Adani Ports handles 100 MMT cargo in first 99 days of FY23

The company had reached the 100 MMT cargo throughput in 109 days last year.

Adani Ports and Special Economic Zone (APSEZ) said that it had clocked a cargo throughput of 100 MMT in the first 99 days of FY23.

The integrated transport utility had hit this record volume on 8 July 2022.

APSEZ had reached the 100 MMT cargo throughput in 109 days last year.

The milestone is significant as it demonstrates the rapidly improving efficiency of APSEZ, which needed a year to achieve 100 MMT cargo volume FY2014.

Karan Adani, CEO and whole time director of APSEZ, said: "In 2021, we stated our ambition to emerge as the world's largest private port company and India's largest integrated transport utility by 2030.

When APSEZ's operations spanned five ports, it took 14 years for the company to achieve 100 MMT of annual cargo throughput. In the following five years and with operations across nine ports, APSEZ doubled cargo throughput to 200 MMT. We then achieved the milestone of 300 MMT in just three years. We are now poised to grow our cargo volumes by 60% to 500 MMT by 2025 and emerge as the world's largest port operator by 2030.

APSEZ said that the present growth in cargo is supported by a 12% Y-o-Y jump in June 2022 at 31.88 MMT. Coal volumes have continued to show strong recovery of 25% over the previous year.

Compared to the previous year, other key segments that have led this monthly surge are crude at 17% and container at 6%. With a monthly growth volume of 21%, Mundra led this record performance followed by Hazira, Kattupalli & Ennore combined, and Dahej.

Adani Ports & Special Economic Zone (APSEZ) is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

APSEZ reported a 21.8% fall in consolidated net profit to Rs 1033.02 crore in Q4 FY22 from Rs 1320.69 crore recorded in Q4 FY21. Net sales rose 6.6% YoY to Rs 3,845.03 crore for the quarter ended 31 March 2022.

The scrip shed 0.81% to currently trade at Rs 726.00 on the BSE.

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