10 Jun , 2024 By : Debdeep Gupta
Shares of Adani Enterprises may gain on June 10 after its subsidiary Adani Airport Holdings Limited (AAHL) registered a milestone of handling one million tonnes of air cargo in FY24.
The airport arm of the Adani group's flagship firm facilitated the transport of 1.01 lakh metric tonnes of cargo in FY24, capturing an impressive 30.1 percent market share, Adani Enterprises said in a filing to the exchanges.
This represents a significant 7 percent year-on-year (YoY) increase compared to the previous fiscal when the total cargo tonnage was 9,44,912 metric tonnes. In FY24, AAHL’s cargo operations were predominantly international at 65 percent.
The international cargo tonnage amounted to 0.6 million metric tonnes, a notable 9 percent YoY growth compared, according to the filing.
The cargo operations were driven by commodities, including automobiles, pharmaceuticals, perishables, electricals/electronics, and engineering goods.
They were handled across the Chhatrapati Shivaji Maharaj International Airport (Mumbai), the Sardar Vallabhbhai Patel International Airport (Ahmedabad), the Chaudhary Charan Singh International Airport (Lucknow).
Other domestic airports included the Thiruvananthapuram International Airport, the Mangaluru International Airport, the Lokpriya Gopinath Bordoloi International Airport (Guwahati), and the Jaipur International Airport.
The major international destinations for cargo were Germany, the Netherlands, the United Arab Emirates, the United Kingdom, and the United States.
AAHL was incorporated in 2019 as a 100 percent subsidiary of Adani Enterprises. It holds a 74 percent stake in Mumbai International Airport Ltd, which in turn holds a 74 percent stake in Navi Mumbai International Airport Ltd.
With eight airports in its management and development portfolio, it is India's largest airport infrastructure company.
Shares of Adani Enterprises closed 1.16 percent higher at Rs 3,222.50 on the National Stock Exchange (NSE) in the previous session. So far in 2024, the stock has rallied 10.47 percent, beating benchmark Nifty's returns of 7 percent.
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