Adani Ports‘ share price continued to make gains for the third straight day as the company’s December quarter results impressed analysts and investors.
What Happened: In the December quarter, the ports giant’s net profits reached ₹2,208.4 crore, marking a remarkable 67.8% increase from the previous year’s ₹1,315.5 crore. Revenue from operations also witnessed significant growth, rising to ₹6,920.1 crore, up approximately 44% from the ₹4,786.1 crore recorded in the same period last year.
Analyst Reactions: Most analysts remained positive on the stock. Bernstein maintained its “outperform” rating for the stock with a target price of ₹1,243. The brokerage said that the company posted another strong quarter on all fronts. The analysts also highlighted that the company has revised guidance upwards for the year ending March 2024.
HSBC also maintained its “buy” rating for the stock with a price target of ₹1,370. The brokerage said that the robust cash flows should support future growth ambition.
Motilal Oswal also maintained its “buy” rating for the stock with a target price of ₹1,470. The domestic brokerage firm said that the company’s revenue was in line with estimates while EBITDA margin and net profits beat its expectations.
Price Action: Adani Ports’ share price was up 5.45% to trade at ₹1,285.25 on Friday morning.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.