Adani Ports reports 9 pc growth in FY23, largest port cargo volume ever

In a statement, ASPEZ said it handled 339 million tonne, the highest volume ever.

The company said it handled 32 million tonne of total cargo in March 2023, a growth of 9.5 percent year-on-year.

The company recorded volumes over the 30-million tonne mark for the first time since July 2022, it said.

APSEZ is India’s largest port operator with six ports on the west coast and five ports on the east coast under its portfolio.

The company said it has been working on increasing its market share and has outperformed the whole of India’s cargo volume growth.

Earlier this week, it completed the acquisition of Karaikal Port.

Karan Adani, CEO and Whole Time Director, APSEZ said, “The improvement in cargo volumes is testimony to the faith that our customers have in us.”

He added: “It shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods.”

The overall container volumes handled by APSEZ in India jumped to nearly 8.6 million TEUs (twenty-foot equivalent units), 5 percent year-on-year growth, including 6.6 million TEUs at Mundra alone.

Mundra continues to be India’s largest seaport with approx.155 MMT of total cargo handled during the year.

The logistics business segment also had a record year. The container rakes handled during the year achieved a new milestone crossing 500,000 TEUs, a 24  percent growth year-on-year, while the bulk cargo transported exceeded 14 million tonne, implying a 62  percent jump y-o-y.

"This financial year witnessed APSEZ setting some new milestones on the count of ships docked (6,573), rakes serviced (40,482), and the trucks, trailers and tankers handled (48,89,941). Adani Ports serviced 3,068 unique customers across its different business units," the statement said.

An increase in cargo volume at ports reflects the expanding economy. Almost 95 percent of the trade volumes in India are carried through maritime transport.

"APSEZ consistently works on cargo diversification at all its ports. This year, Krishnapatnam Port successfully added soybeans, edible oil and sugar to its cargo portfolio while Dighi Port handled sugar for the first time and Dhamra its first rice vessel for export to Bangladesh," the statement said.

"APSEZ's achievement unde rlines its ability to adapt to fast-paced changes due to global market and geopolitical volatility and continue its journey towards sustainable growth."