Adani Ports gains after cargo volume rises 7% in FY20

Adani Ports and Special Economic Zone rose 1.04% to Rs 247.45 after the company said it recorded 7% cargo volume growth to 223 MMT in FY20 over FY19.

"Adani Ports and Special Economic Zone for the twelve-month period ended 31 March 2020 achieved a throughput of 223 MMT across its nine operating ports in India thus registering seven percent cargo volume growth on year on year basis," the company said in a statement on Thursday, 2 April 2020.

In a separate filing made after market hours on Wednesday (1 April 2020), the company informed that Adani Logistics has completed the acquisition of 4.34 crore equity shares, or 26% stake, in Snowman Logistics, pursuant to open offer at Rs 44 per share.

 

Further, Adani Logistics is in discussions with Gateway Distriparks for purchasing its 40.25% stake in the Snowman Logistics.

On 27 December 2019, Adani Ports had announced the acquisition of 40.25% stake of Snowman Logistics (through Adani Logistics) from Gateway Distriparks for Rs 295.92 crore. As part of the transaction, Adani Logistics had to make a mandatory open offer for a 26% public shareholding in Snowman.

Adani Ports and Special Economic Zone (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.

On a consolidated basis, APSEZ's net profit declined 4.4% to Rs 1352.17 crore despite an 18.1% rise in net sales to Rs 3336.25 crore in Q3 December 2019 over Q3 December 2018.

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