Adani Ports gains after handled cargo volume rises 18% YoY in Aug'22

Adani Ports and Special Economic Zone rose 1.52% to Rs 850.50 after the company's handled cargo volume increased by 18% YoY to 29.3 MMT in August 2022.

Of the total handled cargo volume, dry bulk cargo volume grew by 44% YoY while container volume rose by 8% YoY during the period under review.

In a record 49 days, the company achieved a cargo throughput of 50 MMT (YTD cargo volume increasing from 100 MMT to 150 MMT).

In the initial five months of FY23, the company managed 151.4 MMT of cargo, which is a 11% increase over the corresponding period last year, that benefitted from post COVID volume surge.

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.

APSEZ consolidated net profit dropped 16.86% to Rs 1,091.56 crore in Q1 FY23 as against Rs 1,312.99 crore recorded in Q1 FY22. Revenue from operations declined 0.71% to Rs 4,637.95 crore in Q1 FY23 from Rs 4,671.19 crore reported in Q1 FY22.

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