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Adani Ports jumps after cargo volumes grow 41% YoY in March

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Adani Ports & Special Economic Zone (APSEZ) added 6.10% to Rs 787.45 after the company said it handled cargo volume of 26 MMT in March 2021, a growth of 41% on year on year basis and 23% on month on month basis.

APSEZ handled cargo volume of 73 MMT (million metric tonnes) in Q4 FY21, registering a growth of 27% on Y-o-Y (year-on-year) basis. APSEZ handled cargo volume of 247 MMT in FY21, registering a growth of 11% on Y-o-Y basis.

In the container segment APSEZ handled 7.22 million TEUs (Twenty-foot Equivalent Unit) in FY21, registering a growth of 16 % on Y-o-Y basis. Market share of APSEZ in container has increased to 41% of all India container volume in FY21.

The west coast ports of APSEZ (Mundra and Hazira) handled 6.32 million TEUs of container volume in FY21. The market share of western ports of APSEZ in container has increased to 48% in FY21.

Mundra Port ended the year with a record cargo volume of 144.4 MMT, a growth of 4% on Y-o-Y basis and continues to be the largest port of the country. The gap between 1st largest port in India i.e. Mundra and 2nd largest port in India i.e. Kandla is now more than 24% (28 MMT).

Mundra port handled container volume of 5.65 million TEUs a growth of 18% on Y-o-Y basis. This is against approximately 4.7 million TEUs handled by JNPT the second largest container port in India.

In FY21, APSEZ operated more than 5,000 rake movements across various ports and hinterland of India. Further, the company's ports and logistics business generated Rs 5,900 crore as freight revenue for Indian railways.

During FY21, APSEZ business contributed significantly to Indian exchequer by the way of Import duties of Rs 45,000 crore and GST collection of Rs 2,300 crore.

APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. On a consolidated basis, APSEZ posted a 16.23% increase in net profit to Rs 1,576.53 crore on 11.59% rise in total income to Rs 4,274.49 crore in Q3 FY21 over Q3 FY20.

The APSEZ scrip hit an all-time high of Rs 795.50 during intraday trade. The stock has risen 12.05% in three sessions from its recent closing low of Rs 702.75 hit on Wednesday, 31 March 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 11:24 IST