Adani Ports gains after handled cargo volume crosses 300 MMT mark in 329 days

Adani Ports and Special Economic Zone rose 1.03% to Rs 564.70 after the company said that its handled cargo volumes had crossed the 300 million metric tonne (MMT) mark on Thursday (23 February 2023).

The company registered the said the cargo volumes within a span of 329 days this year. Last year, APSEZ had recorded the aforementioned cargo volume after a period of 354 days.

"APSEZ has registered unprecedented growth since it started operations over two decades ago and continues to outperform all India cargo volume growth, with its market share rising rapidly, the Adani Group company said in a statement.

APSEZ has seen 4% growth y-o-y at its container terminals. Mundra Port shipped 1,501 fertiliser rakes in the current fiscal year with the total cargo dispatch of 4.8 MMT.

Karan Adani, CEO and whole time director, APSEZ, said: The APSEZ's flagship port, Mundra, is outpacing all its closest rivals by comfortable margins and continues to be the largest port in the nation in terms of volumes handled.

Mundra's infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India's gateway for container goods.

Adani Ports & Special Economic Zone (APSEZ) 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 declined 16.05% to Rs 1,315.54 crore as against Rs 1,567.01 crore posted in Q3 FY22. Revenue from operations stood at Rs 4,786.17 crore in the quarter ended 31 December 2022, registering a growth of 17.54% to Rs 4,071.98 crore reported in Q3 FY22.

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