Our journey is not just about where we stand today as India’s leading private port operator, but about the transformative direction we’re pursuing — becoming an Integrated Transport Utility
It is a pleasure to present APSEZ’s FY 2024 -25 Annual Report. Our journey is not just about where we stand today as India’s leading private port operator, but about the transformative direction we’re pursuing – becoming an Integrated Transport Utility. We are investing boldly in expansion, decarbonisation, and automation to consolidate domestic leadership, strengthen our logistics capability, and grow globally
In 2024, the global economy showed resilience with 3.2% growth, steady demand, and a well-functioning supply chain despite high interest rates. Global trade grew 3.7% to USD 33 trillion, supported by strong performances from India and China. Trade is expected to continue growing, driven by container shipping, auto products, and air freight. However, rising geopolitical tensions and protectionism – especially U.S.-led tariff wars – pose fragmentation risks. Businesses must remain agile to navigate this complex terrain.
Under these circumstances, India stands at a pivotal point globally. Despite GDP growth moderating to 6.2%, the outlook remains robust, fuelled by manufacturing-led growth and Make in India programme, infrastructure expansion, and energy transition. With growing manufacturing capabilities and global supply chain shifts favouring India, the nation is on course to become a USD 5 trillion economy and the third-largest globally.
Despite its economic growth, India’s high logistics cost at 13-14% of GDP, which is far above global benchmarks, remains a bottleneck. Poor infrastructure, fragmented regulations, and digital lag further contribute to inefficiencies. Addressing these is key to realising India’s ambition of USD 1 trillion in annual merchandise exports by 2030. In order to make India’s logistics sector a true growth enabler, by bringing down its share in GDP to 8-9%, India needs to invest USD 3 trillion.
Recognising this challenge, the Indian Government’s relentless policy reforms are catalysing transformation. National priority programmes like PM Gati Shakti, Sagarmala, and the Maritime Amrit Kaal Vision 2047 are modernising ports and improving last-mile logistics. Free trade agreements and trade diversification efforts further bolster India’s global trade posture.
APSEZ has invested aggressively in the past five years to support this national transformation. Through organic and inorganic growth, we’ve built a network of 15 ports in India and four overseas, offering multi-cargo handling, strong hinterland connectivity, and integrated logistics solutions.
Our digitalisation efforts have created efficient, tech-enabled port-to-gate services. We are also leveraging our 18,000+ acre landbank to promote industrialisation, unlocking additional economic value. With a cargo volume CAGR of 24.1% from FY 2002-25 (versus India’s 6.3%), we have consistently outpaced industry growth and delivered on 5-year targets for cargo, revenue, EBITDA, and ROCE.
With our impressive evolution, the most pertinent question before us is – What next? How do we take our customers and the nation ahead? How do we maximise value creation? On the one hand, we must move swiftly to capitalise on opportunities and on the other, bring in our expertise to stay agile and nimble. These realities call for decisive and bigger actions.
APSEZ will generate an operating cashflow of more than ₹1 lakh crore between FY 2026-30. These will be targeted at expanding domestic ports and logistics businesses and international port and marine operations. Through this, we secure the path to 1 billion tonnes in cargo volumes by 2030, with enhanced contribution from international ports at 15% as compared to 5% in FY 2024-25.
The logistics vertical is on track to deliver a stellar revenue growth in next 5 years with the addition of the new trucking and freight forwarding segment that is expected to be the largest revenue contributor alongside significant expansions across all segments.
Our marine services business is also growing at a face pace and expected to grow by more than 3x in the next two years, with expansion of services in new geographies and addition of new fleet.
All of this would not be possible without a solid financial foundation. Our average transformation of EBITDA to operating cashflows is healthy at over 70%. With over 50% sticky cargo in our mix and the ongoing diversification, we expect cash flow generation to be robust, providing us a war chest for aggressive expansion.
We aim to be the world’s most sustainable transport utility and have committed to net-zero emissions by 2040. This includes deploying 1,000 MW of renewable energy (200 MW solar, 52 MW wind, 25 MW hybrid already commissioned) and transitioning to electricity-based equipment. We now operate a fleet of 400 electric internal transfer vehicles, with recent additions in Colombo.
Our sustainability efforts have earned global recognition:
We are also establishing skill development centres at selected locations to train local youth with industry-relevant skills, creating a seamless talent supply chain to meet growing manpower needs.
Following the electrification of cranes and the deployment of electric internal transfer vehicles (E-ITVs), we have also introduced electric reach stackers and empty handlers at our port. In the near future, we intend to develop an ecosystem of electricity-based equipment and vehicles both within and outside the port as technology progresses.
We are committed to community development, having empowered thousands through health, education, and livelihood initiatives. Employee safety, diversity, and welfare remain priorities.
Strong governance underpins our approach. A majority of our Board members are independent and committed to regulatory compliance, stakeholder protection, and ESG excellence.
India’s coming decade is promising – powered by demographic strength, infrastructure growth, manufacturing self-reliance, and clean energy transitions. The Union Budget 2025 reinforces this momentum, emphasising logistics-led growth and competitiveness.
APSEZ is fully aligned with this vision. As a future-ready Integrated Transport Utility, we’re focussed on expansion, efficiency, and customer centricity. By enabling the smooth and cost-efficient movement of goods across India and beyond, we aim to accelerate national development and unlock stakeholder value.
On behalf of the Board, I thank all our stakeholders for your continued trust and support. Together, we look forward to building a more connected and prosperous future.
Managing Director
