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Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer, has reported a positive set of results for the year ended March 31, 2016.
Consolidated cargo volumes across all ports handled by the company amounted to 152 million tonnes, an increase of 5%, over the corresponding period last year. This included 3.35 million teu, up 17% from 2.87 million teu the previous year.
Profitability on an EBITDA basis was 19% higher than in the 2014-15 period and total operating income for the first time exceeded the US$ 1 billion mark. “With an expanded footprint at 10 locations along the Indian coastline, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale,” said Gautam Adani, chairman, Adani Group.
The company says that cargo volumes are likely to see 10% to 15% growth in 2016-17 and a corresponding increase in profit after tax. “With our expansion in capacity, we are well-positioned to capitalise on the growth in domestic imports, exports and the increased need for logistics infrastructure in India,” added chief executive, Karan Adani.
Key developments highlighted by Adani included the fact that, after taking over operations at the port of Kattupalli, it has increased container volume from 7,900 teu per month to over 11,500 teu a month, in just 4 months. The entry into service of CT4, a joint venture with with CMA – CGM, should bring in more container volumes at Mundra, the company says.
