Results of APSEZ within expectations:Moody's

Moody's Investors Service today said financial results reported by Adani Ports and Special Economic Zone Ltd (APSEZ) for the year ending March 2018 were within its expectations.

"Adani Ports and Special Economic Zone Ltd's (APSEZ) (Baa3 stable) results for full year ending March 2018 (FY2018) are within Moody's expectations," the global rating agency said in a statement.

The port developer and terminal operator's consolidated revenue from operations on year-on-year basis in FY'18 was up by 34 per cent at Rs 11,323 crore.

"FY2018 performance for APSEZ was driven by seven per cent year on year (YoY) growth in cargo volumes and a strong 5.4x growth in Special Economic Zone (SEZ) income compared to FY2017," Abhishek Tyagi, a Moody's vice-president and senior analyst said.

APSEZ's coal cargo volumes in 2017-18 were negatively impacted by lower utilisation rate of Adani Power's 4.6 GW Mundra power project.

"The strong growth in SEZ income in FY2018 was driven by recognising of revenues pertaining to Container Terminal (CT) -3 extension and CT-4 port development proceeds," it said.

Adani Ports and Special Economic Zone is India's leading port developer and operator.