Shares of Adani Ports and Special Economic Zone (APSEZ) reached a record high on Friday. This surge in company shares came after the December quarter results, in which the company’s results were as per expectations. On the basis of good results, the stock rose 3.6% on Friday and closed at Rs 1262.
In the company’s December quarter results, profit increased by 65.22% to Rs 2,208.21 crore. Whereas according to Bloomberg’s analyst poll, an estimate of Rs 2,193.6 crore was made.
The company’s income also increased by 44.6% to Rs 6,892.7 crore.
Adani Ports Q3 Results (Conso, YoY)
- Profit increased by 65.22%, from Rs 1336 crore to Rs 2208 crore.
- Income increased by 44.6%, from Rs 4,786 crore to Rs 6,920 crore.
- EBITDA increased by 59.21% from Rs 3,011 crore to Rs 4,186 crore
- Margin reduced from 62.91% to 60.48%
Jefferies’ opinion on shares
Jefferies said in its note on Adani Ports that the company will become stronger in the coming times. The company’s market share has now increased to 26% as compared to 14% in FY15 and it can go up to 30% in the coming FY25E.
8% of the company’s revenue and 3% of its EBITDA come from logistics and this is a growing area of the company.
Motilal Oswal’s opinion on shares
According to Motilal Oswal Financial Services, the company has a cargo mix, which includes sticky cargo and customer base. The company has recently acquired some ports, which is expected to generate growth of 14% for FY23-26.
According to the research firm, ‘This will lead to revenue/EBITDA/PAT CAGR of more than 19% for FY23-26’.
The company’s shares rose by 5.63% intraday and reached a high of Rs 1,287.50. Today’s jump is the biggest jump after January 3, 2024.
According to Bloomberg, the relative strength index of the stock is around 72. Of the 21 analysts tracking the company, 19 have advised to buy the company shares and 2 have advised to hold.
