Adani Ports' records 5% increase in cargo volumes in August 2024
Adani Ports and Special Economic Zone (APSEZ) clocked 36.1 million metric tons (MMT) of cargo volume in August 2024, registering a growth of 5% YoY, according to India Shipping News.
The cargo volume represents 5% YoY growth, despite operations at Mundra port and Tuna terminal being impacted for 4 days equivalent due to inclement weather in the Kutch region. The increase in the cargo volume was led by growth in containers (up 11% YoY).
The company's Kattupalli Port handled its highest ever monthly cargo volume of 1.4 MMT in August 2024.
During the first five months of the financial year, APSEZ clocked 182.4 MMT of total cargo (up 7% YoY). The growth in cargo was primarily driven by containers (up 17%) and liquids & gas (up 7%).
The companys sweating of logistics assets continued with year-to-date (YTD) August 2024 rail volumes growing by 13% YoY to 0.26 million twenty-foot equivalent units (TEUs) (up 19% YoY) and General Purpose Wagon Investment Scheme (GPWIS) growing by 23% YoY to 9.08 MMT.
Adani Ports & Special Economic Zone is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.
The companys consolidated net profit surged 47.2% to Rs 3,112.83 crore on 11.34% in revenue from operations to Rs 6,956.32 crore in Q1 FY25 over Q1 FY24.
