Adani Ports and Special Economic Zone Limited, India’s largest port developer and operator has revealed a highly positive set of operational and financial results for the nine months ending 31st December, 2019. Operating revenues were up 14% compared with the equivalent period in 2018, while profitability as measured by EBITDA jumped 15%.
Group ports in all parts of India registered strong cargo growth. Dhamra, on the eastern coast registered a growth rate of 44%, Kattupalli, its most southern port, achieved a cargo throughput increase of 23%, while the western coast ports of Hazira and Mundra registered growth of 9% and 3% respectively.
In the third quarter of the 2019/2020 financial year, a total of seven new container services were added, five at Mundra and one each at Ennore and Hazira. The additional container volume generated by these additional services will be approximately 400,000 teu annually, the company states.
Adani is also expanding into new market segments; in particular the company reports that operations at Mundra LNG terminal commenced in January this year, while Adani’s acquisition of Krishnapatnam port is on track and is expected to be completed in the first quarter of the 2020/2021 financial year.