Adani Ports Surpasses FY2024 Cargo Guidance, Handles 420 MMT Globally

Adani Ports & Special Economic Zone (APSEZ) Ltd. announced a historic milestone, achieving its highest-ever monthly cargo volume of 38 Million Metric Tonnes (MMT) in March, according to an exchange filing.

This achievement propelled the company’s global cargo handling for the financial year 2024 to 420 MMT, surpassing its earlier guidance of 370 MMT – 390 MMT set in January. Of this total, domestic ports contributed over 408 MMT.

The fiscal year saw a remarkable 24% year-on-year growth in total cargo volume, with eight out of APSEZ’s ports reporting double-digit growth, accounting for 84% of the total portfolio by volume.

Significantly, over a quarter of India’s cargo volumes for the fiscal year 2024 passed through ports managed by the Adani Group company.

Reflecting on the company’s growth trajectory, Karan Adani, Managing Director of Adani Ports, highlighted “While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in five years and three years,” The latest 100 MMT was achieved in less than two years.

In a strategic move to bolster its portfolio, APSEZ recently announced the acquisition of a 95% stake in Gopalpur Ports, primarily from the Shapoorji Pallonji Group, valued at over ₹3,000 crore. This acquisition marks the addition of the 14th port under the Adani Group’s control in India, alongside its operations at the Haifa Port in Israel. Currently, the company maintains a presence in seven maritime states including Gujarat, Maharashtra, Tamil Nadu, Goa, and Kerala.

The positive performance has also been reflected in Adani Ports’ stock, which is currently trading 2% higher at ₹1,366, marking a substantial 118% increase over the last 12 months.

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