Adani Ports and Special Economic Zone Ltd.'s monthly cargo volumes grew 19% year-on-year to hit a record high in May.
The Adani Group company handled over 36 million metric tonnes of cargo at its ports in May, according to an exchange filing. So for this year, the overall cargo volumes grew 16% year-on-year to about 68.5 million metric tonnes.
The growth in cargo volumes was witnessed across ports and across all three of its segments, Adani Ports said. Container cargo volumes rose 24%, dry bulk volumes gained 12%, and liquids and gas volumes rose 10% on a year-to-date basis.
The ports' operator's logistics volumes also showed a 'significant' jump, with rail volumes rising 25% year-on-year to about 93,000 twenty-foot equivalent units year-to-date.
Logistics volumes increased 46% year-on-year to about three million metric tonnes on a year-to-date basis under the Indian Railways' General Purpose Wagon Investment Scheme, Adani Ports said.
Shares of Adani Ports were trading 0.42% higher at Rs 735.15 per share compared to a flat Nifty 50 as of 10:05 a.m.
Of the 21 analysts tracking the stock, all maintained 'buy', according to Bloomberg data. The consensus price target implies a potential upside of 14.8% over the next 12 months.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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