APSEZ gains 3% after strong biz update for June quarter

MUMBAI : Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) rose as much as 3.03% after the company said it handled cargo volume of 75.69 MMT, registering a growth of 83% year-on-year, during the first quarter of FY22.

In June 2021, APSEZ handled cargo volume of 25.54 million metric tonnes (MMT), registering a year-on-year growth of 83%.

In the container segment, APSEZ handled container volume of 0.67 million twenty-foot equivalent units (TEUs) last month, registering a growth of 48% year-on-year. For the first quarter of FY22, APSEZ handled a volume of 2.08 million TEUs, thus registering a year-on-year growth of 69%.

From the beginning of the year, APSEZ has gained 47.21% against a rise of 9.62% in the Sensex.

Adani Ports and Special Economic Zone Ltd reported a 285% jump in consolidated net profit to ₹1,288 crore for the quarter ended 31 March 2021 against a profit of ₹334 crore in the year-ago period. Consolidated revenue from operations rose 24% to ₹3,608 crore in the March quarter as against ₹2,921 crore in the year-ago quarter.

Adani Ports and Special Economic Zone Limited is India’s largest private multi-port operator, with a large network of ports with India’s largest SEZ at Mundra. APSEZ Port business is integral to its logistics business and is India’s largest private port operator with a presence across 12 locations.

Source : mint