However, these numbers include the North Queensland Export Terminal (NQXT) in Australia, which Adani Ports acquired in December. “Assuming a quarterly run rate of 10-11mt for NQXT, as seen in the past, volumes for August (excluding NQXT) work out to 46mt, up about 10.5% on-year (versus 7% on-year estimated for July), potentially indicating improvement in underlying volume growth,” noted JM Financial Institutional Securities. Q1FY27 volumes, excluding NQXT, had grown by 6.2%.
