Adani Ports ends FY23 with 9% growth, largest port cargo volume ever

Billionaire Gautam Adani's Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday reported 9 per cent growth in cargo handling at seaports it operates for fiscal year ended March 31.

At 339 million tonne, this is the largest port cargo ever, APSEZ said in a statement.

The firm handled about 32 million tonne of total cargo in March, up 9.5 per cent year-on-year.

This is the first time since July 2022 that the volumes crossed the 30-million tonne mark.

"With 339 million tonne in FY23 (April 2022 to March 2023), APSEZ recorded its largest port cargo volumes ever, which is a good 9 per cent year-on-year growth," it said.

"Adani Ports has been continuously increasing its market share for the past years, outperforming all of India's cargo volume growth."

The nation's largest port operator, which operates six ports on the west coast and five on the east, continues to add ports to its portfolio.

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

While 11 ports it operates handle 25 per cent of total port volumes, the firm is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.

"The improvement in cargo volumes is testimony to the faith that our customers have in us," said Karan Adani, CEO, APSEZ. "APSEZ's flagship port, Mundra (in Gujarat), 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 the 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 8.6 million TEUs (twenty-foot equivalent units), a 5 per cent year-on-year growth, including 6.6 million TEUs at Mundra alone.

Mundra continues to be India's largest seaport with 155 million tonne 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 (24 per cent rise), while the bulk cargo transported exceeded 14 million tonne, implying a 62 per cent y-o-y jump.

"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.

Increase in cargo volume at ports reflects the expanding economy. Almost 95 per cent 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 underlines its ability to adapt to fast-paced changes due to global market and geopolitical volatility and continue its journey towards sustainable growth.