Adani Ports Reports 48% Year-on-Year Growth In Cargo Volume For Q2FY24

Adani Ports Reports 48% Year-on-Year Growth In Cargo Volume For Q2FY24

For the first time in the company’s history, the total cargo volume of the company's ports in India surpassed the 35-MMT mark to touch 36 MMT, which is a good 43% Y-o-Y growth.

FPJ Web DeskUpdated: Friday, November 03, 2023, 11:35 AM IST
article-image
Adani Ports Reports 48% Year-on-Year Growth In Cargo Volume For Q2FY24 | Image: Adani Ports (Representative)

Adani Ports and Special Economic Zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, handled 37 MMT of total cargo in October 2023, implying a Y-o-Y growth of 48%, the company on Friday announced through an exchange filing.

For the first time in the company’s history, the total cargo volume of the company's ports in India surpassed the 35-MMT mark to touch 36 MMT, which is a good 43% Y-o-Y growth.

APSEZ's Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months. Overall, in the initial seven months of FY24 (Apr – Oct’ 2023), APSEZ has handled 240 MMT of total cargo, which is a good 18% Y-o-Y growth. Across its ports in India, the recorded volume growth on Y-o-Y basis is around 15%.

“The improvement in cargo volumes is testimony to the success of three prong business strategy with encompasses the focus on - higher operational efficiencies, integrated business model with an end-to-end service to our customers, and our long-term strategic partnership model with our stakeholders, including customers” said Karan Adani, CEO and Whole Time Director, APSEZ ".

APSEZ Achieves Record Ship Dockings and Servicing in FY24's Initial Seven Months

In the initial seven months of FY24, APSEZ has already docked ~5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective port. In the period under consideration, Mundra Port successfully berthed MV MSC Hamburg, 399 meters long and 54 meters wide vessel, having a carrying capacity of 15,908 TEUs. The port also surpassed its previous record by handling an over-dimensional container/s (ODCs) on a single vessel, M/V CMA CGM Figaro, with 114 units (219 TEUs).

Among India’s ports that can handle cape-size vessels with deeper drafts, Krishnapatnam Port berthed its largest vessel having dimensions of LOA - 335.94 meters and Beam - 42.94 meters. Our Dhamra Port, where a new LNG facility has been commissioned in a JV with TOTAL Group, berthed its first LNG-powered cape-sized vessel, MV UBUNTU UNITY. Another port from APSEZ’s portfolio. Kattupalli Port berthed the MV Seaspan Beacon with 10,000 TEUs, surpassing its previous record of handling 8,600 TEUs in a ship. The port also berthed a container vessel with a draft of 14.5m and displacement of 1,28,046 T, surpassing its previous record of 1,21,958 T.

The observed growth from Apr-Oct’ 23 has been contributed by most of the ports in the portfolio. Our flagship port, Mundra, achieved another milestone of handling 16 MMT of cargo in a month, a benchmark for the Indian ports. On YTD basis, Mundra has reported cargo volumes of 102 MMT, which is a good 9% Y-o-Y growth.

Busy traffic has also been witnessed at our other key ports as well. APSEZ’s sole port in Orissa, Dhamra, observed 19% Y-o-Y growth on the back of pickup in the iron ore exports from India. Similarly, Gangavaram Port, for which we completed the acquisition in FY23, saw its cargo volumes grow at 13% Y-o-Y in the initial seven months. Two of our terminals, Tuna & Ennore, recorded Y-o-Y cargo growth of 23% and 14% respectively.

RECENT STORIES

Niranjan Hiranandani, Son Darshan Seek Exemption From ED Summons In FEMA Case

Niranjan Hiranandani, Son Darshan Seek Exemption From ED Summons In FEMA Case

Mumbai: BMC's Property Tax Bills Roll Out In The Final Month Of FY 2023-24 Amid Legal Hurdles &...

Mumbai: BMC's Property Tax Bills Roll Out In The Final Month Of FY 2023-24 Amid Legal Hurdles &...

₹6,600 Crore Bitcoin Scam: ED Files Supplementary Prosecution Complaint Under PMLA; Main Accused...

₹6,600 Crore Bitcoin Scam: ED Files Supplementary Prosecution Complaint Under PMLA; Main Accused...

Vijay Shekhar Sharma Steps Down As Chairman Of Paytm Payments Bank

Vijay Shekhar Sharma Steps Down As Chairman Of Paytm Payments Bank

Maharashtra Govt Grants 5-Year Tax Rebates To Boost Dharavi's Business Formalisation Under...

Maharashtra Govt Grants 5-Year Tax Rebates To Boost Dharavi's Business Formalisation Under...