APSEZ eyes 400 MMT cargo volume in FY24

Adani Ports and Special Economic Zone (APSEZ) reported a remarkable 42 per cent year-on-year increase in cargo volumes for December 2023, handling 35.65 million metric tonne (MMT). This surge is primarily driven by a 63 per cent increase in dry bulk cargo and a 28 per cent rise in container handling compared to the same period last year. For the quarter ending December, APSEZ's total cargo handling stood at approximately 109 MMT, with domestic ports contributing around 106 MMT. The first nine months of the financial year 2024 saw the company managing around 311 MMT of total cargo, marking a 23 per cent growth year-on-year. Karan Adani, CEO and Whole Time Director of APSEZ, commented on the achievement, APSEZ crossed the 300 MMT cargo mark in just 266 days compared to 329 days in the previous financial year. This milestone proves that our strategy of driving operational efficiencies to achieve industry-leading growth is effective. We are now targeting over 400 MMT of cargo volumes in FY24, surpassing our initial guidance range of 370-390 MMT.