainability Indexes ■ Ranked amongst top-15 with 96 percentile score in the Transportation and Transportation Infrastructure out of 314 companies assessed Achieved the highest score of 90/100 on the Environmental pillar amongst the 314 companies assessed SUSTAINALYTICS ☐ Overall placed in top 96 percentile among companies across all the sectors globally ■ Received low ESG risk rating (score: 12.6) given strong management of ESG risks adani MOODY'S CDP ◉ ◉ APSEZ ranked 1st globally in Transport & Logistics Emerging Markets with overall score of 63 (Oct-22) APSEZ ranked 1st among the Indian companies across all sectors APSEZ has been ranked 1st among 59 Indian companies and 9th among 844 companies in the Emerging Markets globally across all sectors Achieved the Management level in Climate Change & Water Security assessment of 2022 Ports and Logistics 29#31APSEZ: Growth with Goodness Million Benefitted 0.96 Millions benefitted through our CSR initiatives Spent around Rs 300 crores in the last 5 years on signature programs of the CSR Initiatives 1.20 1.00 0.80 0.60 0.40 0.20 0.00 0.71 0.68 0.55 m 0.63 [HO adani Ports and Logistics Key areas for CSR initiatives (Beneficiaries) till Q1 FY24 Education -27,678 Women & Youth Empowerment - 27,405 Sustainable Livelihood - 3,72,454 Agriculture - 1,58,288 0.96 Sports 4,837 FY19 FY20 FY21 FY22 FY23 Skill Development- 868 Health & Nutrition - 2,73,367 Community Infrastructure - 65,622 46 Community Engagement - 10,000+ Water Resource - 589 30#32adani Ports and Logistics F Annexure#33APSEZ: Operational & Financial Highlights - H1 FY24 Operational APSEZ domestic cargo growth during H1 FY24 was 2x the industry cargo volumes (11% vs 5%) . Achieved 200 MMT mark for cargo volumes in 181 days vs 212 days in FY23 · Eight ports recorded their highest ever half yearly cargo volumes • Mundra, Tuna, Dighi, Hazira, Ennore, Dhamra, Krishnapatnam and Gangavaram Four ports handled their largest parcel sizes during H1 FY24 Mundra, Dahej, Kattupalli, and Krishnapatnam • Integration of Karaikal Port and Haifa Port achieved • • ALL recorded highest ever half yearly Rail and GPWIS volumes in H1 FY24 at 279,177 TEUS and 8.92 MMT ALL added 11 rakes, 1 MMLP (Loni), and 2 warehouses (Mumbai and Indore) to its portfolio In the next 6-12 months, Vizinjham Port to commence commercial operations, Phase-1 of West Coast. terminal in Sri Lanka to be commissioned and container capacity expansion at Mundra of 0.8 MTEUS adani Ports and Logistics 32#34APSEZ: Operational & Financial Highlights - H1 FY24 Financial • Op. Revenue jumped by 26% Y-o-Y to Rs 12,894 Crs & EBITDA (excl. forex) increased by 17% to Rs 7,634 Crs Port EBITDA margin expanded by 220 bps Y-o-Y to 72%, while logistics EBITDA margin remains strong at 29% • Net cash generated from operating activities increased by 20% in H1 FY24 to Rs 7,290 Crs . • APSEZ has concluded buy-back of two tranches of USD denominated bonds totaling USD 325 Mn, representing 50% of the principal repayment due in July 24. Net Debt to EBITDA for TTM Sep'23 improved to 2.8x vs 3.1x for FY23 West Coast terminal in Sri Lanka has received funding commitment of USD 553Mn from the US DFC adani Ports and Logistics 33#35APSEZ: Key segment wise Operating revenue & EBITDA - H1 FY24 (YoY, in INR Cr) adani Ports and Logistics 70% 8,967 6,236 H1 FY23 210 Revenue Ports 9,963 72% 7,148 721 29% 212 Logistics H1 FY24 H1 FY23 EBIDTA EBIDTA (%) Revenue SEZ & Port Development 34% H1 FY23 72 22 Revenue EBIDTA 338 11% 36 H1 FY24 EBIDTA (%) EBITDA excludes forex loss of INR 206 cr. in H1 FY24 vs. forex loss of INR 1,571 cr. in H1 FY23; EBIDTA International Ports 9% 334 31 H1 FY23 Revenue EBIDTA 990 29% H1 FY24 EBIDTA (%) 289 1,566 11% H1 FY24 EBIDTA (%) 167 34#36APSEZ: Port wise returns 16% 23% 20% 23% 20% 19% 19% 33% 28% 17% 13% 12% Mundra Hazira Dahej Dhamra 2% 16% 12% 11% 11% 9% 6% 6% Kattupalli Krishnapatnam Terminals 4% Gangavaram -2% ROCE FY22 ■ROCE FY23 ROCE H1 FY24 16% 14% 6% 6% 3% 0% OSL Logistics ROCE improving at matured ports with better capacity utilization and given the focus on efficiency ROCE of logistics business doubled vs. FY22 Operational ramp up at ports acquired in the last few years will drive their ROCE to -20% adani Ports and Logistics 35#37Disclaimer adani Ports and Logistics 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 authorised 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 authorised 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. CHARANJIT SINGH Head ESG & Investor Relations [email protected] +91 79 2555 7712