The shares of the large-cap company surged around 7 percent on Monday’s trading session after reporting a strong cargo volume in November 2023.
With a market capitalization of Rs. 1.89 lakh crores, the shares of Adani Ports and Special Economic Zone Ltd started Monday’s trading session on a higher note at Rs. 865 compared to its previous close at Rs. 827. The shares hit a high of Rs. 883, gaining around 7 percent, and currently trading at Rs. 878.55 apiece.
Such a positive movement was after the company provided updates for November 2023. The company recorded strong cargo volumes of around 36 MMT, an increase of 42 percent YoY. The growth was witnessed across all three broad cargo categories, i.e., dry bulk (over 60 percent YoY), containers (over 26 percent), and liquids and gas (over 23 percent).
In the initial eight months of FY 24, the company handled around 275 MMT of cargo an increase of 21 percent YoY. This marks over 70 percent of the top-end of its full-year guidance range of 370-390 MMT.
In addition, the company also mentioned that the Adani International Container Terminal Private Limited (AICTPL), a joint venture terminal at the Adani Ports and Special Economic Zone in Mundra, achieved a milestone by successfully handling over 3,00,000 containers in November.
Furthermore, two more ports Dhamra and Ennore, also recorded their highest-ever monthly volumes, handling 3.96 MMT and 65,658 TEUs respectively.
Having a look at the financial statement published by the company, the revenue increased by 6 percent from Rs. 6,248 crores in the June quarter to Rs. 6,646 crores during the September quarter. On a contrasting note, the net profit declined by 16 percent from Rs. 2,119 crores to Rs. 1,762 crores during the same timeframe.
The Company intends to become the world’s largest private port company and India’s largest integrated transport utility by 2030. They aim to emerge as a one-point customer-centric transport utility across ports and hinterland with a pan-India integrated logistics presence.
Headquartered in Gujrat, Adani Ports and Special Economic Zone Ltd was incorporated in 1998. The company is engaged in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development), and has linked multi-product Special Economic Zone (SEZ).
Written By Vaibhav Patil
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
