Adani Ports‘ share price extended gains to the third straight session on Friday as the company’s March quarter results impressed analysts and investors.
What Happened: The Adani Group company reported a net profit of ₹2,040 crore for the January-March period, reflecting an increase of 76.2% compared to ₹1,157 crore in the same quarter last year. Revenue from operations during this period stood at ₹6,896.50 crore, marking a growth of around 19% from ₹5,797 crore recorded in the corresponding period last year.
Analyst Reactions: Citi maintained its “buy” rating for the stock raising the price target to ₹1,782 from ₹1,758. The target indicates an around 33% upside from the stock’s last closing price of ₹1,338.80. The brokerage said that the company posted a strong quarter with a bright guidance.
HSBC also maintained its “buy” call on the stock with a price target of ₹1,560. HSBC said that the company’s guidance for FY25, implying a 10-14% growth rate is achievable. The brokerage forecasts a 15% EBITDA Compound Annual Growth Rate (CAGR) from FY24 to FY27.
Jefferies also maintained its “buy” rating for the Adani stock raising the target price to ₹1,640 from ₹1,425. The analysts noted that Adani Ports’ Q4 EBITDA was 5% lower than its expectations, primarily due to slightly lower realisations. However, the research firm highlighted that management commentary remains confident, signalling expectations for double-digit growth moving forward.
Kotak Securities also maintained its “buy” rating for the stock with a price target of ₹1,550. The brokerage said that Adani Ports saw a 25% year-on-year growth in port EBITDA, surpassing its expectations by 5%. The analysts added that the guidance indicates an expectation for continued outperformance, reflecting the company’s strong momentum and positive prospects in the port operations sector.
Price Action: Adani Ports’ share price was up 0.53% to trade at ₹1,345.85 as the markets opened on Friday.
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