Cargo volumes handled by Adani Ports and Special Economic Zone jumped 48 percent to 37 million metric tonnes (MMT) in October.
The milestone also marks the first time that the port operator managed cargo volumes exceeding 35 MMT across its various ports. The company's Haifa Port in Israel handled over 1.1 MMT of cargo in October, performing slightly better than its average monthly cargo volume over the previous six months.
For the first seven months of FY24 (April-October 2023), the port operator achieved an impressive total cargo volume of 240 MMT, marking an 18 percent year-on-year growth. Within India, the recorded volume growth for its ports was around 15 percent year-on-year.
“The improvement in cargo volumes is testimony to the success of a three-pronged business strategy which encompasses the focus on higher operational efficiencies, integrated business model with an end-to-end service to our customers, and our long-term strategic partnership model with our stakeholders, including customers," Karan Adani, CEO and whole=time director of the company, stated in an exchange filing.
In addition to the strong overall cargo growth, Adani Ports recorded a double-digit year-on-year growth in three major cargo categories: dry bulk, liquids, and containers during the initial seven months of the current fiscal year. Container handling in India by the port operator reached 5.5 million twenty-foot equivalent units (MTEUs), reflecting a 13 percent year-on-year increase, with the Mundra port accounting for 4.2 MTEUs.
Dry bulk cargo volumes also saw a 14 percent increase, driven primarily by significant increases in iron ore (up 260 percent) and coal volumes (up 13 percent). Liquids and gas volumes surged approximately 20 percent.
Adani Ports' logistics business also delivered a robust performance with a 24 percent year-on-year growth in rail twenty-foot equivalent units (TEU) and a substantial 43 percent increase in bulk cargo volumes. Over the first seven months of FY24, Adani Ports successfully handled around 5,700 ships and serviced 27,300 rakes, including some of the largest ships ever handled by the respective ports.
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