(Reuters) -India’s Adani Ports and Special Economic Zone on Tuesday forecast revenue from its logistics segment to grow multi-fold by fiscal year 2029, as it expands into allied services to hedge against potential global economic risks.
The Ahmedabad-based company is expanding into allied port-feeder services, such as logistics and warehousing, as part of its efforts to broaden its offerings and reduce reliance on core cargo handling operations.
The diversification is aimed at cushioning the business against potential risks from an economic slowdown or a decline in global trade activity.
India’s largest private port operator by volumes said its logistics division’s revenue is expected to rise to 140 billion rupees ($1.59 billion) by financial year 2029, five times higher than 28.81 billion rupees generated in fiscal 2025.
Announcing its second-quarter results, the company said revenue from the division surged 79% during the period and accounted for 11.5% of the overall revenue, higher than 8% contribution a year ago.
Its profit climbed 27% to about 31.09 billion rupees (about $354 million) on the back of strong cargo volumes, driven by robust domestic commercial activity and consumption growth.
Revenue from operations grew 30% year-on-year to 91.67 billion rupees.
Total cargo volumes rose 12% to 124 million metric tonnes, higher than the 11% in the prior quarter, and 10% in the year-ago period.
Last month, smaller rival JSW Infrastructure posted a rise in its second-quarter volumes, but profit declined due to a shortfall in its iron ore terminal as export demand for the commodity was low.
($1 = 87.8950 Indian rupees)
(Reporting by Manvi Pant and Urvi Dugar; Editing by Harikrishnan Nair)
