Ahmedabad, May 2 (IANS) Adani Ports and Special Economic Zone (APSEZ) on Thursday announced a 50 per cent jump in net profit at Rs 8,104 crore for FY24, reaching a record volume of 420 MMT (million metric tonnes) in the period which is 24 per cent growth (year-on-year).
The revenue for FY24 grew by 28 per cent (year-on-year) to reach a record high of Rs 26,711 crore, supported by a 30 per cent jump in ports business revenue and 19 per cent in logistics business, the company said in a statement.
“FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6-8 per cent, while closing the year with net debt to EBITDA ratio of 2.3 times vs its guidance of 2.5 times,” said Ashwani Gupta, Whole-Time Director and CEO, APSEZ.
With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and West Container Terminal (WCT) in Sri Lanka next year.
“We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers,” Gupta noted.
In FY24, APSEZ handled 27 per cent of the country’s total cargo and 44 per cent of container cargo.
The domestic cargo volumes grew by 21 per cent (YOY) in comparison to 7.5 per cent growth in India’s cargo volumes in FY24.
“With cargo volumes of 180 MMT (more than 16 per cent YoY growth) in FY24, our flagship port, Mundra, is well placed to cross 200 MMT mark in FY25,” said the company.
Mundra Port handled 7.4 million TEUs during the year, which is 15 per cent higher than its nearest competitor.
With the acquisition of Gopalpur and Karaikal ports, the total count of ports in the India portfolio has increased to 15, according to the company.
“Ten of our ports from the India portfolio recorded their lifetime high cargo volumes for the year,” the company informed.
APSEZ this week announced the elevation of its credit rating to AAA by CARE Ratings. This is the highest possible rating given to any issuer in India by credit rating agencies, signifying the company’s strongest level of creditworthiness and the ability to fulfill all its financial guidance.
–IANS
na/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
