SIMIC

ADANI Ports and Special Economic Zone Ltd (APSEZ) has announced its results for the quarter and nine months ending December 31, 2023.

In the third quarter of the financial year 2024, the company gained INR107 crore (US$12.9 million) from foreign exchange, while in the same period in 2023, it incurred a loss of INR315 crore ($38 million).



For the first nine months of the financial year 2024, the forex loss was INR98 crore ($11.8 million), compared to INR1,886 crore ($227.3 million) in the same period of the previous year, reports London's Port Technology.



Mundra port recorded the highest-ever monthly volume at any Indian port in October 2023.



APSEZ further achieved a key milestone of 300 metric tonnes (MMT) in 266 days vs 329 days in FY23; overall cargo volume was 311 MMT in nine months.



Domestic cargo growth was over 2.5 times India's growth rate, with nine of its domestic ports/terminals recording their highest ever cargo volumes in nine months.



Ashwani Gupta, CEO, APSEZ, said: "In the year when our first port, Mundra, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9-month performance with the highest ever revenue, EBITDA, and cargo volumes, and is on course to overachieve its full year guidance provided at the start of the year.



"This is a testament to our continuous efforts to drive operating efficiencies and remain an industry leading port operator."



In January 2024, the management of Adani Krishnapatnam Port Limited (AKPL) dismissed rumours that AKPL is stopping container operations to relocate at Katupalli Port.