Company MD Meets Philippine President to Discuss Port Construction; Heavy Vessel Operations Expected
Adani Ports and Special Economic Zone Limited (APSEZ) is now gearing up for investments in the Philippines. As per a statement issued by the office of the President of the Philippines, Adani Ports has expressed interest in developing a 25-meter deep port in the Batangas region of the Philippines.
Markos Jr. Discusses Plans with Gautam Adani
Top executives, including Markos Jr., met with Gautam Adani’s son and the Managing Director (MD) of APSEZ, Karan Adani, to discuss plans for Adani Ports and Special Economic Zone in the Philippines.
Panamax Ships to be Handled
Adani Ports will also be capable of handling Panamax ships at the port. These ships typically have a deadweight tonnage ranging from 50,000 to 80,000 tons, making them suitable for carrying bulk cargo. This capability will facilitate the handling of large vessels near major ports.
Company Announces Q4 Financial Results
Adani Ports, the company under the Adani Group, announced its financial results for Q4FY24. The consolidated net profit for the quarter ending in March 2024 increased by 76.87% year-on-year (YoY) to ₹2,014.77 crore.
50% Increase in Annual Profit
The company noted a significant increase of 50.32% in its consolidated net profit for the fiscal year FY24, amounting to ₹8,103.99 crore. This marks a substantial growth compared to the previous fiscal year when the net profit stood at ₹5,390.85 crore.
Adani Ports: India’s Largest Port Operator
Adani Ports remains the largest private port operator and end-to-end logistics provider in India, representing approximately 24% of the country’s port capacity with its 13 ports and terminals. Its total capacity is 580 MMTPA, formerly known as Gujarat Adani Port Limited (GAPL).
Cargo Volume Target Set for 2025
The company has set a target to handle cargo volumes between 460 and 480 million metric tons by the financial year 2025, representing a growth of over 23% from the previous fiscal year. In FY24, the company aimed to handle 390 metric tons of cargo, with its Mundra Port alone handling 180 MMT. The target for the current financial year has been raised to 180 MMT.
