India’s port developer and part of Adani Group, Adani Ports and Special Economic Zone Limited (APSEZ), has handled 17 percent more containers in the full year ended March 31, 2016, as it reported a rise in its total operating income of over USD 1 billion.
The company saw 3.35 million TEUs during the fiscal year, against a volume of 2.87 million TEUs recorded a year earlier, while total cargo across all ports handled by the company was up by 5 percent to 152 million tons.
During the fourth quarter the company’s total cargo volume stood at 37 million tons.
Total income increased by 16 percent to Rs. 7,941 crore in fiscal year 2016 as compared to Rs. 6,838 crore in the corresponding period last year.
“Our strategy continues to bear fruit, with total operating income for the first time exceeding the USD 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,” said Gautam Adani, Chairman, Adani Group.
Total income increased by 18 percent to Rs. 2,162 crore in in the fourth quarter as compared to Rs. 1,832 crore in the same quarter a year earlier.
“Our guidance for the next year, cargo volumes 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 capitalize on the growth in domestic Imports, Exports and the increased need for logistics infrastructure in India,” said Karan Adani, CEO, APSEZ.