Press Release

Adani Ports and Special Economic Zone Limited

January 12, 2022
Ratings
Instruments Amount (Rs. crore) Rating1 Rating Action
Non-Convertible Debentures* - - Withdrawn
Details of instruments in Annexure-1
* backed by the escrow of entire receivables of Indian Oil Corporation Ltd for the single point mooring (SPM) facility of APSEZ;
‘Structured Obligation’ (SO) removed in September 2019 pursuant to SEBI circular dated June 13, 2019

Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers
CARE Ratings Ltd. has withdrawn the rating assigned to the NCD issue of Adani Ports and Special Economic Zone Limited with
immediate effect, as the company has repaid the aforementioned NCD issue in full and there is no amount outstanding under the
issue as on date.

Analytical approach: Not Applicable

Applicable Criteria
Policy on Withdrawal of ratings

About the Company

APSEZ, incorporated in 1998, belongs to the Adani group with the promoter holding 63.65% stake in the company as on
September 30, 2020. APSEZ operates in three segments - port development, SEZ development and logistics. In the port segment,
APSEZ has developed and operates the Mundra port located on the western coast which is the largest port in India in terms of
cargo handling. Apart from Mundra port, APSEZ owns and has developed ports at various other locations like Dhamra, Dahej,
Krishnapatnam, Hazira, Vizag, Kandla (Tuna), Kamarajar ports (erstwhile Ennore port),Vizhinjam, Kattupalli and Mormugao.

Brief Consolidated Financials (Rs. crore) 31-03-2020 (A) 31-03-2021 (A) H1FY22 (UA)
Total operating income 13,616 14,445 9,005
PBILDT 9,373 9,917 5,407
PAT 3,785 5,049 2,310
Overall gearing (times) 1.33 1.24 NA
Interest coverage (times) 5.17 4.40 NA
A: Audited; UA: Unaudited; NA: Not Available

Status of non-cooperation with previous CRA: Not Applicable

Any other information: Not Applicable

Rating History for last three years: Please refer Annexure-2

Annexure-1: Details of Instruments

Coup Size of the
Name of the Date of Maturity Rating assigned along
ISIN on Issue
Instrument Issuance Date with Rating Outlook
Rate (Rs. crore)
Septemb
Debentures-Non INE742F0712 September
10.50 er 27, 0.00 Withdrawn
Convertible Debentures 2 27, 2012
2021

1Complete definitions of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications.
1 CARE Ratings Limited
 Press Release

Annexure-2: Rating History of last three years

Current Ratings Rating history
Date(s) & Date(s) & Date(s) & Date(s) &
Sr. Name of the Amount
Rating(s) Rating(s) Rating(s) Rating(s)
No. Instrument Type Outstanding Rating
assigned in assigned in assigned in assigned in
(Rs. crore)
2021-2022 2020-2021 2019-2020 2018-2019
1)CARE AA+;
Stable
Debentures-
1)CARE AA+; (15-Jan-20)
Non
1 LT - - - Stable -
Convertible
(13-Jan-21) 2)CARE AA+
Debentures
(SO); Stable
(05-Apr-19)
1)CARE AA+;
Stable
Debentures-
(15-Jan-20)
Non 1)Withdrawn
2 LT - - - -
Convertible (13-Jan-21)
2)CARE AA+;
Debentures
Stable
(05-Apr-19)

Annexure 3: Complexity level of various instruments rated for this Company

Sr No Name of instrument Complexity level
1. Debentures-Non Convertible Debentures Simple

Note on complexity levels of the rated instrument: CARE Ratings Ltd. has classified instruments rated by it on the basis of
complexity. This classification is available at www.careedge.in. Investors/market intermediaries/regulators or others are welcome
to write to [email protected] for any clarifications.

2 CARE Ratings Limited

 Press Release

Contact us
Media Contact
Name – Mr. Mradul Mishra
Contact no. - +91-22-6754 3596
Email ID - [email protected]

Analyst Contact
Group Head Name – Maulesh Desai
Group Head Contact no.- 079-4026 5605
Group Head Email ID – [email protected]

Relationship Contact
Name – Deepak Prajapati
Contact no. - +91 98209 98779
Email ID – [email protected]

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