APSEZ cargo volumes grow by 9% year-on-year (YoY) in FY23

Continuously increasing its market share for the past year, Adani Ports and Special Economic Zone (APSEZ) on Wednesday announced a 9% jump in its port cargo volumes year-on-year (YoY) to 339 million metric tons (MMT) in FY23.

APSEZ in March handled 32 MMT of total cargo, implying a YoY growth of 9.5%.

The Adani Group company said it has been continuously outperforming all of India’s cargo volume growth for the past year.

“The improvement in cargo volumes is testimony to the faith that our customers have in us. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled.”

Karan Adani, CEO, APSEZ

APSEZ’s overall container volumes in India jumped to 8.6 MTUs (+5% YoY), including 6.6 MTEUs at Mundra alone.

“It continues to be India’s largest seaport with about 155 MMT of total cargo handled during the year. The logistics business segment also had a record year. The container rakes handled during the year achieved a new milestone crossing 500,000 TEUs (+ 24% Y-o-Y), while the bulk cargo transported exceeded 14 MMT, implying 62% YoY jump,” the company said.

APSEZ in this financial year achieved 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). The Ports serviced 3,068 unique customers across its different business units.

Adani Ports share which were seeing a 52-week high are down around 36%, trading flat at Rs 630.10 today.

Also read: Haifa Port to amplify Adani Ports revenue multifold

The US-based FII GQG Partners last months penned down a Rs 15,000 crore deal with Adani Group promoter entity SB Adani Family Trust to buy stakes in Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises.

APSEZ stock was bought at Rs 596.20 apiece and was worth Rs 5,282 crore

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