Adani Ports reports highest volume growth ever during FY first quarter
Adani Ports and Special Economic Zone Limited (APSEZ), the largest transport utility in India and a part of the diversified Adani Group, has announced its operational and financial results for the first quarter (Q1) of the Fiscal Year (FY) 2022 which started on 1 April and ended on 30 June.
Adani Ports has achieved the highest ever quarterly volume growth of 83%, while all India cargo growth saw a 33% volume increase.
Additionally, Adani Ports' Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) increased by 82%. In particular, APSEZ noted a container volume growth of 69% by handling more than 2 million TEU, while all Indian ports handled 4.8 million TE, growing by 51%.
The total EBITDA had a spike of 82% during Q1 FY22, compared to the same period of FY 2021, completing up to US$614 million. At the same time, the port EBITDA saw a growth of 78% with almost US$318 million.
In the meantime, Adani Ports' consolidated revenue grew by 99% to more than US$614 million on account of an increase in cargo at the port by 83%, rail volume by 10%, and terminal volume by 13% in the company's logistics business.
Chief Executive Officer and Whole Time Director of APSEZ, Karan Adani said that APSEZ became the first Indian infrastructure company to have raised a dual-tranche of 10.5-year and 20-year unsecured bond, further reducing the cost of capital to one of the lowest in the industry.
He also stated that the goal of the Indian operator to become the first port company to be carbon neutral by 2025 is very well on track.