Adani Ports and Special Economic Zone (APSEZ) rallied 3.95% to Rs 1,267.05 after the company recorded cargo volumes of 35.1 million metric tons (MMT) in January 2024, implying a YoY increase of 26%.
APSEZ said that the growth was primarily guided by dry bulk volumes, rising 46% YoY and container volumes up 13% YoY cargo types.
The companys Gangavaram port recorded its lifetime high monthly cargo volume at 4 MMT.
In the initial ten months of FY24 (April 2023January 2024), APSEZ handled 346.3 MMT of total cargo, exceeding approximately 339 MMT of cargo handled in the 12 months of FY23.
Logistics volumes continued to witness record growth with year to date rail volumes of around 48,900 twenty-foot equivalent units (TEUs), registering a growth of 20% YoY and General Purpose Wagon Investment Scheme (GPWIS) volumes of 16 MMT were higher by 42% YoY. In January 2024, the GPWIS volumes continue to be at a record high of approximately 1.9 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 soared 67.87% to Rs 2,208.41 in Q3 FY24 as against with Rs 1,315.54 crore posted in the same period a year ago. Revenue from operations jumped 44.59% year on year to Rs 6,920.10 crore during the quarter.
The counter hit record high at Rs 1,287 in todays intraday session.
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