Adani Ports Breaks Records in October 2024: Cargo Handling Reaches New Heights
Newzdaddy Business Updates
Synopsis of the Article
- Adani Ports’ Record October: Adani Ports and Special Economic Zone Limited (APSEZ) reported handling 37.9 million metric tonnes (MMT) of cargo in October, enhancing its year-to-date figures.
- Mundra Port Milestone: Mundra Port, in Gujarat, achieved a new monthly benchmark, handling 1,18,397 containers and 65 vessels at its Container Terminal T2.
- Railway Services Performance: Adani Railway Services managed 1,857 trains, surpassing the previous record of 1,852 trains in March.
- SPRH Facility: The SPRH facility at Mundra Port handled 662 trains, close to the previous high of 663.
- Year-on-Year (YoY) Growth: APSEZ recorded an 8% YoY increase in cargo volume to 257.7 MMT, while logistics rail volume rose by 11% YoY, and GPWIS volume by 18%.
- Financial Performance: For the July-September quarter, APSEZ’s net profit grew 37% YoY, reaching Rs. 2,412 crore.
- Recent Acquisition: APSEZ acquired a 95% stake in Gopalpur Port, strengthening its market position.
- Stock Market Success: APSEZ’s stock performed strongly, with a year-on-year gain of 73.73% and 36.11%.
Adani Ports Sets New Record in October Cargo Handling
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest private multi-port operator, reported a milestone in October 2024, handling 37.9 million metric tonnes (MMT) of cargo across its vast network. This increase marks a significant growth in the company’s operations and reaffirms APSEZ’s pivotal role in India’s logistics industry. The October achievement not only boosted APSEZ’s year-to-date (YTD) cargo handling volume but also highlighted the efficiency of Mundra Port, one of APSEZ’s flagship ports in Gujarat.
Mundra Port’s Impressive New Benchmark
Mundra Port, a crown jewel in APSEZ’s portfolio, set a new monthly record by handling 1,18,397 containers and accommodating 65 vessels at its Container Terminal T2 in October 2024. This figure far surpasses its previous high of 98,725 containers and 55 vessels in July 2024, showcasing Mundra’s ability to efficiently manage increasing demand. Known for its state-of-the-art facilities, Mundra Port is equipped to handle a wide range of cargo, making it an essential hub for India’s export-import needs.
Railways Achieve Milestone at Mundra
Railway operations at Mundra also made headlines in October. Adani Railway Services at Mundra Port handled a total of 1,857 trains—exceeding the previous record of 1,852 in March 2024. These included 246 goods trains, 1,611 container trains (832 exports and 1,025 imports), ensuring the swift movement of goods to and from the port. The well-coordinated railway services have been a game-changer for logistics at Mundra, optimizing cargo handling and reducing transit time.
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SPRH Facility Shows Steady Performance
The Special Purpose Rail Handling (SPRH) facility at Mundra Port handled 662 trains in October, just one train shy of the record 663 achieved in March. This close performance indicates sustained high activity levels and reinforces the critical role of the SPRH facility in expediting logistics at the port.
Year-to-Date (YTD) and Year-on-Year (YoY) Growth
Over the first ten months of this financial year, APSEZ recorded a total cargo volume of 257.7 MMT, which reflects an 8% YoY increase. Meanwhile, the logistics rail volume saw an 11% YoY jump, reaching 0.36 million containers. The General Purpose Wagon Investment Scheme (GPWIS), an initiative that supports the movement of specialized cargo, recorded an 18% increase to 12.5 MMT. This growth trend underscores APSEZ’s strategic importance and its robust capacity to meet rising demand.
Strong Quarterly Financial Performance
In its financial report for the July-September 2024 quarter, APSEZ announced a consolidated net profit of Rs. 2,412 crore, marking a substantial 37% YoY increase from Rs. 1,761 crore the previous year. This impressive growth aligns with market expectations and reflects APSEZ’s operational efficiency, cost management, and strategic expansions.
Strategic Acquisition of Gopalpur Port
As part of its expansion strategy, APSEZ recently acquired a 95% stake in Gopalpur Port Ltd. This acquisition, from SP Port Maintenance Private Limited and Orissa Stevedores Limited, strengthens APSEZ’s foothold on India’s eastern coast. Gopalpur Port’s location in Odisha allows APSEZ to tap into the region’s industrial growth and provide logistics solutions to sectors such as mining, manufacturing, and agriculture.
Stock Market Performance
APSEZ’s achievements have positively impacted its stock performance. According to Bloomberg data, 16 out of 18 analysts have rated APSEZ stock as a “buy” or “hold.” Over the past year, the stock has seen a remarkable rise of 73.73% in value, while the last 12 months recorded a 36.11% increase. This upward trajectory reflects investor confidence in APSEZ’s continued growth and market leadership.
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