Adani Ports, Mundra sets new monthly benchmark in cargo handling in October
Adani Ports and Special Economic Zone (APSEZ), India’s largest port and logistics company, reported an increase in operational performance during October 2024. APSEZ handled a total of 37.9 million metric tonnes (MMT) of cargo across its ports in October, contributing to an increase in the company’s year-to-date (YTD) cargo handling.
Mundra Port in Kutch set a new monthly benchmark by handling 1,18,397 containers and 65 vessels at Container Terminal T2 in October, surpassing the previous highest monthly handling of 98,725 containers and 55 vessels in July 2024. Additionally, Adani Railway Services at Mundra Port handled 246 goods trains and 1,611 container trains (832 exports and 1,025 imports), totalling 1,857 trains in October 2024, exceeding the previous record of 1,852 trains in March 2024. The SPRH facility at Mundra Port handled 662 trains, close to the previous high of 663 trains in March 2024.
In the first ten months of the financial year, APSEZ’s cargo volume reached 257.7 MMT, representing an 8% year-on-year increase. Logistics rail volume increased by 11% YoY to 0.36 million containers, while the General Purpose Wagon Investment Scheme volume grew by 18% YoY to 12.5 MMT.
For the July-September quarter, APSEZ’s consolidated net profit increased by 37% YoY to Rs 2,412 crore, aligning with market expectations. Net profit for the same period last year was Rs 1,761 crore.
Recently, APSEZ acquired a 95% stake in Gopalpur Port Ltd from SP Port Maintenance Private Limited and Orissa Stevedores Limited.
According to Bloomberg data, 16 out of 18 analysts covering APSEZ have given a ‘buy’ or ‘hold’ rating on the stock. The stock has gained 73.73% and 36.11% year-on-year over the last 12 months, as per a release.
Source: Exim News Service: Ahmedabad/Mundra, Nov. 7