Adani Ports‘ share price was in the red on Friday morning going down over 2.5% to hit an intraday low of ₹1,550.25.

What Happened: The ports giant reported a net profit of ₹3,107 crore for the quarter, marking a 47% increase compared with ₹2,119 crore in the same quarter last year. Revenue from operations for the period stood at ₹6,956 crore, reflecting a rise of around 11% from ₹6,247 crore in the corresponding quarter of the previous year.

Brokerage Reactions: Jefferies maintains a “buy” rating on Adani Ports, increasing the target price to ₹1,910 from ₹1,640. The research firm noted that the company’s Q1 EBITDA was in line with expectations, with margin expansion offsetting lower realisations.

Jefferies expressed confidence in Adani Ports achieving double-digit growth and maintaining its FY25 volume guidance of 460-480 million metric tonnes.

HSBC also maintained a “buy” rating on Adani Ports with a target price of ₹1,800. The analysts said that Q1 throughput increased by 8%, driven by robust container and liquid cargoes.

The brokerage house expects the expansion in domestic ports to drive long-term growth and anticipates that the commencement of the Vizhinjam and Tanzania projects will contribute significantly to this growth.

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Citi also has a “buy” rating on Adani Ports with a target price of ₹1,782. Despite a loss of volume and business at Gangavaram Port, which has now been restored, Citi highlighted that the company managed to post strong Q1 results.

CLSA also reiterated its “outperform” rating and raised the target price to ₹1,764, saying Q1 results showed the benefits of a diversified mix and the resurgence of the Mundra port, with recurring profit after tax up 23% year on year.

The analysts highlighted several strategic moves made by the company, including successful deleveraging and improving governance, and it believes Adani Ports is likely to exceed its FY25 guidance.

Motilal Oswal also maintained its “buy” rating for the stock with a price target of ₹1,850. The brokerage stated that Adani Ports’ Q1 performance was largely in line with its estimates. The analysts expect the ports major to record 2-3 times India’s cargo volume growth, driven by a balanced port mix on both the western and eastern coastlines of India.

Nuvama also maintained its “buy” rating for the stock raising the price target to ₹2,000 from ₹1,574. The analysts said that Adani Ports remains focused on positioning itself as an end-to-end logistics player, which is expected to improve volumes and realisations, driving revenue and margin growth.

The brokerage noted that acquisitions on the port side, along with significant capacity creation in the logistics business, should unleash multi-year growth prospects for the Adani Group company.

Price Action: Adani Ports’ share price was down 1.75% to trade at ₹1,562.25 in early trade on Friday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.