Adani Ports posts 7% YoY jump in cargo volumes in July; Logistics CEO resigns

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Adani Ports and Special Economic Zone Ltd, part of the Adani Group, said that it recorded bumper cargo volumes of 34 MMT in July this year--a 7% jump year-on-year (YoY). According to a statement on the stock exchange, APSEZ said that growth was observed across most ports, with containers over 23% and liquid & gas more than 27% in the previous month, respectively. During the initial four months of FY 2024 (April-July), APSEZ handled 135.4 MMT of total cargo--recorded 11% YoY growth, the company said.

India's largest private port operator reported a jump in logistics volume too in July with YTD rail volumes of 178,689 twenty-foot equivalent units (TEUs)-- over 20% rise YoY. The company witnessed 39% YoY rise in GPWIS volumes at 5.77 MMT in July. Adani Group-owned Mundra port in Gujarat handled over 5,300 TEUs last month.

"The average number of TEUs handled by rail at the Mundra port has crossed 5,300 in July, surpassing the pre-Cyclone Biparjoy levels of around 4,900," it said. The cyclone disrupted operations and caused unavoidable operational downtime for around six days. Mundra is the largest container handling port in India, having handled more than 6.6 million TEUs in FY23, making it an integral gateway to the north and central parts of the country.

On the other hand, Adani Ports' Logistics CEO Vikram Jaisinghani resigned yesterday to pursue work outside the Adani Group. Sushant Kumar Mishra will succeed him as the CEO-Logistics at Adani Ports on 5 August, Saturday. Mishra pursued Economics at Utkal University, Bhubaneshwar, and PGDM from IIM-Ahmedabad.