Business & Economy

Adani Ports Targets Over 400 MMT Cargo Volumes in FY24 after Strong Q3 Performance

Adani Ports and Special Economic Zone Limited (APSEZ) is set to exceed its initial cargo volume guidance for the financial year 2023-24 (FY24), aiming for over 400 metric tonnes (MMT). The company’s strong performance in December 2023 and the third quarter has propelled it towards surpassing the upper end of the guidance range initially set at 370-390 MMT.

In December 2023 alone, APSEZ achieved a robust 42% year-on-year (YoY) increase, handling 35.65 MMT of cargo volumes. Notably, dry bulk cargo handling experienced a remarkable 63% YoY growth, while container handling increased by over 28%. For the quarter ending December, APSEZ managed approximately 109 MMT of overall cargo, with around 106 MMT contributed by its domestic ports portfolio.

The company’s cumulative performance for the initial nine months of FY24 reached around 311 MMT of total cargo, marking a healthy 23% YoY growth. APSEZ accomplished crossing the 300 MMT cargo mark in just 266 days, outperforming its previous record of 329 days in the preceding financial year.

Karan Adani, CEO and Whole Time Director at APSEZ, emphasized the success of their strategy to drive operational efficiencies, leading to industry-leading growth. Adani stated, “This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results.”

Looking ahead, APSEZ is now targeting over 400 MMT of cargo volumes in FY24, exceeding the upper end of the guidance range initially set at 370-390 MMT. The company’s strategic focus on operational excellence and growth initiatives has evidently borne fruit, positioning APSEZ as a key player in the maritime and logistics sector.

During the April to December 2023 period, several APSEZ ports achieved significant milestones. The flagship port, Mundra, handled around 5.5 million TEUs in a record nine months, and it is poised to surpass 7 million TEUs of container cargo volumes during FY24. The joint venture terminal at Mundra Port, AICTPL, set a national record by handling 3,00,431 TEUs in November 2023, reflecting an impressive average of around 10,000 TEUs every day.

In October 2023, Mundra Port achieved a notable milestone by handling 16 MMT of cargo volumes, establishing a new record as the Indian port with the highest cargo volumes in a single month.

The positive performance has also been reflected in the stock market, with shares of Adani Ports gaining 2.82% to trade at ₹1,077.35 apiece on the NSE during today’s late afternoon deals. APSEZ’s continued growth trajectory and strategic achievements reinforce its position as a key player in the maritime and logistics industry, contributing significantly to India’s trade infrastructure.

 

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