Workers clash with police at Adani port, 10 cops among injured
Labour unions had called a bandh on Thursday in support of their demand for the reinstatement of sacked port workers and payment of minimum wages of Rs 36,000.
Adani Ports and Special Economic Zone (APSEZ) has secured an AAA rating by CARE Ratings, the company said on Wednesday.
With this development, the company has become the first large-sized private infrastructure developer to get this recognition, APSEZ said in a statement.
In FY24, APSEZ handled a cargo volume of 419.95 MMT, 24 per cent higher than the previous fiscal.
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“The rating is largely driven by APSEZ’s robust integrated business model, strong industry position, consistent market share growth with healthy profitability, coupled with high liquidity and low leverage,” the agency said.
APSEZ, in a filing, announced that it has become the first large-sized private infrastructure developer to get this recognition. The rating, it added, is driven by the company’s robust integrated model, dominant industry position, strong growth in operations with healthy profitability, coupled with high liquidity and low leverage.
Speaking on the development, APSEZ Managing Director Karan Adani said: “We cherish 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.”
Taking it to social media, Karan Adani said, “The recognition reflects our robust business model, strong industry position and commitment to financial excellence.”
Notably, the APSEZ has witnessed a 15 per cent compounded annual growth in volumes for FY 19-24 as compared to 4 pre cent CAGR for other Indian ports. In FY24, APSEZ did a cargo volume of 419.95 MMT, which is 24 per cent higher than the previous year.
APSEZ is set to announce its fiscal fourth-quarter earnings on May 2. Ahead of the development, the company’s shares on the NSE were trading up 1 per cent at Rs 1,330 on Tuesday.
For the full fiscal year 2023-24, Adani Ports achieved a 24 per cent volume growth, reaching 420 MMT, surpassing its revised guidance of 400 MMT. It has a target of 500 MMT for FY25.
Analysts said Adani Ports’ sustained growth is driven by new ports and increased volumes, both organically and through acquisitions like the Gopalpur port in Odisha.
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