APSEZ reports 11.5% jump in total cargo volumes in April-June quarter

The cargo handling in June was, however, lower at 32.8 MMT as compared to 36 MMT in May

Adani Ports and Special Economic Zone (APSEZ) on Monday reported an 11 per cent growth in its total cargo volumes in the quarter that ended on June 30 to 101.4 MMT. In June, the company handled 32.8 MMT of cargo. 1 MMT out of this was at its newly-acquired Haifa Port in Israel.

The cargo handling in June was, however, lower than 36 MMT in May.

According to a press release by the company, the growth was observed across all three cargo segments including container (19 per cent), liquid & gas (eight per cent), and dry bulk (seven per cent).

The logistics volume reported an 18 per cent jump on a year-to-date basis (YTD) to 131,420 TUEs.

In the quarter that ended on March 31, the consolidated net profit of the company rose 2.63 per cent to Rs 1,140 crore. Its consolidated total income increased to Rs 6,179.12 crore against Rs 4,739.08 crore in the year-ago period.

"FY23 has been a stellar year for APSEZ in operational as well as financial performance. The company has overachieved against its highest-ever revenue and EBITDA guidance provided at the beginning of the year. Our strategy of geographical diversification, cargo mix diversification, and business model transition to a transport utility is enabling robust growth," Karan Adani, chief executive officer (CEO) and whole-time director of APSEZ said.

Over the last 5 years, APSEZ's revenue and EBITDA have grown at a CAGR of 16-18 per cent, while the company's domestic market share jumped 800 basis points to 24 per cent in FY23. The company said it recorded investments of around Rs 27,000 crore in FY23, which includes six major acquisitions totalling around Rs 18,000 crore and organic capex of around Rs 9,000 crore.