In discussion with various parties: Adani Ports on investing in Philippines

Adani Ports issued a clarification on reports stating the company planned to launch a development project in Bataan, Philippines to expand its ports. Here's what they said

Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday responded to news reports saying the company planned investing in the Bataan port in the Philippines. The company neither confirmed nor denied the report, but said it was in discussion with "various parties".

"The company evaluates various opportunities for growth and expansion of the business of the Company on an ongoing basis with the objective of enhancing stakeholders’ value. Pursuant to this, the management of the company remains in discussions with various parties," said APSEZ in an exchange filing.

The company further clarified that there was no information which had not been announced to the stock exchanges.

 

"We have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges."

Earlier this month, a release from the Philippines president's office mentioned a courtesy call between APSEZ Managing Director Karan Adani and President Ferdinand Marcos Jr to discuss the Adani Group's  plans for a development project.

The report stated that APSEZ was eyeing Bataan for a development project, aiming to establish a 25-meter-deep port capable of accommodating Panamax vessels.

BSE had sought clarification on the news report a couple of days ago, to which APSEZ issued its clarification.

Adani Ports reported a significant jump in consolidated net profit for the fourth quarter ended March 31, with a growth of 76.87 per cent to Rs 2,014.77 crore compared to the previous financial year. Consolidated total income also witnessed growth, reaching Rs 7,199.94 crore for the same period.

For the financial year 2023-24, APSEZ's net profit surged by 50 percent to Rs 8,103.99 crore, despite higher total expenses.

Highlighting its contribution to India's logistics sector, APSEZ revealed that it handled 27 per cent of the country's total cargo and 44 per cent of container cargo in the fiscal year 2023-24. Additionally, ten ports in its Indian portfolio achieved their highest cargo volumes to date during the year.