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Adani Ports cargo volume jumps 26% leading to record revenue, EBITDA

Prime News, National (New Delhi), May 25:- Adani Ports and Special Economic Zone Ltd (APSEZ), the largest transport utility in India, announced its results for the fourth quarter and year ended March 31.

“FY22 has been a stellar year for APSEZ, with achievement of various milestones for itself and new benchmarks for India’s maritime industry,” said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.

The company did a record cargo volume of 312 MMT with Mundra port alone handling 150 MMT, a feat never achieved by any other commercial port in the country.

“The year saw a record number of acquisitions and some large project wins by APSEZ, further reinforced our progress towards the ambition of becoming the largest port globally by 2030,” Adani said.

The developments recorded include the purchase of a balance 25 per cent stake in KPCL, acquisition of Sarguja Rail Company for its 70 km railway line asset having an annuity-like business model, purchase of 41.9 per cent stake in the Gangavaram port and signing of an agreement with the promoters for the acquisition of balance 58.1 per cent stake after the NCLT approval, acquisition of India’s leading third-party marine services provider, Ocean Sparkle Ltd (OSL), LOA from Haldia Port Trust for a 5 MMTPA bulk terminal, highest bidder for the West Bengal government’s greenfield deep-sea port project at Tajpur

The acquisitions in FY22 implied an investment of around Rs 11,400 crore for APSEZ and was successfully managed alongside an organic Capex of around Rs 3,750 crore while ensuring that the net debt to EBITDA ratio remained unchanged at 3.4x.

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