Shares of Adani Enterprises experienced an uptick on June 10 following a remarkable performance by its subsidiary, Adani Airport Holdings Limited (AAHL), in the air cargo sector during the fiscal year 2024.

AAHL, which was established in 2019 as a wholly-owned subsidiary of Adani Enterprises, has a substantial 74 percent stake in Mumbai International Airport Ltd.

This strategic move has significantly bolstered Adani's position in the aviation industry.

According to a recent filing by Adani Enterprises to the stock exchanges, AAHL achieved a notable milestone by handling one million tonnes of air cargo in FY24.

The subsidiary managed to transport 1.01 lakh metric tonnes of cargo throughout the fiscal year, securing an impressive 30.1 percent market share.

This performance marks a significant 7 percent increase compared to the previous fiscal year's total cargo tonnage of 9,44,912 metric tonnes.

A large portion of AAHL’s cargo operations in FY24 was driven by international shipments, which accounted for 65 percent of the total cargo.

The international cargo volume reached 0.6 million metric tonnes, reflecting a robust 9 percent year-on-year growth.

This growth was propelled by a diverse range of commodities, including automobiles, pharmaceuticals, perishables, electricals/electronics, and engineering goods.

The cargo operations were conducted across several key airports managed by AAHL.

These included Chhatrapati Shivaji Maharaj International Airport in Mumbai, Sardar Vallabhbhai Patel International Airport in Ahmedabad, and Chaudhary Charan Singh International Airport in Lucknow.

Other domestic airports under AAHL's management included Thiruvananthapuram International Airport, Mangaluru International Airport, Lokpriya Gopinath Bordoloi International Airport in Guwahati, and Jaipur International Airport.

Internationally, AAHL's cargo operations are connected to major destinations such as Germany, the Netherlands, the United Arab Emirates, the United Kingdom, and the United States.

This extensive network underscores AAHL's capability to handle a substantial volume of cargo across critical global markets.

AAHL’s foundation as a 100 percent subsidiary of Adani Enterprises and its ownership of a 74 percent stake in Mumbai International Airport Ltd— which further holds a 74 percent stake in Navi Mumbai International Airport Ltd—demonstrates the Adani Group's strategic investment in airport infrastructure.

With the management and development of eight airports under its belt, AAHL has emerged as India's largest airport infrastructure company.

Reflecting this operational success, shares of Adani Enterprises closed 1.16 percent higher at Rs 3,222.50 on the National Stock Exchange (NSE) in the previous session.

The stock's performance has been noteworthy throughout 2024, rallying by 10.47 percent and outperforming the benchmark Nifty, which has recorded returns of 7 percent.

This positive trend highlights investor confidence in Adani Enterprises, driven by the robust performance of its subsidiary, AAHL.