Adani Ports cargo volumes accelerate to 300 million metric tonnes

Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it has achieved the milestone of handling 300 million metric tonnes (MMT) of cargo well ahead of the year end.

Adani Ports said it has registered unprecedented growth since it started operations just over two decades ago, and continues to outperform all Indian cargo volume growth, rapidly expanding its market share.

"APSEZ... has crossed a historic milestone by handling 300 MMT of cargo well ahead of the year end (March 2022)," the company said in a statement.

"The acceleration of our cargo volumes is a manifestation of our ability to continue to execute on our strategy," Karan Adani, CEO and whole-time director, APSEZ, said.

"We anticipate our growth to continue to accelerate given our capabilities that are now best-in-class and the tailwind of a growing Indian economy," he added.

This achievement also underlines the ability of APSEZ to adapt to fast-paced changes due to global market and geopolitical volatility and continue its journey towards sustainable growth.

"We are confident of reaching our goal of 500 MMT by 2025 and emerge as the world's largest private ports company by 2030," the CEO said.

Adani Ports said it has been accelerating the time taken to increase its cargo volumes. It took 14 years to achieve the capacity to handle 100 MMT cargo annually (with five ports in its portfolio), the capacity doubled to 200 MMT annually (with nine ports in its portfolio) in the next five years. Now with 12 ports in its portfolio, APSEZ has hit the milestone of handling 300 MMT annually in just three years.

The three-year journey from 200 MMT to 300 MMT includes the two-year period of global economic slowdown due to the COVID-19 pandemic, the company said.