Adani Ports and Special Economic Zone (APSEZ), India’s largest port developer and part of the Adani Group has announced the financial results for the year ended March 31, 2016.
Consolidated cargo across all ports handled by the company was up by 5%, over the corresponding period last year, including 3.35 million TEU, which was up 17% from 2.87 million TEU in 2015.
Consolidated total income increased by 16% more than almost US$1.2 billion in the financial year of 2015/2016, compared to just over $1 billion in the corresponding period a year prior.
Gautam Adani, Chairman, Adani Group, said: “Our strategy continues to bear fruit, with total operating income for the first time exceeding the US$1 billion mark.
“With an expanded footprint at 10 locations along the Indian coastline, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale.”
Karan Adani, CEO of APSEZ, said: “I am extremely proud of our progress over this past year. We’ve delivered, yet again, an outstanding financial performance and operationally we’ve increased both total cargo throughput and container handling.
“We will continue to look at improving our financial margins and operational efficiency, through a combination of enhanced use of technology, optimising our cargo mix and reducing our net finance cost.
“[For] our guidance for the next year, cargo volumes [are] likely to see 10% to 15% growth and corresponding 10% to 15% growth in profit after tax. With our expansion in capacity, we are well-positioned to capitalise on the growth in domestic imports, exports and the increased need for logistics infrastructure in India.”
PTI previously reported on the Sagarmala initiative of the Indian government, which will focus on seamless movement of cargo across long coast lines.