Adani Port’s share price was up over 1% even as several other Adani Group companies including Adani Enterprises, Adani Green, Adani Transmission, and Adani Total Gas were deep in the red.
What Happened: The company on Wednesday posted its operational performance update. Adani Ports and Special Economic Zone (APSEZ) recorded its largest port cargo volumes ever at 339 million metric tonnes (MMT) in FY23. Cargo volume in March climbed over 30 MMT in March 2023 for the first time since July 2022.
The company in a press release added that “Mundra continues to be India's largest seaport with 155 MMT of total cargo handled during the year.” Talking about Mundra’s success the company’s CEO and son of Gautam Adani, Karan Adani said, that Mundra, is outpacing the competition and continues to be the largest port in the country interms of volumes handled. The APSEZ's flagship port “meets world standards and
provides service levels on par with those of its global competitors,” he added.
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The company’s logistics business segment also had strong numbers this financial year. The container rakes handled during the year crossed 500,000 TEUs up 24% YoY, while the bulk cargo transported exceeded 14 MMT, implying 62% Y-o-Y jump. “This financial year witnessed APSEZ setting some new milestones on the count of ships docked (6,573), rakes serviced (40,482), and the trucks, trailers, and tankers handled (48,89,941). Adani Ports serviced 3,068 unique customers across its different business units,” the company added in the press release.
Price Action: Adani Port share price was up 0.72% to trade at ₹632.30 in the afternoon hours of trading on Monday.
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