Adani Ports records 31% growth in Jan cargo volume

Adani Ports and Special Economic Zone (APSEZ) added 0.52% to 545.65 after the company’s cargo volume rose 31% year-on-year (YoY) to 26.02 MMT in January 2021.

The cargo volume includes volume of 3.87 MMT of Krishnapatnam Port that was acquired in October 2020.

“The growth in cargo volume for the month of January, 2021 excluding Krishnapatnam Port was 11% on year-on-year (YoY) basis,” the company said in a filing made during market hours today.

APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India. APSEZ accounts for nearly one-fourth of the cargo movement in the country. It is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

APSEZ reported 31.6% rise in consolidated net profit to Rs 1,393.69 crore on 2.9% increase in net sales to Rs 2,902.52 crore in Q2 September 2020 over Q2 September 2019.