Our domestic ports revenue grew by 12%, supported by an unprecedented market share of 27% and a commendable EBITDA margin of 73%. Notably, Mundra Port became the first Indian port to exceed 200 million metric tonnes of cargo handled in a single year.
On behalf of the Board of Directors at APSEZ, I extend our heartfelt thanks to all our stakeholders for your unwavering trust and support over the past year.
I am pleased to report that during FY 2024-25, APSEZ achieved remarkable performance across all key metrics. We experienced robust growth, with revenue, EBITDA, and net profit increasing by 16%, 20%, and 37% respectively, surpassing our guidance for the year, including cargo volume targets.
Our domestic ports revenue grew by 12%, supported by an unprecedented market share of 27% and a commendable EBITDA margin of 73%. Notably, Mundra Port became the first Indian port to exceed 200 million metric tonnes of cargo handled in a single year.
We are looking at our entire business in three growth pillars: Ports, Logistics and Marine Services. For our first pillar, which is Ports – throughout the year, we expanded our domestic and international presence significantly. We successfully completed the acquisition of Gopalpur, commenced operations at Vizhinjam and Colombo ports, and received Board approval for the acquisition of NQXT in Queensland, Australia. Logistics segment, our second pillar, continued its impressive trajectory, achieving a 39% year-on-year increase in revenue driven by our existing portfolio and the introduction of new business segments such as trucking and international freight network services.
As the third pillar of our operations, the marine business continues to grow. Following the acquisition of Astro Offshore and continued investments in fleet expansion, we now operate a robust fleet of 115 vessels across the Middle East, Africa, and South Asia.
This growth has been underpinned by our steadfast commitment to financial discipline. Last year, we set a clear target to reduce our net debt-to-EBITDA ratio to between 2.2x and 2.5x. We exceeded this goal, closing the year at 1.9x – an improvement from 2.3x the previous year and 3.3x in FY 2020-21. This strengthened financial position gives us the flexibility to confidently pursue future opportunities.
We aspire to become the world’s leading transport utility company by delivering customer-centric services through a technology-driven infrastructure ecosystem. By leveraging our assets, expertise, and strategic partnerships, we aim to redefine excellence in integrated transport solutions.
With visionary leadership and sustained growth, I believe this is not just India’s decade – it is India’s century. India is already on track to become third-largest economy in the world and reach to USD 5 trillion soon. As we rise on the global stage, India is set to shape trade policies and drive global discourse, becoming a force for positive change. Our robust growth is further supported by accommodative monetary policy and stable inflation. Despite global trade volatility, India’s merchandise trade remains resilient, propelled by proactive governance and strategic economic agreements.
With over 95% of India’s trade by volume and 70% by value occurring via sea, our maritime industry is poised to benefit significantly. APSEZ domestic port volumes are growing twice as fast as the Indian maritime sector, positioning us as a key beneficiary.
Manufacturing growth and increased trade set the logistics sector on a solid growth trajectory, projected to expand at 8–9% annually. These elements establish a strong foundation for sustained growth, making logistics a cornerstone of India's economic transformation. With your continued support, we are confident in our ability to meet and exceed our goals.
We are strategically scaling our infrastructure to meet future demand. Our domestic ports currently have an EC-approved capacity of 1,560 MMT – more than double our existing operational capacity of 633 MMT – which positions us well to respond swiftly as market needs evolve.
Domestically, major capacity expansions are underway at Vizhinjam and Mundra, where we are deploying state-of-the-art automated terminal technologies. To further enhance operational efficiency, we are establishing a centralised Command and Control Centre and completing a major upgrade of our Terminal Operating System (TOS) within the year.
Internationally, we are expanding terminal capacities in Colombo and Tanzania, while deepening integration of Haifa and NQXT into our global portfolio.
India’s logistics sector remains fragmented and needs efficiency enhancement, currently accounting for 13–14% of the country’s GDP. We see this as a significant opportunity. We are actively addressing these inefficiencies by investing across the entire logistics value chain – including rail connectivity, inland container depots (ICDs), warehousing, and last-mile delivery – thus catering our customers with end-to-end supply chain solutions
As the largest port operator in the country, we manage over 27% of India's EXIM cargo volume, which provides us with a robust customer base for offering logistics services. Additionally, our Agri logistics business is set to grow in tandem with the Food Corporation of India’s (FCI) expansion of Agri silos, enhancing food security and supply chain efficiency.
We have launched new customer-facing platforms and are investing further in strategic command centres and a Trucking Management Solution. These initiatives will enhance fleet utilisation, ensure SLA adherence, enable real-time troubleshooting, and ultimately deliver a superior customer experience.
These strategic advantages, combined with our technological advancements, position us to lead the transformation of India’s logistics landscape – and become the country’s largest integrated transport utility company.
Marine has emerged as our third business pillar, poised to drive exponential growth for APSEZ. We are building a comprehensive marine ecosystem by expanding our service offerings and geographic footprint, with a focus on the Middle East, Africa, and South Asia. We will also be adding new capacities in line with the Indian Government’s Make-in-India programme to capture the needs of the future Indian maritime sector.
To support this growth, we are committed to equipping our workforce with future-ready skills. We are establishing specialised training schools to accelerate this mission. This year, we are also launching skill development centres at select locations to empower local youth with industry-relevant capabilities – creating a strong talent pipeline to meet our evolving human resources needs.
Going forward, we adopt a cautiously optimistic stance. Our focus is on maximising opportunities while negating risks by closely monitoring global trade and geopolitical developments, policy shifts and a wave of tariff regimes enacted by the US government. We will continue to build on our financial discipline and drive robust cash flow generations to fund growth plans. This approach will preserve balance sheet integrity and provide financial cushion against uncertainties.
We are confident in our strategic direction, both within the country and, more significantly, on the international stage. Our focus is on establishing a strong presence along the Southeast Asia–India–Middle East–Africa corridor. We are expanding our logistics and marine business in line with our core philosophy of managing and operating the entire ecosystem seamlessly.
I thank all our stakeholders for putting their trust in us. We are confident in executing our strategy to ensure a resilient path forward to sustained value creation and shaping the future of ports and logistics industry.
Chief Executive Officer
