Adani Ports Reports Strong Growth, Sets Cargo Records Ahead of Q2FY24 Earnings

6 Nov 2023 , 12:31 PM

Adani Ports’ shares opened 0.75 % higher at Rs 801.35 on November 6, following the company’s announcement of a 48 % growth in cargo volumes for October. On November 3, Adani Ports’ stock closed at Rs 795, marking a 2.7 % increase from the previous day’s close. Adani Ports reported cargo volumes of 37 million tonnes for the month of October.

The company witnessed double-digit year-on-year growth in three major cargo categories (dry bulk, liquids, and containers) from April 2023 to October 2023.

The logistics business segment delivered robust performance, with a 24 % year-on-year growth in rail TEUs, handling approximately 328,000 TEUs in the first seven months, and a 43 % year-on-year growth in bulk cargo volumes, handling around 10.6 million metric tonnes of cargo.

Adani Ports’ Mudra Port achieved a significant milestone by handling 16 million metric tonnes of cargo in a single month, setting a benchmark for Indian ports. On a year-to-date (YTD) basis, Mudra reported cargo volumes of 102 million metric tonnes, representing a 9 % year-on-year growth.

Adani Ports is set to announce its Q2FY24 earnings on November 9. In Q1FY24, the company reported an 82.6 % year-on-year increase in profits, reaching Rs 2,114.7 crore in the June 2023 quarter. Additionally, revenue from operations for the same period grew by 23.5 % year-on-year, amounting to Rs 5,058 crore.

For feedback and suggestions, write to us at [e-mail]