Adani Ports shares hit record high as cargo volume rises 33% YoY in February
Upstox
2 min read • Updated: March 4, 2024, 4:22 PM
Summary
For the initial 11 months (April 2023 to February 2024) of the ongoing financial year, the Adani Group firm has already managed 382 MMT of cargo handling. APSEZ is on track to surpass the 400 MMT mark by the end of FY 2023-24.
Adani Ports & Special Economic Zone (APSEZ) shares rallied as much as 1.36% in morning deals on Monday to a record high of ₹1,356.55 apiece on NSE after the company announced that its cargo volume surged 33% year-on-year in February.
Like other Adani Group shares, APSEZ stock has surged by over 6.5% in the last month and an impressive 68% in the past six months.
In an exchange filing, the company said that it handled a total of 35.4 million metric tons (MMT) of cargo in February this year, logging a robust year-on-year (YoY) growth of 33%. While many ports recorded a YoY rise in volumes, Dhamra Port achieved its highest-ever monthly cargo of 4.22 MMT.
For the initial 11 months (April 2023 to February 2024) of the ongoing financial year, the Adani Group firm has already managed 382 MMT of cargo handling and is on track to surpass the 400 MMT mark by the end of FY 2023-24. The ports major accomplished the significant milestone of 350 MMT cargo volume mark at its domestic ports within 318 days.
Early last month, Adani Ports released its quarterly numbers for the October-December period of FY24. APSEZ posted a 65% rise in its consolidated net profit at ₹2,208 crore for the third quarter of the ongoing fiscal year, compared with ₹1,336.51 crore net profit in the same period last year. On a sequential basis, its consolidated net profit jumped 25.35%.
For the 9-month period (April to December 2024), the consolidated net profit advanced by 43% to 4,252 crore over the corresponding months a year ago.
APSEZ's consolidated revenue from operations jumped 44.58% to ₹6,920.10 crore in the third quarter that ended December 31, 2023, from ₹4,786.17 crore in the year-ago period.
Its EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose 59% YoY to ₹4,293 crore for the three months under review. The EBITDA for the 9 months rose 53% to ₹11,722 crore from ₹7,676 crore in the same 9 months of the preceding year.
Shares of Adani Ports and SEZ closed almost flat at ₹1,342.3 apiece, up 0.29%, on NSE.