Adani Ports reports 12% growth in cargo volumes for June 2024

Adani Ports and Special Economic Zone Limited (APSEZ) has reported robust growth in cargo volumes for June 2024, achieving a significant 12 percent year-on-year increase to 37 million metric tonnes (MMT). This growth was driven by a notable 33 percent rise in container volumes and an 8 percent increase in liquids and gas cargo, as detailed in a recent regulatory filing.

Highlighting specific achievements, Kattupalli Port achieved its highest-ever monthly cargo volume of 1.36 MMT during June. For the quarter ending June 30, 2024, APSEZ recorded a total cargo volume of 109 MMT, marking a 7.5 percent increase from the same period last year. This growth was primarily fueled by an 18 percent rise in container cargo and an 11 percent increase in liquids and gas cargo.

Earlier milestones include April 2024, when APSEZ handled its highest-ever monthly cargo volume of 420 MMT, marking a 24 percent year-on-year increase. Domestic ports contributed over 408 MMT to this figure, with international ports also contributing significantly. March 2024 also saw record monthly volumes exceeding 38 MMT.

In financial milestones, APSEZ’s market capitalization recently reached approximately $37 billion, surpassing Beijing-Shanghai High Speed Railway Co. This achievement, coupled with the company’s inclusion in India’s benchmark S&P BSE Sensex Index, underscores its growing influence and market position.

Managing 27 percent of India’s total cargo and 44 percent of container cargoes in FY24, APSEZ continues to expand its footprint. Adani Group’s ports arm recorded a substantial 24 percent year-on-year volume increase, with ten domestic ports achieving their highest-ever cargo volumes, further solidifying APSEZ’s leadership in the Indian logistics sector.