Adani Ports handles 420 MMT cargo globally in FY24, crosses full year guidance

AHMEDABAD : Adani Ports & Special Economic Zone (APSEZ) Ltd. reported its highest-ever monthly cargo volume of 38 million metric tonnes (MMT) in March, it said in an exchange filing.

With this, the company has handled 420 MMT cargo globally in the financial year 2024, well above the 370-390 MMT it had guided for in January this year. Adani Ports revised its financial year 2024 guidance in January to 370-390 MMT from 350=370 MMT earlier.

Of the total cargo volume, the company’s domestic ports contributed over 408 MMT of cargo.

On a year-on-year basis, Adani Ports’ total cargo volume grew by 24% for the financial year 2024.

Eight of the company’s ports, or 84% of the total portfolio by volume, reported double-digit growth.

More than a quarter of India’s cargo volumes in the financial year 2024 were routed through ports managed by the Adani Group company.

“While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in five years and three years,” said Adani Ports’ Managing Director Karan Adani. The latest 100 MMT came in less than two years.

Last week, Adani Ports announced the acquisition of a 95% stake in Gopalpur Ports, the majority of which was acquired from the Shapoorji Pallonji Group. This was done at an enterprise value in excess of ₹3,000 crore.

The acquisition of Gopalpur Ports made it the 14th port under the Adani Group’s control in India. It also operates the Haifa Port in Israel. The company currently has a presence in seven maritime states including Gujarat, Maharashtra, Tamil Nadu, Goa and Kerala.

Shares of Adani Ports are at the day’s high, currently trading 2% higher at ₹1,366. The stock is up 118% over the last 12 month.