Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest private sector port developer has announced 9 percent growth in cargo in the first quarter ending 30th June, 2018. The total cargo volume in the first quarter shot upto 48.07 MT as against 43.99 MT in the corresponding quarter last year.
The growth was primarily driven by crude which grew by 65% and containers which grew by 16%.The cargo volume growth at three larger ports operated by the company stood at: Mundra (5%), Hazira (14%) and Kattupalli (13%). The company has also reported 16% surge in consolidated revenue – Rs 2411 crore as against Rs 2084 crore in the first quarter last year.
Commenting on the results, Karan Adani, Chief Executive Officer, APSEZ said, “We have clocked highest quarterly throughput with a growth of 9% in Q1FY19. This has been possible due to our continued efforts to diversify cargo at all our ports. Port EBITDA margins have expanded by 100 BPS to 70% and we expect EBITDA to continue to expand due to our focus on higher capacity utilization, automation and mechanisation through use of technology. Our focus will be to further strengthen our balance sheet and to continue best practices in health, safety and environment processes.”