Adani Ports and Special Economic Zone is looking to handle over 400 metric tonnes (MMT) of cargo volumes in the current financial year 2023-24, surpassing the upper end of the guidance range of 370-390 MMT provided at the start of the year.
"Adani Ports & Special Economic Zone (APSEZ) crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year... We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year," said Karan Adani, CEO and Whole Time Director, APSEZ.
In December 2023, the company reported in its exchange filing that its cargo volumes increased 42 percent year-over-year (YoY) to 35.65 MMT.
Dry bulk cargo handling was up 63 percent on-year while handling of containers increased by over 28 percent on-year on a YoY basis, the company said.
For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, with around 106 MMT contributed by our domestic ports portfolio.
In the initial nine months of FY 24, APSEZ managed around 311 MMT of total cargo, which is a healthy 23 percent-on-year growth.
Last month, India's largest private port operator said it would raise Rs 5,000 crore ($599.8 million) by issuing non-convertible debentures and Rs 250 crore through non-cumulative redeemable preference shares.
The company, which operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat, said a majority of the funds issued will be used for refinancing existing debt.
Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects.
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