Adani Ports & Special Economic Zone announced that in September 2022, the company recorded 13% YoY growth in cargo volumes to reach 26.1 MMT. This volume jump is despite an extended monsoon which adversely impacted the coal demand/imports and the ban/higher duties on rice exports imposed at the beginning of the month.
In the initial six months of FY23, the company managed 177.5 MMT of cargo, which is a good 11% increase over the corresponding period last year. The average monthly cargo run rate is well aligned within our annual guided range of 350 -360 MMT.
During 1HFY23, east coast volumes are up 13% YoY, supported by Krishnapatnam (+13%), Gangavaram (+9%) and Kattupalli & Ennore combined (+51%). The west coast volume jump of 10% is supported by Mundra (8%), Dahej (65%), Tuna (19%), and Goa (22%).
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