Adani Ports shares jump 3% on volume, Israel updates; here's what Karan Adani says

Shares of Adani Ports and Special Economic Zone Ltd (Adani Ports) climbed 3 per cent in Friday's trade after the Adani Group firm said it handled 37 million metric tonnes (MMT) of total cargo in October, up 48 per cent on year-on-year (YoY) basis. In a filing to BSE, the largest integrated transport utility in India said its total cargo volume of in India the surpassed the 35-MMT mark for the first time in the company’s history, to touch 36 MMT, reflecting a growth of 43 per cent YoY.

Adani Ports said its Haifa Port in Israel handled over 1.1 MMT of cargo in October, which was better than the average cargo volume run rate of the last six months. Overall, in the initial seven months of FY24, Adani Ports handled 240 MMT of total cargo, which is a good 18 per cent YoY growth. Across its ports in India, the recorded volume growth on YoY basis stood at 15 per cent. Following the development, the stock climbed 2.75 per cent to hit a high of Rs Rs 795.45 on BSE.

CEO and Whole Time Director, Karan Adani said: "the improvement in cargo volumes is testimony to the success of three prong business strategy with 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.”

"It shows our commitment to using improved efficiencies and technological integrations to drive new benchmarks and achieve customer satisfaction," he said.

Adani Ports said it was working on cargo diversification by adding new cargo types across its ports. Dhamra Port , it said, added LNG to its product portfolio while Mudra Port handled soda ash for the first time. In the case of Tuna Port, the port added limestone and iron ore while Dahej Port included copper concentrate and pet coke to its cargo portfolio.

Besides, Hazira Port recorded iron ore fines and steel rails while Dighi Port added rock phosphate, and Krishnapatnam Port received its first vessel of pyroxenite.

Adani Ports said in the seven months of FY24, the three broad cargo types - dry bulk, liquids, and containers - recorded double-digit YoY growth and that the total containers handled by Adani Ports in India increased to 5.5 MTEUs (up 13 per cent YoY). This included 4.2 MTEUs at Mundra alone. Adani Ports said its dry bulk cargo volumes rose 14 per cent, driven by iron ore (up 260 per cent) and coal volumes (up 13 per cent, adding that the growth in the liquids & gas volumes stood at 20 per cent.