Adani Ports reports 33% YoY growth in Feb'24 cargo volumes

Adani Ports and Special Economic Zone said that the company had handled 35.4 MMT of total cargo in February 2024, implying a healthy 33% YoY growth.

While most ports observed a YoY jump in volumes, Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT.

During the initial 11 months (Apr23-Feb24) of FY24, APSEZ has already handled 382 MMT of cargo, implying that it is well on track to surpass the 400 MMT mark before the end of the current financial year.

"The company achieved the milestone of surpassing the 350 MMT cargo volume mark at its domestic ports in 318 days," Adani Ports said in a statement.

Record growth continued in the logistics segment with YTD rail volumes of around 542,000 TEUs (up 21% YoY) and GPWIS volumes of around 18 MMT (up 40%).

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 companys consolidated net profit soared 67.87% to Rs 2,208.41 in Q3 FY24 as against with Rs 1,315.54 crore posted in the same period a year ago. Revenue from operations jumped 44.59% year on year to Rs 6,920.10 crore during the quarter.

The scrip rose 0.70% to currently trade at Rs 1348.20 on the BSE.

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