Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port operator, aims to extend its operations into the Philippines. The office of the Philippines president released a statement indicating APSEZ's intentions to invest in port development in the country.

APSEZ Managing Director Karan Adani met with Philippines President Ferdinand Marcos Jr at Malacañang on May 2 for a courtesy call. During the meeting, they discussed the plans of the Adani Group for the port.

Adani expressed to Marcos that the private sector always seeks stability in regulations and the operating environment. He acknowledged Marcos for providing such stability, as discussed during their meeting.

APSEZ Ltd is considering Bataan as the site for its port development project, with plans to construct a 25-meter-deep port capable of accommodating Panamax vessels. President Marcos welcomed APSEZ's expansion proposals, suggesting a focus on ports handling agricultural products to boost the Philippines' global competitiveness.

He underscored the government's commitment to developing gateways for tourism, business travel, and the efficient transportation of agricultural goods. APSEZ currently operates 7 strategically positioned ports and terminals on the west coast and 8 on the east coast of India.

The company recently announced a significant increase in consolidated net profit for the fourth quarter ending on March 31, reporting a surge of 76.87 percent to Rs 2,014.77 crore compared to the previous fiscal year. Additionally, consolidated total income grew to Rs 7,199.94 crore for the same period.

Despite a rise in total expenses to Rs 4,450.52 crore in the quarter under review, APSEZ's net profit for the financial year 2023-24 surged by 50 percent to Rs 8,103.99 crore.

Highlighting its contribution to India's logistics sector, APSEZ revealed that it handled 27 percent of the country's total cargo and 44 percent of container cargo in the fiscal year 2023-24.

Furthermore, ten ports in its Indian portfolio achieved their highest cargo volumes to date during the year.

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