Adani Ports records 36 MMT cargo volume in November, says growth driven by containers

AHMEDABAD : Adani Ports and Special Economic Zone (APSEZ) on Monday announced that it handled 36 MMT of cargo during November 2024. The growth in cargo, it added, was primarily driven by containers, which was higher by 21 per cent in comparison to the same period of last year. 

On a year-to-date (YTD) basis, Adani Ports handled 293.7 MMT of total cargo, recording a growth of 7 per cent on-year. In a regulatory filing, the company said that the growth was supported by containers, which posted a rise of 19 per cent YoY, followed by liquids & gas, which went up by 7 per cent YoY.

APSEZ announced that its YTD November 2024 logistics rail volume recorded a growth of 10 per cent YoY to 0.42 million TEUs and GPWIS volumes grew by 15 per cent YoY to 14.2 MMT.

During the previous month, that is, for the month of October 2024, APSEZ had announced that it handled a total of 37.9 MMT cargo, keeping the company in the glide path for the guided yearly volume. On a year-to-date (YTD) basis, it handled 257.7 MMT of total cargo, up 8 per cent on-year. 

Earlier in October, Adani Ports had released its fiscal second quarter earnings with profit at Rs 2,445 crore, posting a growth of 39.90 per cent year-on-year. The profit growth, it had said, was recorded amid an increase in the cargo volumes handled by the company and “new capacity additions progressing as planned in Gopalpur, Vizhinjam, and Colombo”. During the quarter, the company handled a total cargo of 111 million metric tonnes, up 10 per cent YoY. 

This comes just days after the US Department of Justice and the Securities Exchange Commission (SEC) indicted Gautam Adani, Sagar Adani and Vneet Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements.  

Gautam Adani, on Saturday, in his first public event since the indictment by the US court, said every attack made the group stronger and every obstacle was a stepping stone for more resilience. “Less than two weeks back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger,” he said.