Adani Ports shares gain as August cargo volume rises 19% to 50 MT led by dry cargo, containers

Shares of Adani Ports and Special Economic Zone gained on Wednesday, September 2, after the company reported its operational update for the previous month.

The company's cargo volumes in August increased by 19% to 50 MT from last year, it reported in a stock exchange filing.

Adani Ports' statement said this record monthly performance reinforces its trajectory towards its aim to handle 1 billion metric tonne of annual cargo volume by the financial year 2031.

All-round cargo growth in August was driven by dry cargo and containers, which grew by 25% and 15% respectively from last year.

Adani Ports said it has handled 234.4 MMT of cargo in the ongoing financial year till August, which is up 16% from last year. Of this, dry cargo and containers have increased 17% and 15% from the year-ago period, respectively.

Logistics rail volume in August stood at 54,131 TEUs, up 6% from the previous quarter. For this financial year, until August, the same stood at 2.50 lakh TEUs, down 33% from last year, it added.

Adani Ports has maintained that its full year earnings before interest tax depreciation and amortization (EBITDA) will remain between ₹25,000 crore and ₹26,000 crore and its revenue will also remain between ₹43,000 crore to ₹45,000 crore.

The company's revenue during the June quarter increased by 18.6% to ₹10,821 crore from ₹9,126 crore last year, while its net profit of ₹3,620 crore was up 9.2% from last year's ₹3,315 crore.

The company's EBITDA increased 19% to ₹6,540 crore from ₹5,495 crore in the corresponding quarter last fiscal. Its EBITDA margin expanded to 60.4% from 60.2% in the year-ago period.

Its cargo volume in the June quarter stood at 138.1 million tonne compared to 120.6 million tonne in the previous fiscal.

Shares of Adani Ports & Special Economic Zone are trading 1.4% higher on Wednesday at ₹1,670.4. The stock is up 13% so far this year.

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