APSEZ raises cargo volume guidance for FY24

AHMEDABAD : Adani Ports and Special Economic Zone Limited is now targeting over 400 metric tonnes (MMT) of cargo volumes in the curent financial year 2023-24 (FY24), surpassing the upper end of the guidance range of 370-390 MMT provided at the start of this fiscal.

In December 2023, the Adani Group company handled 35.65 MMT of cargo volumes, resulting in a strong 42% year-on-year (YoY) increase. Dry bulk cargo handling was up 63% while handling of containers increased by over 28% on a YoY basis.

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% YoY growth.

“APSEZ crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year. This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results,” said Karan Adani, CEO and Whole Time Director at APSEZ.

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,” Adani said.

During the April to December 2023 period, many APSEZ ports recorded new milestones, the company said in a statement. Mundra, the flagship port, handled around 5.5 million TEUs in a record nine months and is on track to surpass 7 million TEUs of container cargo volumes during FY24. It handled 3,000 ships in just 261 days, surpassing its previous record of 288 days in FY23.

The JV terminal at Mundra Port, AICTPL, created a national record by handling 3,00,431 TEUs (around 10,000 TEUs every day) in November 2023, breaking its own record of 2,98,634 TEUs in March 2021. In October 2023, the port handled 16 MMT of cargo volumes and established a new milestone of achieving the highest cargo volumes by any Indian port in a single month, it said.