Adani Ports Shares Dip 4% Post October Report

4 Nov 2024 , 03:15 PM

Following the company’s October business update, which revealed that it handled 37.9 MMT of cargo, shares of Adani Ports and Special Economic Zone (APSEZ) dropped 4% to their day’s low of Rs 1,336.30 on the BSE.

The company handled 10.7 MMT GPWIS volume and 0.31 mn TEUs rail traffic, indicating an 11% YoY rise. MMLPs carried 215,958 TEUs, a 21% YoY increase in container volumes.

The company recorded a 40% year-over-year (YoY) increase in its consolidated net profit for the second quarter, which ended in September 2024, from Rs 1,748 crore to Rs 2,445 crore.

According to the corporation, the amount attained was consistent with their annual volume goal.

Driven by a 19% increase in container volumes and a 9% gain in liquids and gas, the company managed 257.7 MMT of cargo year-to-date (YTD) for October 2024, representing an 8% year-over-year improvement.

Furthermore, GPWIS volumes increased by 18% to 12.5 MMT, while YTD logistics rail volumes increased by 11% to 0.36 million TEUs.

According to Adani Ports’ Q2 figures, the company recorded 220 MMT of cargo volume in the second quarter of FY25, a 9% YoY increase from H1 FY25. Containers were the main driver of the growth.

Mundra Port crossed the 100 MMT threshold in 181 days, marking an important milestone. The largest cargo ship to ever dock in South Asia, the MSC Claude Girardet, was docked at Vizhinjam port.

In contrast, operating revenue increased 6% year over year to Rs 7,067 crore during the reporting period.

Over the past year, Adani Ports’ stock has risen by 69.5%, and so far this year, it is up 28.6%.

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