India's Adani Ports and Special Economic Zone (APSEZ), the country's top private port operator, announced a 76 per cent surge in its fourth-quarter earnings, credited to unprecedented cargo volumes.
The company, led by billionaire Gautam Adani, disclosed that its net profit climbed to £195.21 million in the quarter ending March 31, compared to £110.78 million a year earlier.
Recording its highest quarterly volumes at 109 million metric tonnes (MMT) during January-March, APSEZ saw a 19 per cent uptick in revenue to £658.98 million, as business momentum gained in early 2024.
Operating 13 ports and terminals across India, including Mundra, the nation's prime container handling port situated in Gujarat, APSEZ asserted its crucial role in the country's maritime trade.
In its fiscal year 2023-24, APSEZ accounted for over a quarter of India's cargo volumes, surpassing projections by handling 420 MMT cargo.
Signifying its expansion drive, the company disclosed plans to acquire a 95 per cent stake in Odisha's Gopalpur Port for £155.09 million, aiming to bolster its presence on the east coast.
Following the earnings report, APSEZ's stock surged by 1.5 per cent. Year-to-date, the stock has escalated by approximately 31 per cent, outpacing the benchmark Nifty 50 index's 4.5 per cent growth.
(Reuters)
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