Adani Ports gains after strong business update

Adani Ports and Special Economic Zone (APSEZ) rose 2.86% to Rs 821 after the company said it handled cargo volume of 25.65 MMT in May 2021, registering a growth of 79% on year on year basis.

In the container segment, APSEZ handled container volume of 0.72 MN Twenty-foot Equivalent Units (TEUs) last month, registering a growth of 67% on a YoY basis.

Mundra port handled container volume jumped 61% YoY to 0.56 MN TEUs in May 2021.

APSEZ, a part of globally diversified Adani Group, has evolved from a port company to ports and logistics platform for India.

On a consolidated basis, APSEZ posted 285% jump in net profit to Rs 1287.80 crore on 21.1% rise in total income to Rs 4072.42 crore in Q4 FY21 over Q4 FY20.

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