Adani Port and SEZ September cargo volume surged 13% YoY to 26.1 MMT | Whuff News

Adani Ports and Special Economic Zone (APSEZ) said it has recorded a cargo volume of 26.1 million metric tonnes (MMT) in September 2022, registering 13% YoY growth.

The company said that this surge in volume was despite the prolonged monsoon which adversely affected coal demand/imports and the higher ban/duty on rice exports imposed at the beginning of the month.

In the first six months of FY23, the company handled 177.5 MMT of cargo, up 11% compared to the same period last year. Average monthly cargo run rates are well within the annual guided range of 350 -360 MMT, the company said.

In the first half of FY23, east coast volumes grew 13% YoY, supported by Krishnapatnam (+13%), Gangavaram (+9%) and combined Kattupalli & Ennore (+51%). The west coast volume surge of 10% was supported by Mundra (8%), Dahej (65%), Tuna (19%), and Goa (22%).

Meanwhile, APSEZ said that it has incorporated its wholly-owned subsidiary, Adani Aviation Fuels (AAFL), on September 29, 2022, with an initial authorized and paid-up capital of Rs 5 lakh each.

AAFL will carry out the business of sourcing, transportation, supply & trading of aviation related fuel, building, developing, managing, maintaining, building, equipping, leasing business related infrastructure.

AAFL belongs to the aviation fuel industry and has not yet started its business operations, the company said.

Adani Ports & Special Economic Zones is in the business of development, operation and maintenance of port infrastructure (port services and related infrastructure development) and has connected various Special Economic Zone (SEZ) products and related infrastructure adjacent to the port in Mundra.

The company’s consolidated net profit fell 16.86% to Rs 1,091.56 crore in Q1 FY23 compared to Rs 1,312.99 crore recorded in Q1 FY22. Revenue from operations declined 0.71% to Rs 4,637.95 crore in Q1 FY23 from Rs 4,671.19 crore reported in Q1 FY22.

Shares of Adani Ports & Special Economic Zones fell 0.43% to Rs 817.50 on BSE.

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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)

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