APSEZ posts record 42% jump in Cargo volumes; eyes 400 MMT in FY 24

AHMEDABAD: Adani Ports and Special Economic Zone (APSEZ) on Tuesday announced it has posted 35.65 million metric tonne (MMT) cargo volume, posting a record 42% rise in cargo volumes in December 2023, year-on-year. While dry bulk cargo handling was up 63%, the handling of containers increased by over 28% on an annual basis. For the quarter that ended in December, APSEZ handled around 109 MMT of overall cargo, with around 106 MMT contributed by its domestic ports portfolio, the company said in its regulatory filing.

“APSEZ crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year. We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year,” said Karan Adani, CEO and whole time director, APSEZ.

APSEZ share prices closed at Rs 1,078.55 a piece on the BSE as the markets closed on Tuesday.

In the initial nine months of FY 24, APSEZ managed around 311 MMT of total cargo, which is a healthy 23 percent-on-year growth.

Last month, APSEZ had announced it would raise Rs 5,000 crore ($599.8 million) by issuing non-convertible debentures and Rs 250 crore through non-cumulative redeemable preference shares.