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India’s Adani Ports Group has seen a significant acceleration in traffic during the third quarter of the 2017/18 financial year. Cargo volumes were up by 16%, to 47.6 million tonnes, in this period, with container volumes in particular surging ahead by 29% compared to the equivalent months in the previous financial year. Coal traffic also rose by 13% and crude oil by 10%.
The rapidly rising cargo volumes were reflected in improved financial results. Adani Ports’ operating income rose by 22%, while profits on an EBITDA basis jumped 46%, the company reports.
Karan Adani, chief executive, said, “Cargo volume growth in the third quarter rebounded after a tepid second quarter, and this was led by double digit growth in all the major cargo types we handle. We foresee a continued upturn in cargo volumes in India and we are confident of exponential growth in ports on the eastern and southern coasts of India.”
Mr. Adani said the company plans to continue to expand in the logistics sector, to improve port to hinterland connectivity. He adds, “We aim to become a truly fully integrated player, providing end to end services to our customers.”
