April 20, 2021

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Adani Ports’ Stock Jumps To Record High On Higher Cargo Volumes

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Shares of Adani Ports & Special Economic Zone Ltd. jumped to a record high after the cargo volume handled by the nation’s largest port operator rose.

The company handled cargo volume of 26 MMT in March, an increase of 41% over the year earlier and 23% over February 2021, according to its business updates released on the stock exchanges.

  • For the quarter ended March, the overall cargo volumes handled rose 27% year-on-year to 73 MMT.
  • For the full fiscal through March, Adani Ports handled cargo volumes of 247 MMT, a rise of 11%. That’s in line with the 245-250 MMT guidance offered during an analyst call after the December-quarter results.

The Container Segment

In the container segment, Adani Ports handled volumes worth 7.22 million TEUs (twenty-foot equivalent units) in FY21, a rise of 16%. “The market share of Adani Ports in the container segment has increased to 41% of all India container volume in FY21,” it said.

The west coast ports of Mundra & Hazira handled container volumes of 6.32 million TEUs in FY21. “The market share of western ports of Adani Ports in container has increased to 48% in FY21,” the company said.

The Mundra Port

The company’s Mundra Port, also the country’s largest, ended FY21 with a record cargo volume of 144.4 MMT, an increase of 4% over FY20. “The gap between Mundra and the second-largest port, Kandla, is now more than 24% or 28 MMT,” the company said.

Mundra Port also handled container volumes of 5.65 million TEUs in FY21, a rise of 18% over the previous fiscal. That compares with nearly 4.7 million TEUs handled by the country’s second-largest port by container volumes, Jawaharlal Nehru Port Trust, the filing said.

Also, Adani Ports in two months acquired a controlling stake in Gangavaram Port and increased its holding to 100% from 75% in Krishnapatnam Port.

Shares of Adani Ports gained as much as 9.8% — the biggest single-day jump in a year — to Rs 815 apiece around 12:45 p.m. on Tuesday. The stock is up for the third straight session. Of the 26 analysts tracking the company, 21 have a ‘buy’ rating, four suggest a ‘hold’ and one recommends a ‘sell’, according to Bloomberg data. The stock crossed its 12-month consensus price target of Rs 746.9 on Tuesday.

Hormaz Fatakia
2021-04-06 02:51:07

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