Adani Ports share price gains after company reports 48% growth in October cargo volume

Adani Ports also recorded a double-digit year-on-year growth in three major cargo categories: dry bulk, liquids, and containers from April 2023- October 2023.

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Shares of Adani Ports opened 0.75 percent higher at Rs 801.35 on November 6, after the company reported a 48 percent growth in October cargo volumes. Earlier on November 3, Adani Ports stock ended at Rs 795, up 2.7 percent from the previous day. Adani Ports recorded cargo volumes of 37 million tonnes in October.

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According to the latest update from the company, Adani Ports and Special Economic Zones recorded a double-digit year-on-year growth in three major cargo categories: dry bulk, liquids, and containers from April 2023- October 2023. The logistics business segment also delivered record performance, with a 24 percent YoY growth in rail TEU’s, “taking the total container volumes handled in the initial seven months to approximately 328,000 TEUs and 43 percent YoY growth in bulk cargo volumes with handling of~10.6 MMTs of cargo,” the company said in the filing.

Also read: Adani Ports records 48% growth in cargo volumes at 37 million tonnes in Oct

Adani Ports’ Mudra Port also achieved a milestone, the company said in a filing. “The port handled 16 MMT of cargo in a month, a benchmark for the Indian ports. On YTD basis, Mundra has reported cargo volumes of 102 MMT, which is a good 9 percent YoY growth,” the filing said.

Adani Ports is scheduled to announce it Q2FY24 earnings on November 9. In Q1FY24, Adani Ports and Special Economic Zones reported a YoY rise of 82.6 percent to Rs 2,114.7 crore in the June 2023 quarter. Revenue from operations for the same period grew by 23.5 percent YoY to Rs 5,058 crore.

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