Adani Ports and SEZ reports 12% growth in cargo volumes in April

AHMEDABAD : Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported a 12% year-on-year growth in cargo volumes in April 2024.

The Adani group company in an exchange filing said it handled 36.2 MMT of total cargo in April 2024, which is a good 12% YoY growth.

While most domestic ports reported growth in cargo volume in April, Dhamra Port posted the highest monthly cargo volume of 4.38 MMT, APSEZ said.

Across categories, dry cargo volume rose by 7% year-over-year, liquid and gas by 29% and container volume by 14% over the year-ago period.

The logistics segment also reported growth with rail volumes rising by 5% YoY to 49,430 TEUs and GPWIS volumes increasing by 26% to 1.8 MMT.

APSEZ shares dropped more than 1% to hit a low of ₹1307.2 apiece on BSE in morning trade. The stock opened higher at ₹1335.25 per share but could not hold onto gains.

APSEZ shares were trading 0.85% down at ₹1313.55 per share on BSE at 9.50 AM.

The Adani group on Tuesday announced that CARE Ratings had assigned ‘AAA’ – the highest possible credit rating in India – to the company.

Adani Ports and SEZ is the first private corporate infrastructure developer to be rated AAA, the company claimed.

The rating is driven by the company’s robust integrated business model, strong industry position, consistent market share growth with healthy profitability, coupled with high liquidity and low leverage.

Adani Ports and SEZ is the largest port developer and operator in India with 14 strategically located ports and terminals representing 27% of the country’s total port volumes.

It has seven ports and terminals on the west coast – Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala.

It has seven ports and terminals on the East coast of India – Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry.