SIMIC

INDIA's largest port operator, Adani Ports and Special Economic Zone (APSEZ), has released its third-quarter and nine-month results for the period ending December 31, 2022.
APSEZ carried 252.9 million metric tonnes of cargo from April to December 2022, an increase of 8 per cent year on year. The rise in cargo volume was driven by a 23 per cent increase in coal, an 8 per cent increase in liquids (excluding oil), and a 5 per cent growth in container volume. The automobile segment, though a small proportion of overall volumes, saw a significant 22 per cent jump in volumes.
APSEZ said it handled 24 per cent of India's total cargo and retained its leadership position as the country's largest port operator during the aforementioned nine-month period, reports Container News.
During the same period, the company's revenue climbed by 16 per cent year on year to US$1.8 billion, while port revenue increased by 22 per cent and logistics revenue increased by 43 per cent. Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 19 per cent year on year $1.1 billion.
"Continuing with our growth journey, APSEZ is targeting FY24 EBITDA of INR14,500-15,000 Crore (US$1.7-US$1.8 billion). Besides an estimated capital expenditure of INR4,000-4,500 Crore (US$483-US$543 million), we are considering total loan repayment and prepayment of around INR5,000 Crore (around$600 million), which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5x by March 24," stated Karan Adani, CEO of Adani Ports and Special Economic Zone.