Adani Ports and Special Economic Zone Limited (APSEZ) has reported record container handling volumes for the financial year 2020 (FY2020), up 8% year-on-year at 6.25m teu.
Overall cargo throughput grew 7% and Mundra continues to be the largest commercial port, handling 139 MMT during the year.
Karan Adani, chief executive officer and whole time director of APSEZ, said: “Our strategy to diversify and ability to handle all types of cargo enabled us to outperform and deliver another year of stellar operational performance.”
Operating revenue increased by 9% year-on-year from Rs.10,925 cr. (US$144.1m) in the financial year 2019 (FY19) to Rs.11,873 cr. (US$156.7m) in FY20 thanks to an 8% increase in port revenue and a 65% increase in logistics revenue.
Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) grew by 7% from Rs.7,067 cr. (US$93.2m) in FY19 to Rs.7,565 cr. (US$99.8m) in FY20 due to the growth in cargo volume and a 159% increase in logistics EBIDTA.
Profit before tax was down from Rs.5,126 cr. (US$67.6m) in FY2019 to Rs.4,244 cr. (US$55.9m) in FY20 and, similarly, Rs.4,006 (US$53.6m) the year before to Rs.3,800 cr. (US$50.1m).
APSEZ’s focus for FY21 is on conserving cash, generating higher free cash flow and increasing the return on capital employed.
Adani added: “Considering the current situation due to the spread of COVID-19, we are implementing Govt. of India operating procedures at all our ports with safety of the workplace as a top priority.”