Infra Sector Check – Private Ports Gain Market Share: ICICI Securities

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ICICI Securities Report

Indian ports’ volumes grew by 7% YoY to 1.5 bt in FY24. three-year and 10-year compound annual growth rate prints stand at 7.3% and 4.7%, respectively.

Private owned ports (minor ports) clocked growth of 11% while government ports (major ports) grew by 4% YoY during the year. Market share of private ports grew to 47% (+200 bps YoY).

Private ports have been outperforming the government-owned ports for the last decade, and continue to do so. EXIM volumes and coastal movement grew by 7% each.

Coastal volumes’ contribution was 21%. Note that the government is taking several steps to improve the coastal volumes.

In the listed universe, Adani Ports grew by 24%, Gujarat Pipavav (ex-roll-on/roll-off; RoRo grew 143% YoY) declined by 2% YoY and JSW Infrastructure grew by ~13% in FY24.

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