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Adani Ports posts positive FY20 results

Adani Ports posts positive FY20 results
Mundra Port

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.”