Adani Ports shares gained almost a percent in early trade on October 3, after the firm said it recorded a 26 percent year-on-year jump in cargo volume in September.
“During September 2023, APSEZ (Adani Ports and Special Economic Zone) recorded cargo volumes of 32.8 MMT (+26 percent YoY) with all key ports delivering double-digit growth,” the port services company said in an exchange filing. The growth was contributed by all three cargo types — dry bulk (32 percent), containers (20 percent) and liquids and gas (+21 percent).
Adani Ports’ total cargo for the first half of the 2023-24 fiscal reached 202.6 million metric tonnes (MMT), thereby crossing the 200 MMT milestone in the initial six months of the year, according to the filing.
The company said all key ports in the APSEZ portfolio led to the growth with container cargo witnessing an increase of 18 percent to 74.8 MMT and dry bulk recording growth of 10 percent to 106.3 MMT.
“Logistics business continues to record significant growth, with the highest-ever half-yearly rail volumes of 279,177 TEUs (+25 percent YoY) and GPWIS volumes of 8.92 MMT (+42 percent),” the firm added.
Meanwhile, the private ports operator last week commenced a
cash tender offer for up to $195 million to partly prepay its near-term debt maturities. The firm has started the tender offer to buy the outstanding 3.375 percent senior notes due in 2024 for up to $195 million in cash, billionaire Gautam Adani-led company said in a regulatory filing.
Bond buybacks allow companies to repurchase debt through tender offers to bondholders, enabling them to retire some or all of the securities ahead of their due date.
The purpose of Adani Ports’ tender offer is to partly prepay near-term debt maturities. Following the successful completion of this tender offer, the company expects $325 million notes to remain outstanding, it said.
This is the Adani Ports' second tranche of the bond-purchase programme after it settled notes worth $130 million in May this year.
Adani Ports shares were trading 0.93 percent higher at Rs 831.90 on BSE at 10:15 am. Though the stock has gained only 0.64 percent in 2023 (year-to-date), in the past six months, it has made investors 31 percent richer as against benchmark Sensex which has risen about 10 percent during the period.
