Ahmedabad, April 30 (IANS) Adani Ports and Special Economic Zone (APSEZ) on Tuesday 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 APSEZ’s strongest level of creditworthiness and the ability to fulfil all its financial guidance, the company said in a statement.
“We cherish the recognition of our financial discipline and commitment to deleveraging, diversified asset base as well as customer base and the highest profitability in this sector globally,” said Karan Adani, Managing Director, APSEZ.
With this development, APSEZ has become the first large-sized private infrastructure developer to get this recognition.
The rating is driven by APSEZ’s robust integrated business model, dominant industry position, strong growth in operations with healthy profitability, coupled with high liquidity and low leverage. The company said that its successful track record of turning around port assets post-acquisition and its integrated approach as a transport utility providing services from port gate to customer gate has led to 15 per cent compounded annual growth in volumes for FY19-FY24, as compared to 4 per cent CAGR for all Indian ports.
In FY24, APSEZ did a cargo volume of 419.95 MMT, 24 per cent higher than the previous year. APSEZ, a part of the globally diversified Adani Group, is the largest port developer and operator in the country with seven strategically located ports and terminals on the west coast and seven ports and terminals on the East coast, representing 27 per cent of the country’s total port volumes.
The company’s vision is to be one of the largest ports and logistics platforms in the world in the next decade.
–IANS
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