Adani Port Sets Record With 101 MMT Cargo Handled in Q1FY24!

The Indian headline indices started the session much higher, driven by robust gains in the Bajaj Twins, namely Bajaj Finance and Bajaj Finserv. The financial services, banking and consumer durables sectors gained the most, while telecommunications, energy and oil and gas performed the worst.

Adani Group stocks were rising, while Adani Ports and Special Economic Zone was in the news following the company’s announcement about the latest quarter’s sales volume. The company reported yesterday that it has achieved a new quarterly volume milestone with over 101 MMT of cargo handled in Q1FY24, representing an 11.5% year-on-year growth. Recently, the company also stated that Mundra Port, the company’s flagship port, had accomplished a remarkable milestone by berthing one of the longest vessels, which was 399 meters long and 54 meters wide.

Considering the company’s quarterly performance, on a consolidated basis, it reported strong growth of 39.99% from Rs 4,140.76 crore registered in Q4FY22, recording total revenue of Rs 5,796.85 crore in Q4FY23. It has reported healthy operating profit growth of 37%. When compared to the same quarter last year, the net profit for the fourth quarter of FY23 advanced 5.1%, from Rs 1,102.61 crore to Rs 1,158.88 crore.

On an intraday basis on Tuesday, shares of Adani Ports and Special Economic Zone Ltd gained nearly 2% during the earlier trades of the session, touching an intraday high of Rs 750.95 per share on the BSE. Despite recovering from the carnage caused by the Hindenburg report, shares are still down roughly 10% year to date.

Adani Ports and Special Economic Zone Ltd, a part of the globally diversified Adani Group has evolved from a port company to an integrated transport utility providing an end-to-end solution from its port gate to customer gate.
Keep a close eye on this stock for the upcoming sessions!
Keywords – Sensex, Nifty 50, trending stocks, Adani Group stocks, Adani Ports and Special Economic Zone, sales volume, quarter performance