Adani Ports Mundra records 51.2 MMT cargo handling in first quarter

Adani Ports and Special Economic Zone Limited (APSEZ) continues to achieve new milestones in operations. APSEZ has once again set new benchmarks with significant growth in cargo volume in June 2024. Adani Ports Mundra has achieved a significant milestone by handling 51.2 MMT in the first quarter of FY 2024-25, an increase of 7.3% over its previous record. The last highest cargo handling volume was 47.7 MMT, which was achieved in Q-3 of FY 2023 – 24.

In addition to this achievement, Adani Ports Mundra has created a new record in container train handling. Handled 1,594 container trains in June 2024 with a total of 1,68,000 container movements. This record surpassed the previous record set in March 2024 when 1,573 container trains were handled and 162,000 container movements were made.

Internationally, APSEZ's annual cargo volume capacity has increased by 12 percent to 37 million metric tons (MMT). Under this operation, an annual increase of 33 percent in container volumes and 8 percent increase in liquid and gas cargoes has been recorded.

Adani Group's port business volumes grew by 24 per cent year-on-year, with ten domestic ports recording their highest ever cargo volumes. Adani Ports recorded a total cargo volume of 109 MMT for the quarter ending June 30, 2024, a growth of 7.5 percent over the same period last year. This growth was mainly due to an 18 percent increase in container cargo and an 11 percent increase in liquid and gas cargo.

In the logistics segment, APSEZ saw a 19 percent increase in quarterly rail volumes, reaching 156,590 TEUs, and GPWIS volumes totaling 5.56 MMT, a 28 percent year-on-year increase. Kattupalli port has handled its highest ever monthly cargo volume of 1.36 MMT.

In April 2024, the company handled its highest ever monthly cargo volume of 420 MMT, a year-on-year growth of 24 percent. Notably, March 2024 saw a monthly volume of over 38 MMT.

According to a report earlier this month, the market capitalization of APSEZ reached around $37 billion. It also surpassed the Beijing-Shanghai High Speed ​​Railway Company. This landmark figure of increasing cargo volume indicates an upward trend in the company's S&P BSE Sensex index.

APSEZ handled 27 percent of India's total cargo and 44 percent of container cargo in the year to March 31, 2024 (FY24). Adani Ports handled more than a quarter of all cargo volumes in India in FY2024. Noted broking firms are looking at Adani Ports stock price upside potential given the company's outstanding performance.