APSEZ handles record 420 MT cargo in FY24

New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday said it handled its highest-ever monthly cargo volumes of over 38 million metric ton (MMT) in March, while it ended the fiscal year with cargo throughput of 420 MMT, up 24 per cent year-on-year (y-o-y).

The billionaire Gautam Adani's firm's Mundra Port alone handled more than 7.4 million TEUs, over a third of India's container cargo. "APSEZ has handled 420 MMT (+24 per cent y-o-y) cargo in FY24 (including international ports), with domestic ports contributing over 408 MMT cargo. "It has also handled its highest-ever monthly cargo volumes (including international ports) of over 38 MMT in March 2024," the company said in a statement. According to the company statement, during FY24, more than one-fourth of all India cargo volumes was routed through APSEZ ports.

"It also shows that India's largest port operator comfortably surpassed its cargo volume guidance of 370 MMT-390 MMT provided at the start of the financial year," APSEZ said. APSEZ Managing Director Karan Adani said, "While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in 5 years and 3 years." "The latest 100 MMT mark has been achieved in less than two years," Adani added. What makes these accomplishments noteworthy is that they were achieved despite multiple challenges, such as the global trade disruptions caused by the Red Sea crisis, the Russia-Ukraine conflict and issues at the Panama Canal, and disruption of operations due to Cyclone Biparjoy and Cyclone Michaung.