V.O. Chidambaranar Port has been awarded First Place for Excellence in Cost Management for the year 2024, by The Institute of Cost Accountants of India, under the category ‘Transportation and Logistics’. This marks a proud achievement, as the Port receives this prestigious award for the seventh time, having previously won in 2008, 2012, 2015, 2016, 2017, and 2018.
The award recognizes VOC Port’s outstanding efforts in operational cost reduction through strategic initiatives and efficiency improvements. The Port achieved this milestone by optimizing manpower deployment, enhancing productivity, and implementing energy-efficient and sustainable practices.
Key initiatives that contributed to this success include providing shore power for Port crafts, the use of electric vehicles, and the adoption of renewable energy generation. The Port also saved electricity by installing LED lights, using energy-efficient equipment, and transitioning from diesel-based cargo handling equipment to electric systems, resulting in reduced fuel consumption and lower pollution. It is also pertinent to note that during the financial year 2023-24, the operating ratio of the Port was 29.45 %, the best among the Major Ports of India.
The Institute of Cost Accountants of India, a statutory body under an Act of Parliament, presents awards for excellence in Cost Management to promote and recognize Cost Management practices in the Corporate Sector. The awards are distributed across various categories, including Manufacturing, Healthcare, Consulting, Banking, Financial Services and Insurance, Power Distribution and Transmission, Telecommunication and Information Technology, Infrastructure and Construction Services, and Transportation and Logistics.
In his message, Shri Susanta Kumar Purohit, IRSEE, Chairperson, V.O. Chidambaranar Port Authority, emphasized that the Port’s consistent focus on efficient financial management has been pivotal in reducing the operating ratio from 41.28% in 2021–22 to 29.45% in 2023–24, a clear testament to its commitment to excellence and sustainability.