Ahmedabad, May 2 (IANS): Adani Ports and Special Economic Zone (APSEZ) on Thursday announced a 50 per cent jump in net profit at Rs 8,104 crore for FY24, reaching a record volume of 420 MMT (million metric tonnes) in the period which is 24 per cent growth (year-on-year).

The revenue for FY24 grew by 28 per cent (year-on-year) to reach a record high of Rs 26,711 crore, supported by a 30 per cent jump in ports business revenue and 19 per cent in logistics business, the company said in a statement.

"FY24 has been a year of many new milestones for APSEZ on both operational and financial metrics. APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6-8 per cent, while closing the year with net debt to EBITDA ratio of 2.3 times vs its guidance of 2.5 times," said Ashwani Gupta, Whole-Time Director and CEO, APSEZ.

With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and West Container Terminal (WCT) in Sri Lanka next year.

"We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers," Gupta noted.

In FY24, APSEZ handled 27 per cent of the country’s total cargo and 44 per cent of container cargo.

The domestic cargo volumes grew by 21 per cent (YOY) in comparison to 7.5 per cent growth in India's cargo volumes in FY24.

"With cargo volumes of 180 MMT (more than 16 per cent YoY growth) in FY24, our flagship port, Mundra, is well placed to cross 200 MMT mark in FY25," said the company.

Mundra Port handled 7.4 million TEUs during the year, which is 15 per cent higher than its nearest competitor.

With the acquisition of Gopalpur and Karaikal ports, the total count of ports in the India portfolio has increased to 15, according to the company.

"Ten of our ports from the India portfolio recorded their lifetime high cargo volumes for the year," the company informed.

APSEZ this week announced the elevation of its credit rating to AAA by CARE Ratings. This is the highest possible rating given to any issuer in India by credit rating agencies, signifying the company’s strongest level of creditworthiness and the ability to fulfill all its financial guidance.