 "Adani Ports sees 12% growth in June 2024, clocks 37 MMT cargo volume")
Adani Ports and Special Economic Zone Limited (APSEZ) has reported substantial growth in cargo volumes for June 2024, achieving a 12 per cent year-on-year (Y-o-Y) increase to 37 million metric tonnes (MMT). This performance was driven by a significant 33 per cent Y-o-Y rise in container volumes and an 8 per cent increase in liquids and gas cargo, the company said in a regulatory filing.
Notably, Kattupalli Port handled its highest ever monthly cargo volume of 1.36 MMT.
For the quarter ending June 30, 2024, Adani Ports recorded a total cargo volume of 109 MMT, marking a 7.5 per cent increase compared to the same period last year. This growth was primarily fueled by an 18 per cent rise in container cargo and an 11 per cent increase in liquids and gas cargo.
In the logistics segment, APSEZ further saw a 19 per cent Y-o-Y increase in quarterly rail volumes, reaching 156,590 twenty-foot equivalent units (TEUs), and a 28 per cent Y-o-Y rise in GPWIS volumes, totaling 5.56 MMT.
In April 2024, the company handled its highest-ever monthly cargo volume of 420 MMT, a 24 per cent Y-o-Y increase. This figure includes international ports, with domestic ports contributing over 408 MMT of cargo. March 2024 also saw record monthly volumes exceeding 38 MMT.
Earlier this month, as reported by Business Standard, APSEZ’s market capitalisation reached approximately $37 billion, surpassing Beijing-Shanghai High Speed Railway Co. This milestone, coupled with rising cargo volumes and the company’s inclusion in India’s benchmark S&P BSE Sensex Index, suggests a continued upward trajectory.
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APSEZ managed 27 per cent of India’s total cargo and 44 per cent of container cargoes in the year ending March 31, 2024 (FY24). Adani Ports also handled more than one-fourth of all cargo volumes in India in FY24. Adani Group’s ports arm’s volumes increased by 24 per cent Y-o-Y, with ten domestic ports recording their highest-ever cargo volumes.