V.O. Chidambaranar Port has clinched the First Place award for Excellence in Cost Management for 2024, presented by The Institute of Cost Accountants of India in the ‘Transportation and Logistics’ category. This recognition, marking its seventh win since 2008, underscores the Port’s strategic efforts in operational cost reduction and efficiency enhancements.
Significant achievements contributing to this accolade include optimizing manpower, boosting productivity, and adopting sustainable practices. Initiatives such as providing shore power for Port vessels, implementing electric vehicles, and utilizing renewable energy have played a crucial role in these improvements. Additionally, the Port has upgraded to LED lighting and energy-efficient equipment while transitioning from diesel to electric cargo handling systems, resulting in lower fuel consumption and reduced pollution.
In the financial year 2023-24, the Port reported an operating ratio of 29.45%, the best among major ports in India. The Institute of Cost Accountants of India awards these honors to encourage excellence in Cost Management across various sectors, including Manufacturing, Healthcare, and more. Chairperson Susanta Kumar Purohit highlighted that focused financial management has driven the operating ratio down from 41.28% in 2021-22 to the current levels, showcasing a strong commitment to excellence and sustainability.
