Adani Ports handles record 420 MMT cargo globally in FY24, stock hits 52-week high

Adani Ports handles record 420 MMT cargo globally in FY24, stock hits 52-week high

Updated April 1st, 2024 at 11:40 IST

In March 2024, the logistics company handled its highest-ever monthly cargo volumes, exceeding 38 MMT, including international ports.

Reported by: Business Desk

Adani Ports

Adani Ports

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Adani Ports

Adani Ports breaks record: Ports operator Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday achieved remarkable growth in financial year 2024 (FY24) by handling over 420 MMT of cargo globally, marking a 24 per cent year-on-year (YoY) increase. 

Adani Ports shares hit a fresh 52-week high of Rs 1,375 following the announcement. 

Among these, domestic ports contributed over 408 MMT of cargo, with APSEZ surpassing its cargo volume guidance of 370 MMT – 390 MMT set at the beginning of the financial year.

In March 2024, the logistics company handled its highest-ever monthly cargo volumes, exceeding 38 MMT, including international ports. 

Notably, ten of its ports and terminals achieved record cargo volumes, with Mundra leading at 180 MMT.

The major contribution by the company underscores its pivotal role in India’s growth trajectory, with more than one-fourth of all India cargo volumes routed through its ports during FY24. 

Despite facing challenges such as global trade disruptions and natural calamities like cyclones, APSEZ has continued to excel in operational efficiency and customer service.

Karan Adani, Managing Director of APSEZ, highlighted the company’s commitment to enhancing operational efficiencies and maintaining its position as a top port operator in the industry. APSEZ’s strategic partnerships with customers and investments in world-class infrastructure have facilitated long-term associations and improved market share.

Additionally, the ports operator has also demonstrated notable growth in container volumes, surpassing India’s container growth rate by two times over the last five years.

As of 10:51 am, shares of the company were trading 2.48 per cent higher at 1,375 per share. 

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