The logistics arm of Adani group, Adani Ports and Special Economic Zone (APSEZ), has reported a hefty double-digit jump in cargo throughput during 2018-19. The company recently announced its annual result which underlines a cargo volume jump of 15 percent in FY19 taking the actual throughput to beyond 200 MMT mark.
The report maintains that the flag ship Mundra port grew by 13 percent while Hazira and Dahej grew by 16 and 30 percent respectively. The Southern port of Kattupalli registered a growth of 18 percent. All segments of cargo registered significant growth – coal (17 percent), container (13 percent),crude (31 percent) and bulk cargo (9 percent).
The consolidated revenue of the company, however, was slightly lower in FY19 (Rs 10,925 crore) as against the previous fiscal (Rs 11,323 crore) owing to drop in SEZ port led development income.
Commenting on the results, Karan Adani, CEO, APSEZ said, “FY19 had been a landmark year in the history of APSEZ. We have not only exceeded our guidance of handling of 200 MMT in FY19 but also demonstrated our capability of being resilient and grow across all segments and ports. Our strategy to tie up cargo for our terminals at major ports ensured optimum utilization of these ports.” He also hinted at exercising inorganic growth options in logistics and ports business to increase hinterland connectivity going ahead.