Container levels up a quarter in Adani Ports results

Adani Ports and Special Economic Zone (APSEZ) has seen its container throughput rise by a quarter in its latest financial year results.

Through its nine-month 2022 financial year, the global port operator handled 6.2 million TEU – a 25 per cent increase compared to the same period in the prior financial year.

The results announced 1 February include results for the third quarter, and nine months of financial year ending 31 December 2021.

The growth in its container segment means that APSEZ now controls 42.2 per cent of the box market in India, where the company mainly operates.

Adani’s ports on the Indian east coast grew its total cargo throughput by 58 per cent, and ports on the west coast saw a 10 per cent increase.

The APSEZ-operated Mundra Port continues to be the largest container handling port in the country, handling 4.9 million TEU.

Adani Logistics, APSEZ’s logistics arm, registered a 25 per cent growth in rail volume to 284,477 TEU and a 13 per cent growth in terminal volume to 211,679 TEU.

Despite seeing declines of 6 per cent in profit after tax in third quarter results, the operator reported nine-month profits of 3,762 Rs crore ($502 million). That’s a 1 per cent increase on financial year results for the year prior.

In September 2021 APSEZ took over Gangavaram Port (GPL) following the acquisition of the Andhra Pradesh government’s stake of 10.4% for Rs 646 crore ($87.4 million).