According to Reuters, Adani Ports and Special Economic Zone (APSEZ), India’s leading private port operator, delivered an outstanding fourth quarter performance, witnessing a remarkable 76 per cent year-on-year increase in profits. This surge in profitability was underpinned by the company’s handling of record cargo volumes.
In Q1 2024, APSEZ achieved a consolidated net profit of 20.40 billion rupees ($244.6 million), marking a substantial rise from the 11.58 billion rupees reported in the corresponding period of the previous year.
The exceptional growth can be credited to a robust start to 2024, as evidenced by the company’s record-breaking quarterly cargo volumes of 109 million metric tons (MMT) during the January-March timeframe.
This surge in cargo movement translated into a 19 per cent revenue increase, with earnings reaching 68.97 billion rupees.
APSEZ recently emphasized that over a quarter of India’s total cargo volume for FY24 transited through its ports, with an expanding portion originating from its non-Mundra facilities.
