• 15/08/2022 9:12 pm

#Adani Ports shares rise 3% post Q1 result; brokerages maintain buy

Adani Ports and Special Economic Zone share price added over 3 percent in early trade on August 12, a day after the company announced its June quarter earnings.

The company has reported a 26.2 percent year-on-year decline in consolidated profit at Rs 757.8 crore for Q1 FY21, impacted by the lockdown.

Consolidated revenue from operations fell 18 percent to Rs 2,292.7 crore compared to the same period last year as cargo throughput dropped YoY.

Here are brokerage views on the stock:

Kotak Institutional Equities | Rating: Buy | Target: Rs 400

The Q1 would be remembered as revealing quarter that established increasing relevance of company.

The company was able to take a usual price increase in key cargo classes, while able to meaningfully alter cost structure to maintain port margin despite volume decline, reported CNBC-TV18.

CLSA | Rating: Outperform | Target: Rs 386

The containers, LNG & LPG help during the lockdown but coal & crude hurt. It was a mixed Q1, meanwhile, EBITDA margin held up well at 68-70 percent despite a volume decline.

It remains to be seen if the demand was pent-up due to a weak Q1 or is this sustainable. The strategic asset will deliver 29 percent growth in port EBITDA over FY20-23, reported CNBC-TV18.

Citi | Rating: Buy | Target: Rs 402

The volume resilience and pricing power shined through in Q1. The market share gains are visible.

The Q1 results underline the company’s strong competitive position & pricing power, reported CNBC-TV18.

At 09:23, hrs Adani Ports and Special Economic Zone was quoting at Rs 341.50, up Rs 6.65, or 1.99 percent on the BSE.

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