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Adani Ports Handles Record 100 MMT Cargo In 99 Days

India’s largest port developer and operator has handled a record volume of cargo in less than 100 days.

Adani Ports and Special Economic Zone Ltd. has clocked a cargo throughput of 100 million metric tonnes in the first 99 days of FY23, an improvement from 109 days in FY22, it said in an exchange filing.

The company had achieved its first 100 MMT throughput in FY14.

“When APSEZ’s operations spanned five ports, it took 14 years for the company to achieve 100 MMT of annual cargo throughput… We are now poised to grow our cargo volumes by 60% to 500 MMT by 2025 and emerge as the world’s largest port operator by 2030,” Karan Adani, chief executive officer and whole-time director at APSEZ, said in the statement.

The billionaire Gautam Adani-controlled group’s flagship firm operates 12 ports and terminals across the western and eastern coast of the country. Strategically important Mundra, Dahej, Mormugao, Visakhapatnam, Krishnapatnam and Ennore are some of the ports that are operated by Adani Ports. In all, these 12 represent 24% of India’s total port capacity.

The company attributed the growth to a rise in container, coal, minerals, and crude oil volume, and better operational efficiencies such as asset monitoring and fleet and fuel management.

“Coal volumes have continued to show strong recovery of 25% over the previous year. Compared to the previous year, other key segments that have led this monthly surge are crude at 17% and container at 6%. With a monthly growth volume of 21%, Mundra led this record performance followed by Hazira, Kattupalli and Ennore combined, and Dahej.”

Shares of Adani Ports were trading 0.5% down as of 1 p.m. on Wednesday. The stock is on track to snap a eight-day winning streak. Of the 25 analysts tracking the company, 22 maintain a ‘buy’, two suggest a ‘hold’ and one recommends a ‘sell’, according to Bloomberg data. The 12-month consensus price target implies an upside of 18%.

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