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Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported 77 per cent rise in net profit to Rs 1,342 crore for the quarter ended June from Rs 758 crore in the year-ago period.The company reported 99 per cent jump in consolidated revenue from operations to Rs 4,557 crore from Rs 2,293 crore in Q1 FY21."The results are a validation of strong fundamentals of the APSEZ strategy leading to a continued gain of market share as the company transforms into a full-fledged pan-India ports and logistics platform," said the company.APSEZ handled 76 MMT of cargo in Q1 FY22 compared to 41 MMT in Q1 FY21, marking a growth of 83 per cent compared to 33 per cent growth registered by all India cargo. This was on account of continued focus on handling multi commodities across various ports.The growth in cargo volume was led by dry cargo which grew by 104 per cent, container by 69 per cent, liquids (including crude) by 57 per cent and the addition of new products including LNG and LPG to the cargo basket.Higher growth in cargo volume compared to the overall market led to a gain of 310 bps in market share, which now stands at 28.6 per cent. Also, Mundra, Dhamra, Hazira, Dahej and Kattupalli ports registered high double-digit growth.In the container segment, APSEZ handled 2.08 million TEUs, a growth of 69 per cent as against 4.87 million TEUs handled at all India levels which grew by 51 per cent.Container market share increased by 163 bps and now stands at 42.7 per cent.Adani Logistics, the largest and most diversified private rail operator in India, registered a 10 per cent growth in rail volume (76,925 TEUs in Q1 FY21 to 84,717 TEUs in Q1 FY22) and 13 per cent growth in terminal volume (57,191 TEUs in Q1 FY21 to 64,418 TEUs in Q1 FY22).Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said the company's strategy of establishing a network of world-class ports to balance cargo across the east and west coast has been tracking precisely as per plan, thereby continuing to de-risk our growth as well as lay the foundation of a broader logistics platform."We have therefore raised our target cargo volumes to 350 to 360 MMT, which translates to unprecedented YoY growth of about 45 per cent."During Q1 FY22, APSEZ also became the first Indian infrastructure company to have raised a dual-tranche of 10.5-year and 20-year unsecured bond, further reducing our cost of capital to one of the lowest in the industry."I am also pleased to state that our goal of becoming the first port company to be carbon neutral by 2025 is very well on track," said Adani.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Adani logistics, Latest News

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