Adani Ports and SEZ September cargo volume spurts 13% YoY to 26.1 MMT

Adani Ports and Special Economic Zone (APSEZ) said that it has recorded a cargo volume of 26.1 million metric tonnes (MMT) in September 2022, registering a 13% YoY growth.

The company said that this volume jump is despite an extended monsoon which adversely impacted the coal demand/imports and the ban/higher duties on rice exports imposed at the beginning of the month.

In the initial six months of FY23, the company managed 177.5 MMT of cargo, rising 11% over the corresponding period last year. The average monthly cargo run rate is well aligned within its annual guided range of 350 -360 MMT, the company stated.

During the first half of FY23, east coast volumes are up 13% YoY, supported by Krishnapatnam (+13%), Gangavaram (+9%) and Kattupalli & Ennore combined (+51%). The west coast volume jump of 10% is supported by Mundra (8%), Dahej (65%), Tuna (19%), and Goa (22%).

Meanwhile, APSEZ said that it has incorporated a wholly owned subsidiary, Adani Aviation Fuels (AAFL), on 29 September 2022, with an initial authorised and paid up capital of Rs 5 lakh each.

AAFL will carry on business of sourcing, transporting, supplying & trading of aviation related fuels, constructing, developing, managing, maintaining, building, equip, hiring of infrastructure related to the business.

AAFL belongs to aviation fuel industry and is yet to commence its business operations, the company stated.

Adani Ports & Special Economic Zone is 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) and related infrastructure contiguous to port at Mundra.

The company's consolidated net profit dropped 16.86% to Rs 1,091.56 crore in Q1 FY23 as against Rs 1,312.99 crore recorded in Q1 FY22. Revenue from operations declined 0.71% to Rs 4,637.95 crore in Q1 FY23 from Rs 4,671.19 crore reported in Q1 FY22.

Shares of Adani Ports & Special Economic Zone shed 0.43% to Rs 817.50 on the BSE.

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