APSEZ reports decent cargo volume growth in December

Adani Ports & Special Economic Zones (APSEZ) handled cargo volume of 27.2 million metric tonnes (MMT) in December 2020 (including cargo volume of 3.5 million metric tonnes (MMT) of Krishnapatnam Port acquired in October 2020).

The growth excluding Krishnapatnam Port Co. (KPCL) was 14% on month-on-month (M-o-M) basis and 28% on year-on-year (Y-o-Y) basis.

In December 2020, Mundra port handled highest ever cargo volume of 15.24 million metric tonnes (MMT) registering a cargo volume growth of 44% on Y-o-Y basis. It also achieved highest container throughput of 5,86,952 twenty-foot equivalent unit (TEU)'s and continues to be the largest container port in the country.

For 9M FY21, Mundra port handled cargo volume of 104 MMT, which was equivalent to the cargo volume it handled in 9M FY20 thus recovering the entire cargo volume decline of 30% in Q1 FY21 due to COVID-19. The announcement was made before market hours today, 4 January 2021.

APSEZ reported 31.6% rise in consolidated net profit to Rs 1,393.69 crore on 2.9% increase in net sales to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.

Shares of APSEZ rose 0.56% to Rs 506.30. APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. APSEZ accounts for nearly one-fourth of the cargo movement in the country. It is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

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