Updated January 2nd, 2024 at 16:11 IST
Adani Ports shares surge 2.59% on impressive cargo volume growth
Karan Adani expressed satisfaction with the company crossing the 300 MMT cargo mark in just 266 days, surpassing its previous record of 329 days.
Adani Ports and Special Economic Zone (APSEZ) witnessed a significant surge in its shares, rising by 2.59 per cent to reach an intraday high of Rs 1,075 apiece on the NSE. This surge comes on the heels of APSEZ reporting a remarkable 42 per cent year-on-year jump in cargo volumes for December 2023.
In December 2023, APSEZ handled a total of 35.65 million metric tonnes (MMT) of cargo volumes, showcasing a robust 42 per cent YoY increase. Dry bulk cargo handling experienced an impressive surge of 63 per cent, while the handling of containers witnessed a substantial growth of over 28 per cent on a YoY basis. The quarter ending December saw APSEZ managing around 109 MMT of overall cargo, with approximately 106 MMT contributed by its domestic ports portfolio. For the initial nine months of FY24, APSEZ efficiently handled around 311 MMT of total cargo, reflecting a healthy 23 per cent YoY growth.
Karan Adani, CEO and Whole Time Director of APSEZ, expressed satisfaction with the company crossing the 300 MMT cargo mark in just 266 days, surpassing its previous record of 329 days in the previous financial year. Adani highlighted the strategic focus on operational efficiencies, resulting in industry-leading growth.
"APSEZ is now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year," mentioned Karan Adani.
Mundra Port, APSEZ's flagship port, played a pivotal role in these achievements. Mundra alone managed around 5.5 million twenty-foot equivalent units (TEUs) in the initial nine months, on track to surpass 7 million TEUs of container cargo volumes during FY24. The port also achieved several milestones, including handling 3,000 ships in just 261 days, breaking its own record of 288 days in FY23. In November 2023, the JV terminal at Mundra Port, AICTPL, set a national record by handling 3,00,431 TEUs, showcasing the port's operational excellence.
APSEZ's other ports on both the east and west coastlines also recorded significant achievements during the first nine months of FY24. Krishnapatnam berthed its largest-ever vessel, and Gangavaram Port berthed its deepest draft vessel. The Dhamra Port handled the highest quantity of dry cargo, while the Karaikal Port successfully docked a cape-size vessel with its largest parcel size ever.
Besides cargo volumes, APSEZ's logistics rail volumes grew by 22 per cent and General Purpose Wagon Investment Scheme (GPWIS) volumes surged by 47 per cent YoY.
Published January 2nd, 2024 at 15:05 IST