Adani Ports: Adani group firm shares Q3 update; stock jumps 3%

Shares of Adani Ports & Special Economic Zone Ltd (Adani Ports) jumped 3 per cent in Tuesday's trade after the Gautam Adani-led company came out with its December quarter volume data.

For the third quarter, Adani Ports said it handled around 109 mmt of overall cargo, with around 106 mmt contributed by its domestic ports portfolio. In the initial nine months of FY24, Adani Ports managed around 311 mmt of total cargo, up 23 per cent YoY growth, the Adani firm said in a BSE filing.

For December, Adani Ports said it handled 35.65 mmt of cargo volumes, up 42 per cent YoY. Dry bulk cargo handling for the month was up 63 per cent while handling of containers increased by over 28 per cent on a YoY basis, Adani Ports said.

CEO and Whole Time Director Karan Adani said Adani Ports crossed the 300 mmt cargo mark in just 266 days versus its previous best of 329 days in the previous financial year.

"This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results. We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year.”

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