Adani Ports & SEZ earns coveted AAA Rating from CARE
In a major achievement for the Adani Ports and Special Economic Zone (APSEZ), the CARE Ratings gave a credit rating of AAA to the company. The AAA is the highest possible rating given to any issuer in India by credit rating agencies.
With this development, APSEZ has become the first large-sized private infrastructure developer to get this recognition.
The AAA rating signifies APSEZ’s strongest level of creditworthiness and the ability to fulfill all its financial guidance, the company said in a statement.
Karan Adani, Managing Director, APSEZ, 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.”
The company said that its successful track record of turning around port assets post-acquisition and its integrated approach as a transport utility providing services from port gate to customer gate has led to 15 percent compounded annual growth in volumes for FY19-FY24, as compared to 4 percent CAGR for all Indian ports.
“The rating is driven by APSEZ’s robust integrated business model, dominant industry position, strong growth in operations with healthy profitability, coupled with high liquidity and low leverage,” it said.
In FY24, APSEZ did a cargo volume of 419.95 MMT, 24 percent higher than the previous year. APSEZ, a part of the globally diversified Adani Group, is the largest port developer and operator in the country with seven strategically located ports and terminals on the west coast and seven ports and terminals on the East coast, representing 27 percent of the country’s total port volumes.
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