Adani Ports cargo volumes grow 33% in February, on track to surpass FY24 guidance

Adani Ports & Special Economic Zone Ltd., India's largest ports operator handled 35.4 MMT of total cargo in February, the company said in an exchange filing. The figure is a 33% jump from the cargo it handled in February last year.

Additionally, the Adani Group company's Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT.

For the first 11 months of financial year 2024, the company has handled 382 MMT of cargo after February's data. It crossed the 350 MMT cargo volume mark at its domestic ports in 318 days of the financial year.

The company said that it is well on track to surpass the 400 MMT mark before the end of the financial year.

In January this year, the company had raised its full-year cargo volume guidance to 400 MMT from the earlier guidance of 370 - 390 MMT.

The company's logistics segment also continued to report record growth in the logistics segment with rail volumes registering a year-to-date growth of 5.42 lakh TEUs (Twenty-Foot Equivalent Units).

For the December quarter, Adani Ports reported a net profit growth of nearly 70% year-on-year to ₹2,208.4 crore. Revenue for the quarter also went up by nearly 45% from last year.

Shares of Adani Ports were among the first ones to cross their pre-Hindenburg saga prices and have nearly doubled over the last 12 months with a 93% surge.