India’s Adani Ports Q4 profit soars 76% on record cargo volumes

BENGALURU :Adani Ports and Particular Financial Zone (APSEZ), India’s ultimate within most port operator, posted a 76 per cent upward push in its fourth-quarter income on Thursday, helped by document cargo volumes.

The company, which is share of billionaire Gautam Adani’s conglomerate, said its consolidated salvage income rose to twenty.40 billion rupees ($244.6 million) within the quarter ended March 31, from 11.58 billion rupees a year earlier.

Adani Ports done its very top ever quarterly volumes at 109 million metric tonnes (MMT) within the January-March period, helping income upward push by 19 per cent to 68.97 billion rupees as industry activities picked up tempo within the early months of 2024.

APSEZ operates 13 ports and terminals in India, together with the country’s ultimate container handling port in Mundra within the western enlighten of Gujarat.

The Adani neighborhood company final month said more than a fourth of India’s cargo volumes became routed thru its ports in FY24, while flagging a increasing share of cargo volumes for its non-Mundra ports.

APSEZ handled 420 MMT cargo in FY24, surpassing its steering of 370 MMT-390 MMT.

In March, the corporate said it would procure 95 per cent of Odisha’s Gopalpur Port for $162 million to prolong its east-soar presence.

Shares of APSEZ have been up 1.5 per cent after the corporate reported its results. To this level this year, the stock has risen about 31 per cent, outperforming a 4.5 per cent have within the blue-chip Nifty 50 index .

($1 = 83.3970 Indian rupees)