Adani Ports and Special Economic Zone Ltd (APSEZ) today announced its results for the quarter and twelve months ending March 31, 2024. “FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x. Clearly, the company’s business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results,” said Ashwani Gupta, Whole-Time Director & CEO, APSEZ.
“With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT next year. We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies.” added Gupta.
Operational Highlights
In FY24, APSEZ handled ~27% of the country’s total cargo and ~44% of container cargo
APSEZ domestic cargo volumes grew by 21% Y-o-Y vs 7.5% growth in India’s cargo volumes in FY24
Even after excluding the two newly added ports (Haifa – Jan’23 & Karaikal – Mar’23), APSEZ recorded a 18% Y-o-Y growth in cargo volumes
With cargo volumes of 180 MMT (+16% Y-o-Y) in FY24, our flagship port, Mundra, is well placed to cross 200 MMT mark in FY25
Mundra Port handled 7.4 Mn TEUs during the year, which is 15% higher than its nearest competitor
Ten of our ports from the India portfolio recorded their lifetime high cargo volumes for the year
AICTPL (CT-3) terminal in Mundra delivered the highest ever annual container cargo volumes at any terminal in India
Mundra Port berthed one of the largest container ships ever – MV MSC Hamburg (399 m long x 54 m wide) – with capacity of 15,908 TEUs
Recorded its highest ever quarterly volumes at ~109 MMT in Q4 FY24
Highest-ever container rail (+19%) and bulk (+40%) volumes in FY24