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November 30, 2023

Adani Ports handles 25 MMT cargo in Oct’22

According to Adani Ports and Special Economic Zone, the company delivered almost 25 MMT of cargo in October 2022, which is somewhat more than it did during the same time period in the previous year.

In October 2021, the company’s group of ports handled 24.76 MMT in cargo.

According to Adani Ports, the second half of October’s average daily run-rate of about 1 MMT represents an increase in volumes compared to September and the first half.

Around 203 MMT of cargo volumes were recorded by APSEZ from April to October 2022, an increase of 10% YoY. A total of 184.67 MMT worth of cargo was handled by the company in the first seven months of FY22.

In the initial 7 months of FY23, east coast volumes were up 11% YoY, supported by Krishnapatnam (+14%), Gangavaram (+4%) and Kattupalli & Ennore combined (+49%). The west coast volume jump of 9% is supported by Mundra (6%), Dahej (64%), Tuna (10%), and Goa (17%), and Hazira (3%).

This volume increase in FY23 occurred despite the prolonged monsoon, which had a negative impact on coal demand, higher steel export taxes, and an export ban on several varieties of rice, the company said.

Adani Ports & Special Economic Zone is in the business of creating, running, and maintaining port infrastructure (including port services and associated infrastructure development). It has connected Mundra’s multi-product SEZ and associated infrastructure to the port.

In Q2 FY23 compared to Q2 FY22, the company’s consolidated net profit increased by 65.5% to Rs 1,737.81 crore and by 32.8% to Rs 5,210.80 crore in income from operations.

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