AHMEDABAD : Mundra Port of Adani Ports and Special Economic Zone (APSEZ) becomes the largest container handling port in India by handling 0.97 million TEUs in Q1 FY21 surpassing JNPT volume of  0.85 million TEUs.
 
APSEZ, a part of globally Adani Group, has also announced its operational and financial performance for the first quarter ended June 30, 2020, with a throughput of 41.5 MMT, operating revenue of Rs 2,293 crore, consolidated EBITDA of Rs 1,438 crore, port EBIDTA margin at 
70 percent and PAT of Rs 758 crore.
 
Cargo throughput witnessed a decline of 27 percent resulting in 18 percent decline in consolidated revenue. According to the company, APSEZ was able to maintain Port EBIDTA margin at 70 percent due to its strategy of diversifying cargo mix, ability to maintain realization and reduce operating costs.
 
The shift from the road to rail and increase in services enabled Adani Logistics to achieve revenue of Rs 200 crore in Q1 FY21 vs Rs 181 crore in Q1 FY20, a growth of 10 percent on a YoY basis.
 
“There has been a steady increase in cargo throughput across ports from July 2020. During the month of July 2020, APSEZ handled cargo volume of 18.30 MMT, a growth of 6 percent on year on year basis and 31 percent over June 2020. This trend gives us confidence that worst is behind us and going forward cargo volume in FY21 is expected to stabilize,” said the release.
 
Mr. Karan Adani, Chief Executive Officer and whole-time Director, APSEZ said, “In the first quarter of FY21, we were able to perform operationally at par with pre-Covid levels. We kept supply chain running and stood by our customers to prove as a bankable service provider at all times ensuring stronger customer relationships and stickiness in cargo. During this period, we relooked at fundamentals of port operations and realigned costs, thus maintaining Port EBIDTA margin of 70 percent.”
 
“With the worst behind us, we have emerged operationally stronger and resilient to externalities. Our focus continues on further improving efficiencies, reducing costs and closing out value accretive acquisitions namely Krishnapatnam Port and Dighi Port,” he continued.
 
Business highlights
1. In July, Competition Commission of India has approved the acquisition of equity shareholding along with management control of Krishnapatnam Port by APSEZ.
 
2. Adani Logistics moved the first-ever containerized cargo export from India to Bangladesh using Inland Waterways and it has reached its destination Pangaon International Container Terminal, Dhaka on July 12, 2020.
 
3. In July, Adani and Gateway Distriparks mutually agreed not to peruse the Snowman deal further. A settlement agreement has been signed. ALL will continue to be a minority shareholder.
 
4. As part of its cargo diversification plan, APSEZ handled 2,46,000 tonnes of LPG and 3,74,000 tonnes LNG at Mundra Port during Q1 FY21.
 
5. In Container, APSEZ handled 1.23 mn TEUs as against 3.22 mn TEUs handled at all India level.
 
6. We are progressing towards achieving the east coast and west coast parity in terms of the distribution of assets and hinterland reach. In Q1 FY21 in terms of volume handled, this is at 20:80 percent against 17:83 percent in Q1 FY20.
 
7. In Logistics, Rail volume increased by 37 percent from 56,060 TEUs to 76,925 TEUs.
 
8. ALL currently operates 60 rakes and continues to be the largest private rail operator in India.
 
9. APSEZ is one amongst 43 Indian companies who have signed a commitment letter to Science Based Targets initiative. The SBTi defines and promotes best practices in science-based target setting and independently assesses companies’ targets.
 
10. APSEZ has also signed commitment as a supporter to the Taskforce on climate-related Financial Disclosure (TCFD) which develops voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders.

Source: dst.news