Shares of Adani Ports that were trading higher today received a further bump as the company posted its monthly business update on Tuesday afternoon.
What Happened: The Adani Group company handled 35.65 million metric tonnes of cargo volumes in December 2023, leading to an impressive 42% growth compared to December 2022. The previous best of 329 days was surpassed with the achievement of the 300 million metric tonnes cargo milestone in a record 266 days.
In the first nine months of FY24, The company managed about 311 million metric tonnes of total cargo, reflecting a 23% YoY growth. The company now aims to handle over 400 MMT of cargo volumes in FY24, exceeding the upper end of the guidance range (370 -390 MMT) given at the start of the financial year.
Mundra port, APSEZ’s flagship port, managed around 5.5 million TEUs in just nine months. The JV terminal at Mundra Port, AICTPL, set a national record by handling 3,00,431 TEUs in November 2023.
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The news of record growth comes as the port major has continued gains at the bourses. The company’s stock reached a new 52-week high of ₹1,102.40 in December 2023, as Citi maintained its "buy" rating on the stock.
Last month, analysts at Kotak Securities also issued a "buy" call for Adani Ports, attributing the company’s market share expansion to operational efficiencies, integrated services, and a focus on cargo diversification.
Price Action: Adani Ports’ share price was up 3.07% at 1,080 in the late hours of trading on Tuesday.
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