Adani Ports revenues soar 20 per cent in FY 2023

Adani Ports

Adani Ports and Special Economic Zone Ltd (APSEZ) has announced its results for the fiscal year and fourth quarter ended on 31 March 2023.

APSEZ recorded its highest-ever port cargo volumes at 339 million metric tonnes in fiscal year 2023, reflecting a 9 per cent year-on-year increase.

The group handled 300 million metric tonnes of cargo in just 329 days, surpassing the previous benchmark of 354 days in fiscal year 2022.

The APSEZ’s ports of Mundra and Krishnapatnam are featured in the top 10 ports of India for their annual cargo volumes.

Mundra Port continues to be India’s largest container handling port with 6.64 million TEU in fiscal year 2023. This is 10 per cent higher than its closest competitor.

The port also continues to be the largest commercial port of India with cargo volumes reaching 155 million metric tonnes. Mundra Port also recorded 150 million metric tonnes in a record 355 days.

READ: Adani begins works on 3.2 million TEU Colombo Port terminal

Logistics rail volumes also crossed a milestone of 500,000 TEU during the year.

APSEZ recorded investments of around Rs 27,000 Cr ($3.2 billion) in fiscal year 2023, which includes six major acquisitions totalling around Rs 18,000 Cr ($2.2 billion) and organic capex of around Rs 9,000 Crs ($1.1 billion).

These acquisitions included Haifa Port Company, Gangavaram Port, Karaikal Port, IOTL, Ocean Sparkle, and ICD Tumb.

A total of five bids were also won during the year including two in ports business – mechanisation of Berth 2 at Haldia Port and greenfield construction of Tajpur Port – and three in logistics business including Loni ICD, Valvada ICD and 70 agri silos with cumulative capacity of 2.8 million metric tonnes.

READ: Adani Ports breaks cargo volume monthly record

According to Karan Adani, the investments made along with the five bid wins during the year will enable APSEZ to achieve its targeted cargo volumes of 500 million metric tonnes in 2025 and speed up the transition of the business model to a transport utility.

Earlier this month, Adani Ports and Special Economic Zone Ltd (APSEZ) completed the sale of its port in Myanmar for $30 million.

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