Adani Ports Achieves 37.9 MMT Cargo Volume In October

Adani Ports and Special Economic Zone Ltd. reported its operational performance for October in an exchange filing on Monday. 

In October, APSEZ handled a total of 37.9 Million Metric Tonnes of cargo, contributing to the company's year-to-date cargo handling increase. For the first ten months of the fiscal year, APSEZ’s cargo volumes reached 257.7 MMT, an 8% year-on-year rise, driven by substantial growth in container traffic (up 19%) and liquid and gas cargo (up 9%). 

Additionally, APSEZ’s logistics rail volume grew 11% YoY to 0.36 million twenty-foot equivalent units, while General Purpose Wagon Investment Scheme volumes expanded 18% YoY, reaching 12.5 MMT.

For the July-September quarter, APSEZ’s consolidated net profit climbed 37% YoY to Rs 2,412 crore, in line with market expectations. It has risen from Rs 1,761 crore in the same period last year.

Adani Ports Q2 Result: Key Highlights (Consolidated, YoY) 

• Revenue up 6% at Rs 7,067 crore (Bloomberg estimate: Rs 7,267 crore).

• Net profit up 37% at Rs 2,412 crore (Bloomberg estimate: Rs 2,601 crore).

• Ebitda up 12.6% at Rs 4,369 crore (Bloomberg estimate: Rs 4,372 crore).

• Margin at 61.8% versus 58.4% (Bloomberg estimate: 60.2%).

In another exchange filing in October, APSEZ announced that it recently completed its acquisition of a 95% stake in Gopalpur Port Ltd. from SP Port Maintenance Private Ltd. and Orissa Stevedores Ltd., finalising a transaction initially agreed upon in March. 

The deal, valued at Rs 1,349 crore, boosts APSEZ’s strategic foothold in eastern India, with GPL’s enterprise value pegged at Rs 3,080 crore. 

Shares of the company closed 0.01% lower at Rs 1,394.20 per share, compared to a 0.05% advance in the NSE Nifty 50. The stock has risen 73.73% year-to-date and 36.11% over the past 12 months.

Sixteen out of the 18 analysts tracking APSEZ have a 'buy' rating on the stock and two recommend a 'hold', according to Bloomberg data.