BENGALURU, May 2 Reuters Adani Ports and Special Economic Zone APSEZ, India39;s largest private port operator, posted a 76 rise in its fourthquarter profit on Thursday, helped by record cargo volumes.

The company, which is part of billionaire Gautam Adani39;s conglomerate, said its consolidated net profit rose to 20.40 billion rupees 244.6 million in the quarter ended March 31, from 11.58 billion rupees a year earlier.

Adani Ports achieved its highest ever quarterly volumes at 109 million metric tonnes MMT in the JanuaryMarch period, helping revenue rise by 19 to 68.97 billion rupees as business activities picked up pace in the early months of 2024.

APSEZ operates 13 ports and terminals in India, including the country39;s largest container handling port in Mundra in the western state of Gujarat.

The Adani group company last month said more than a fourth of India39;s cargo volumes was routed through its ports in FY24, while flagging a growing share of cargo volumes for its nonMundra ports.

APSEZ handled 420 MMT cargo in FY24, surpassing its guidance of 370 MMT390 MMT.

In March, the company said it would acquire 95 of Odisha39;s Gopalpur Port for 162 million to expand its eastcoast presence.

Shares of APSEZ were up 1.5 after the company reported its results. So far this year, the stock has risen about 31, outperforming a 4.5 gain in the bluechip Nifty 50 index.

1 83.3970 Indian rupees

Reporting by Anisha Ajith in Bengaluru; Editing by Subhranshu Sahu

Source Reuters