Adani Ports and Special Economic Zone released its business update for the month of April on Thursday.
What Happened: In a press release, the company said that it handled 32.3 million metric tonnes of total cargo in April 2023, up 12.8% from the year-ago period. The company added that four ports recorded significant growth in monthly volumes. “Krishnapatnam (5.2 MMT, +22.6%YoY), Dhamra (3.3 MMT, +36.8%YoY), Tuna (1.15 MMT, +57.6%YoY), and Katupalli & Ennore combined (1.7 MMT, +13.3%),” the company further said. Domestic container cargo volumes jumped 13.6% YoY.
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The port operator said that the investment in developing rail infrastructure at its ports has been one of the catalysts for its improved operational performance. The company informed that its Dahej Port completed the extension of overhead electric lines, thereby enabling it to handle rakes with electric locomotives of Indian Railways.
The company also announced that it was selling its Myanmar Port for $30 million or around ₹243 crore. The Adani Group company had signed a Share Purchase Agreement (SPA) in 2022 for the sale of its Myanmar Port, after the completion of the port. However, due to continuous delays in the approval process and challenges in meeting certain conditions of the contract, the company has renegotiated the sale for the project as is.
The company’s CEO and Whole Time Director, Karan Adani said that the growth in cargo volumes across most of our ports reflects that the strategy of improving operational efficiency is delivering results.
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Price Action: Adani Ports’ share price was up 0.38% to trade at ₹672.20 in the mid-market hours on Thursday.
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