Adani Ports earns AAA rating

03 May 2024 CW Team

Adani Ports and Special Economic Zone (APSEZ) announced that it had attained an AAA rating from CARE Ratings. According to APSEZ, this marks the first instance of a large-sized private infrastructure developer receiving such acknowledgment.

In a statement, APSEZ mentioned that the rating was attributed mainly to its robust integrated business model, strong industry position, consistent market share growth with healthy profitability, along with high liquidity and low leverage, as stated by the agency.

For the fiscal year FY24, APSEZ reported handling a cargo volume of 419.95 MMT, representing a 24 percent increase compared to the previous fiscal year.

APSEZ managing director Karan Adani expressed, "We appreciate the recognition of our financial discipline and commitment to deleveraging, diversified asset base, as well as customer base, and the highest profitability in this sector globally."

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