Adani Ports cargo volumes up 47%

Adani Ports

Adani Ports and Special Economic Zone (APSEZ) has released its results for the second quarter and half year which ended 30 September 2021.

The results see cargo volumes increasing by 47%, consolidated revenue by 56% and consolidated EBITDA by 47%.

© Adani Ports and Special Economic Zone (APSEZ)

The company also revealed some of its environmental highlights from the period, this included signing the ‘Science-Based Targets Initiative’ which mandates businesses for setting a net-zero target, and the launch of a 1000-hectare project for mangrove afforestation, and a 40-hectare grassland ecosystem restoration at Guneri.

“APSEZ has delivered a strong first half, which is a testimony to our growth story. Our strategy of geographic expansion with a focus on higher-growth regions, balancing cargo mix, expansion in the logistics business, particularly rail transportation, and foray into Grade-A warehousing segment reflects our move towards a ‘Transport Utility’ business model and is resulting in a continuous increase in our market share,” said Mr Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.

“Our acquisitions of Sarguja Rail, Dighi Port, and Gangavaram Port; alongside the foray into Sri Lanka with a greenfield port in Colombo, all during H1 2021, are steps in that direction. We are on track to achieve our volume target for FY 21-22 which will be a milestone year for APSEZ.

“We are processing towards our target of carbon-neutrality by 2025, with a focus on the use of renewable energy, and carbon offsetting through mangrove afforestation and terrestrial plantation. As we work on a strategy for the pathway to net-zero, we continue to invest in new technologies, and digitisation and automation of our operations and service, with an objective to become the topmost sustainable port company in the world.”

APSEZ took control of Gangavaram Port in September 2021 following the acquisition of the Andhra Pradesh government’s stake of 10.4% for Rs 646 crore ($87.4 million). Both companies approved the merger at a swap of 159 shares in APSEZ for 1,000 shares in GLP and is expected to be completed by 31 March 2022.

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