India’s port developer Adani Ports and Special Economic Zone Limited (APSEZ) ended the fiscal year 2017 with an 11 percent increase in its cargo volumes, mainly driven by a surge in container numbers.
The company’s consolidated cargo volumes reached 169 million tons in the year ended March 31, 2017, up from 152 million tons reported in the previous fiscal year.
Similarly, Adani ports’ revenue was up by 19 percent to INR 84.4 billion, while its reported EBITDA increased by 20 percent to INR 64 billion. The ports’ container volumes crossed four million TEUs for the first time, increasing by 27 percent to 4.24 million TEUs on a year-on-year basis.
“This is one of our best all round performance. Our strategy to diversify our cargo mix and focus on high value cargo continues to yield positive results,” Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said.
“FY17 volume growth was led by containers and high growth in other ports namely Hazira, Dhamra and Kattupalli. Our EBITDA margins have been improving year on year and this is likely to continue given our focus on operational efficiencies, technology and cost control,” Adani added.