Adani Ports Cargo Volumes Jump 33% In February

Adani Ports and Special Economic Zone Ltd.'s cargo volumes surged in February, putting it on track to cross the 400 million metric tonne milestone in the ongoing fiscal.

The Adani Group company handled 35.4 MMT of total cargo in February, growing 33% year-on-year, according to its exchange filing. While most ports recorded higher volumes, Dhamra Port handled its highest-ever monthly cargo of 4.22 MMT.

During the initial 11 months of the current fiscal, Adani Ports has already handled 382 MMT of cargo, implying that it is well on track to surpass the 400 MMT mark before the end of the fiscal.

The company surpassed 350 MMT cargo volumes at its domestic ports in 318 days. "Record growth continued in the logistics segment with year-to-date rail volumes of around 542,000 TEUs (+21% year-on-year) and GPWIS volumes of around 18 MMT (+40%)," the filing said.

Shares of Adani Ports rose as much as 1.36% to an all-time high of Rs 1,356.55 apiece on the NSE. The stock was trading 0.39% higher at Rs 1,343.55 per share compared to an almost unchanged benchmark Nifty 50 at 9:39 a.m.

Of the 21 analysts tracking the company, 19 maintain a 'buy' rating on the stock and two recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 0.9%.

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