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Adani Ports and Special Economic Zone (APSEZ) has announced an extremely strong set of results for the first quarter of the current financial year, ending 30th June 2023, including some record performances. Cargo volumes were the highest ever for a three month period, with the 101.4 million tonnes handled by the Indian ports group representing a healthy 12 per cent jump on the equivalent quarter in the previous financial year.
Profitability on an EBITDA basis for the quarter was up by 80 per cent, to RS 3765 crores (US$454.48 million). The EBITDA profit margin for the Indian ports business was 72 per cent, while that for logistics was 28 per cent, both significantly higher than for similar businesses in India, the group claims.
CEO Karan Adani said: “Our newly acquired assets, Haifa and Karaikal Port, have ramped up well with monthly cargo volumes now touching 1 million tonnes at the two ports. With our cargo volumes passing the 100 million tonnes milestone during the quarter, we are well on course to achieve our 2023-2024 cargo volume target of 370-390 million tonnes.
APSEZ’s share of the ports market in India increased to 26 per cent in the first quarter, while the port of Mundra handled 1.72 million TEU, 12 per cent higher than its closest competitor.
The group’s growth in cargo volume was led by containers, up 15 per cent, with dry bulk and liquids increasing by 10per cent and 7 per cent respectively.
Further growth prospects for APSEZ look promising. India’s largest transshipment port at Vizinjham is to become operational by the end of the year and at Mundra, a container capacity expansion of 800,000 TEU a year is to be completed by the third quarter of the financial year, supported by five new railway lines which are being added to increase container handling capacity by 30 per cent.
