Adani Ports ends FY23 with 9% growth, largest port cargo volume ever
Billionaire Gautam Adani’s Adani Ports and Special Economic Zone Ltd (APSEZ) reported a 9% growth in cargo handling at the seaports it operates for the fiscal year ended March 31. According to a statement released by the company, it handled 339 million tonnes of cargo, the largest port cargo volume ever recorded. The firm handled approximately 32 million tonnes of total cargo in March, representing a 9.5% YoY growth. This is the first time since July 2022 that the volumes crossed the 30 million tonne mark.
APSEZ has been continuously increasing its market share over the past few years, outperforming all of India’s cargo volume growth. The company, which operates six ports on the west coast and five on the east, is continuing to add ports to its portfolio. Earlier this week, it completed the acquisition of Karaikal Port. While 11 ports it operates handle 25% of total port volumes, the firm is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.
Karan Adani, CEO of APSEZ, stated that “the improvement in cargo volumes is testimony to the faith that our customers have in us.” “APSEZ’s flagship port in Mundra, in Gujarat, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods,” he added.
Logistics business
The logistics business segment also had a record year. The container rakes handled during the year achieved a new milestone crossing 500,000 TEUs, a 24% rise, while the bulk cargo transported exceeded 14 million tonnes, implying a 62% YoY jump. This financial year witnessed APSEZ setting some new milestones on the count of ships docked (6,573), rakes serviced (40,482), and the trucks, trailers, and tankers handled (48,89,941). Adani Ports serviced 3,068 unique customers across its different business units.
Increase in cargo volume at ports reflects the expanding economy. Almost 95% of the trade volumes in India are carried through maritime transport. APSEZ consistently works on cargo diversification at all its ports, and this year, Krishnapatnam Port successfully added soybeans, edible oil, and sugar to its cargo portfolio while Dighi Port handled sugar for the first time, and Dhamra its first rice vessel for export to Bangladesh. The statement noted that “APSEZ’s achievement underlines its ability to adapt to fast-paced changes due to global market and geopolitical volatility and continue its journey towards sustainable growth.”
With agency inputs
