Adani Ports and Special Economic Zone Ltd’s shares were up by 2.80 per cent after the company marked a surge in cargo volumes, reporting a 42 per cent year-on-year increase in December 2023.
The total cargo volumes for the month reached 35.65 million tonnes (mt). This growth was fueled by a 63 per cent YoY increase in dry bulk cargo handling, coupled with a 28 per cent rise in container handling.
For the quarter ending December, the company managed an overall cargo volume of around 109 mt, with approximately 106 mt contributed by its domestic ports portfolio. The cumulative cargo handling for the initial nine months of FY24 stood at 311 mt, reflecting a YoY growth of 23 per cent.
The company reported that it achieved a milestone by crossing the 300 mt cargo mark in just 266 days, outperforming its previous record of 329 days in the previous financial year. Mundra Port, the flagship port, recorded around 5.5 million TEUs in nine months and is on track to surpass 7 million TEUs in container cargo volumes during FY24. The port handled 3,000 ships in just 261 days, surpassing its previous record of 288 days in FY23.
The shares were up by 2.80 per cent to ₹1077.40 at 3.20 pm on the BSE.