The shares of this largest private port operator gained up to 3.2 percent after the company’s cargo volumes jumped 42 percent YoY and delivered 300 MMT cargo milestone in a record 266 days.
With a market capitalization of Rs 2.32 lakh crore, the shares of Adani Ports & Special Economic Zone Ltd closed at Rs 1,078.55 per share, increased around 2.91 percent as compared to the previous closing price of Rs 1,048.05 apiece.
According to the company filing, Adani Ports & Special Economic Zone Ltd portfolio ports deliver 300 MMT cargo milestone in a record 266 days, resulting in a strong 42% year-on-year (YoY) increase.
Furthermore, During 9M FY24, APSEZ handled 311 MMT of cargo, which is a 23 percent YoY growth, 10 ports in the company’s portfolio delivered the highest-ever cargo volumes and recorded new operating milestones.
Adani ports are now aiming for above 400 million tons of cargo in FY24, beyond the higher end of the guideline range (370-390 million tons) established at the start of the current fiscal year.
Looking into the company’s financial, Adani Ports & Special Economic Zone Ltd’s revenue increased by 27 percent from Rs 5,211 Crore in Q2FY23 to Rs 6,646 Crore in Q2FY24. During the same period, net profits increased 1.3 percent from Rs 1,738 crore to Rs 1,762 crore.
Adani’s flagship Port Mundra handled around 5.5 million TEUs in a record nine months and is on course to exceed 7 million TEUs of container cargo volumes in FY24.
APSEZ has been spearheading the development of India’s port sector by creating new operational norms. Our current average turnaround time (TAT) for shipping is 0.7 days.
Adani Ports & Special Economic Zone develops, operates, and maintains port infrastructure and has established a multi-product Special Economic Zone (SEZ) and related infrastructure next to the port in Mundra.
Written by:- Abhishek Singh
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