AdPorts and Special Economic Zone on Thursday reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore. In 2022-23, they were at Rs 5,391 crore. During the fourth quarter January-March, the net profits grew 77 per cent to Rs 2,015 crore. Coming to the revenue from operations for the entire financial year and the fourth quarter, they grew 28 per cent and 19 per cent to Rs 26,711 crore and Rs 6,897 crore, respectively. 2023-24 has been a year of many new milestones for <keyword id="20038598" type="General" weightage="20" keywordseo="APSEZ" source="keywords" meta.keywordsubtype="org" meta.entityname="APSEZ" meta.hostid="261" meta.entityid="APSEZ">APSEZ</keyword> on both operational and financial metrics. <keyword id="20051210" type="General" weightage="20" keywordseo="Adani-Ports" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Ports" meta.hostid="261" meta.entityid="Adani Ports">Adani Ports</keyword> delivered 3x the India cargo growth rate and a record volume of 420 million tonne. "Clearly, the company's business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ. With incremental cargo volumes of 100 million tonne achieved in less than two years, Adani Ports is well poised to achieve 500 million tonne of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT (West Container Terminal) next year, said Gupta. "We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies," added Gupta. In 2023-24, APSEZ said it handled 27 per cent of the country's total cargo and 44 per cent of container cargo. Ten of its ports from the India portfolio recorded their lifetime high cargo volumes for the year. For 2023-24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company. A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings. APSEZ is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword>, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

<ul><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Ports’ revenues went up by 24% to ₹6,248 crore from ₹5,058 crore in Q1 of FY23.</li><li>Cargo volumes grew 12% even as half of its capacity was impacted for six days due to the <keyword id="17578676" type="General" weightage="80" keywordseo="cyclone-biparjoy" source="Orion">Cyclone Biparjoy</keyword>.</li><li>Cargo volumes crossed 100 MMT in Q1 and well on course to achieve FY24 volume guidance, says company. </li></ul><keyword id="1149066" type="General" weightage="20" keywordseo="Adani-Ports-SEZ" source="Orion">Adani Ports &amp; SEZ</keyword> reported an 80% growth in its Q1 net profit to ₹2,119 crore from ₹1,177 crore in the same period last financial year. Its revenues went up by 24% to ₹6,248 crore from ₹5,058 crore in the same period. India's largest integrated ports and logistics company's reported earnings before interest tax depreciation and amortisation (EBIDTA) also grew 80% to ₹3,765 crore in Q1, driven by forex fluctuations. EBITDA includes the impact of forex mark-to-market gain or loss. In Q1 FY24, forex gain was ₹10.93 crore and in the same quarter last year, it saw a forex loss of ₹1201.14 crore. The company said it was able to deliver its best ever quarterly performance due to cargo volume growth of 12%, and a 200 basis point jump in domestic market share. This is in spite of the fact that over 50% of the company’s total port capacity was adversely impacted for around six days due to the Cyclone Biparjoy. “Our continuous efforts on improving operational efficiencies have resulted in domestic ports business EBITDA margin of 72% and logistics business EBITDA margin of 28%, which is higher than the reported margins of listed peers from India,” said <keyword id="1033941" type="General" weightage="50" keywordseo="karan-adani" source="Orion">Karan Adani</keyword>, CEO and whole time director of Adani Ports &amp; SEZ. The monthly cargo volume as its newly acquired assets — Israel’s Haifa Port and <keyword id="6779907" type="General" weightage="50" keywordseo="karaikal-port" source="Orion">Karaikal Port</keyword> near Chennai touched the ‘one million metric tonne mark’. Its cargo volumes crossed 100 MMT during the quarter. “We are well on course to achieve our FY24 cargo volume guidance of 370-390 MMT,” added Adani. These cargo, the company forecasts, will result in a revenue of ₹24,000-25,000 crore in FY24 and EBITDA of ₹14,500-15,000 crore. The total capex during the year is expected to be at ₹4,000-4,500 crore. Growth in cargo volume for the quarter was led by containers which grew at 15%, while dry cargo grew at 10% and liquids excluding crude grew at 7%). The automobile segment, which is a small proportion of overall volumes, saw a 54% jump in volumes. The non-Mundra domestic ports volumes grew at 17% Y-o-Y while Mundra volumes were down 2% due to Cyclone Biparjoy. The share of non-Mundra domestic ports increased to 58% in the cargo basket from 53% during the quarter, the company said in its press release. Ports business EBITDA margin expanded by around 150 bps to 72% with improved realization and operating efficiencies Logistics rail volumes grew by 18% and here too EBIDTA margin expanded by around 150 bps to 28% – aided by increase in cargo volumes and sweating of assets.

Adani Ports & SEZ braves Cyclone Biparjoy to deliver 80% net profit growth in Q1

New Delhi, Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 65.22 per cent rise in consolidated profit to Rs 2,208.21 crore for the third quarter ended December 2023. The country's largest integrated logistics player had clocked a profit of Rs 1,336.51 crore a year ago, according to a regulatory filing. Total income increased to Rs 7,426.95 crore in the quarter from Rs 5,051.17 crore in the year-ago period. Total expenses rose to Rs 4,588.10 crore from Rs 3,507.18 crore a year ago APSEZ CEO <keyword id="20051212" type="General" weightage="20" keywordseo="ashwani-gupta" source="keywords">Ashwani Gupta</keyword> said,"In the year when our first port, <keyword id="20127132" type="General" weightage="20" keywordseo="mundra" source="keywords">Mundra</keyword>, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9 months performance with the highest ever revenue, EBITDA, and cargo volumes." The company is on course to overachieve its full-year guidance provided at the start of the year, he added. APSEZ in a statement said domestic cargo growth was over 2.5x India's growth rate, with nine of its domestic ports/terminals recording their highest ever cargo volumes in 9 months. Bond buy-back of USD 325 million concluded during 9 months (April-December) of FY24, which led to improvement in net debt to EBITDA to 2.5x vs 3.1x for FY23, it added. The company said it completed acquisition of Karaikal Port and sale of Myanmar asset, while Colombo terminal received financing commitment of USD 553 million from DFC. APSEZ has 7 ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 7 ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in <keyword id="19896313" type="General" weightage="20" keywordseo="andhra-pradesh" source="keywords">Andhra Pradesh</keyword>, Kattupalli and <keyword id="19964244" type="General" weightage="20" keywordseo="ennore" source="keywords">Ennore</keyword> in <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword> and Karaikal in Puducherry).

Adani Ports & SEZ's Q3 profit rises 65% to ₹2,208 crore

<ul><li><keyword id="841459" type="General" weightage="20" keywordseo="APSEZ" source="Orion">APSEZ</keyword> witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme. </li><li><keyword id="46519" type="General" weightage="80" keywordseo="mundra-port" source="Orion">Mundra Port</keyword>, operating under APSEZ, has managed over 15,000 container trains in FY23.</li><li>Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23.</li></ul><keyword id="1697348" type="General" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone" source="Orion">Adani Ports and Special Economic Zone</keyword> (APSEZ), the flagship company of Adani Group, handled the highest ever rail cargo of 120.51 million metric tonnes (MMT) in FY23. It had handled a volume of 98.61 MMT in FY22. APSEZ witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme (GPWIS). Mundra Port managed over 15,000 container trains in FY23. In FY23, APSEZ generated an impressive revenue of approximately ₹14,000 crore from rail cargo operations in collaboration with Indian Railways. Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23. The utilization of the double stack loading technique for containers on trains ensures energy efficiency and reliability in transportation, leading to reduced per unit cost and enhanced customer satisfaction, the company said. The company said that Mundra Port’s utilization of rail transport significantly reduces the carbon footprint associated with freight transportation. Moreover, the efficient handling of container trains minimizes the reliance on additional truck transport, leading to further reductions in carbon emissions. APSEZ, a subsidiary of Adani Group, has transformed from a port company into an Integrated Transport Utility, offering end-to-end solutions from its port gate to the customer gate. It holds the distinction of being India's largest port developer and operator, with six strategically positioned <keyword id="6413000" type="General" weightage="80" keywordseo="ports" source="Orion">ports</keyword> and terminals on the west coast (Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra). It also has five ports and terminals on the east coast of India (Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Ennore, Karaikal, and Kattupalli in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>). These ports and terminals account for 24% of the country's total port volumes, enabling the handling of significant amounts of cargo from coastal regions and the hinterland.

Adani Ports records highest-ever rail cargo of over 120 mmt in FY23

<ul><li>Shares of <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> &amp; SEZ rose by 6% to ₹773 apiece on Tuesday amid a group-wide rally. </li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> <keyword id="6413000" type="General" weightage="80" keywordseo="ports" source="Orion">Ports</keyword>’ shares closed at ₹761 apiece on January 24 when the Hindenburg Research report was released. </li><li>The Adani group’s cumulative market capitalisation has increased by ₹1.96 lakh crore this week, so far. </li></ul>Adani group stocks are slowly but steadily recovering from the post-Hindenburg effects. The first amongst the equals is Adani Ports and SEZ which has seen its share price bounce back to pre-Hindenburg levels. Shares of Adani Ports &amp; SEZ rose by 6% to ₹773 apiece on Tuesday, which is higher than the closing price of ₹761 on January 24. That was the day US-based research <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">Hindenburg Research report</a> was first published, sparking off a group-wide selloff. The research firm had then said that it had taken short positions on the group stocks. However, by mid-market trade, the stock lost some of its momentum and is now trading at ₹746 apiece. On <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">Friday</a>, a Supreme Court-appointed panel which was tasked to look into the public interest litigations filed in the Adani-Hindenburg row gave its report. The panel <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">said</a> that it could not find any failure on the regulator’s part in the Adani-Hindenburg case. Since then, a <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-in-striking-distance-of-entering-the-top-20-richest-club-once-again/articleshow/100437220.cms">group-wide rally that has added ₹1.96 lakh crore</a> to the cumulative market capitalisation of the Adani group this week, so far. Adani Ports stock has been the most resilient in the Adani flock even when the market value of the group was melting. This company’s stock was amongst the slowest to fall and is the first group company to recover all its post-Hindenburg losses. <div type="image" title="Adani Ports share price 24_01_23 to 23_05_23." msid="100441802" hostid="261" sizebytes="18106" caption="&amp;lt;p&amp;gt;Adani Ports share price since January 24, 2023 to May 23, 2023&amp;lt;/p&amp;gt;"></div> While Adani Ports is the first group company to make a full recovery, Adani Power is close, too, with its shares now just 5% below the January 24 level. However, other group companies like Adani Total Gas and Adani Transmission have seen substantial declines of 81% and 69%, respectively, and still have a long way to go. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total decline since January 24 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-81% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-69% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-48% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NDTV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ACC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ambuja Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr></tbody></table> Source: NSE, as on May 23, 2023 <cmsannotation type="cmsannotation" annotationid="Adani Ports is India’s largest port company" comment="subhead" text="Adani Ports is India’s largest port company">Adani Ports is India’s largest port company</cmsannotation> Adani Ports &amp; SEZ is India’s largest private port operator, handling a quarter of the country’s total port cargo, according to a report by ICICI Direct. “The company has evolved from a single port dealing in a single commodity to an integrated logistics platform,” the brokerage said in a report. In its FY23 business update,<a href="https://www.businessinsider.in/business/news/adani-ports-records-highest-ever-rail-cargo-of-over-120-mmt-in-fy23/articleshow/100297070.cms"> Adani Ports reported</a> a 9% YoY rise in its port cargo volumes in FY23 which stood at 339 million metric tonnes (MMT). “Adani Ports’ flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled,” said Karan Adani, chief executive officer, Adani Ports &amp; SEZ. The Mundra port alone handled 155 MMT of cargo volumes during the year, with its roll-on roll-off handlings touching the highest-ever level of 2.09 lakh cars. Adani Ports currently has 12 ports in India, which include Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra on the west coast, and Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Ennore, Karaikal, and Kattupalli in Tamil Nadu on the east coast. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-in-striking-distance-of-entering-the-top-20-richest-club-once-again/articleshow/100437220.cms">Gautam Adani in striking distance of entering the top 20 richest club once again</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-vs-bank-of-baroda-vs-canara-bank-performance-comparison-based-on-q4-2022-23-earning-reports/articleshow/100357639.cms">SBI vs Bank of Baroda vs Canara Bank: How India’s top PSU banks performed in Q4</a> <a href="https://www.businessinsider.in/stock-market/news/fpi-flows-into-indian-equities-hit-a-5-month-high-in-may/articleshow/100357453.cms">FPI flows into Indian equities hit a 5-month high in May, outlook ‘improved significantly’ say analysts</a>

First amongst equals: This Adani group stock completely recovers from the Hindenburg effect

New Delhi, Feb 10 () LNG logistics company Atlantic Gulf &amp; Pacific (AG&amp;P) on Monday said it will hire a floating LNG terminal from Abu Dhabi's ADNOC Logistics and Services to set up India's first floating LNG import facility at Karaikal Port in Puducherry. The two firms "signed an agreement for the conversion, supply, operations and maintenance of a floating storage unit (FSU) at AG&amp;P's new LNG import facility located within Karaikal Port in Puducherry, India," the company said in a statement. "The 137,756 cubic metre FSU owned by ADNOC L&amp;S is being chartered for 15 years through an innovative commercial model enabling supply to be scaled to match demand. Construction on the terminal will begin in Q1 2020 (first quarter) with commercial operations expected to commence before the end of 2021," it said. The Karaikal FSU will be only the 4th FSU-based LNG import terminal in the world, after those in Malta, Malaysia and Bahrain. ADNOC L&amp;S will provide a Japan-built Moss-type containment vessel as FSU for the project from its fleet of eight LNG ships. "This agreement with Atlantic Gulf &amp; Pacific is significant for ADNOC Logistics &amp; Services in a number of ways," said Abdulkareem Al Masabi, CEO of ADNOC L&amp;S. "Firstly, it represents our first agreement with AG&amp;P and one of our company's most important goals is to find creative ways to branch out and find new partnerships around the world to fuel our company's safer, smarter growth. It is also an important agreement because it provides AG&amp;P with additional storage flexibility for their LNG terminal as well as giving us the chance to generate more value from one of our historical assets which is coming to the end of its current contract." Owned and operated by AG&amp;P, the LNG import facility at the Karaikal Port will have an initial capacity of 1 million tonnes per annum (MTPA), which will be expanded to 3 MTPA in the medium term as demand increases. The terminal will serve domestic, industrial and commercial customers within a radius of 500 km, including the heavily industrialised region of central Tamil Nadu, which has major manufacturing clusters for the fertiliser, cement, steel, textile, leather, sugar and garment industries. In addition, it will serve gas-fired power plants as well as AG&amp;P's own extensive city gas distribution network across South India. Karthik Sathyamoorthy, president of AG&amp;P Terminals &amp; Logistics, said, "We are privileged to work with ADNOC L&amp;S, one of the world's leaders in LNG logistics with an extensive, state-of-the-art, highly-maintained fleet. Both of our companies will work very closely to provide a comprehensive LNG solution for our downstream customers through the Karaikal LNG facility. "AG&amp;P has focused on bringing down the unit cost of regasification terminals for smaller volumes. AG&amp;P and ADNOC L&amp;S are excited to reach this critical goal for our customers." ANZ HRS

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Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

ANI

Adani Ports & SEZ braves Cyclone Biparjoy to deliver 80% net profit growth in Q1

Katya Naidu

Adani Ports & SEZ's Q3 profit rises 65% to ₹2,208 crore

PTI

Adani Ports records highest-ever rail cargo of over 120 mmt in FY23

Anagh Pal

First amongst equals: This Adani group stock completely recovers from the Hindenburg effect

Rounak Jain

AG&P signs contract to hire floating LNG terminal

PTI