Shares of Adani Ports and Special Economic Zone Ltd. declined even as its second-quarter beat estimates, aided by a strong volume growth.
Here's what brokerages made of quarterly results
Nomura
Maintains 'Buy' with a target price of Rs 1,025, implying a potential upside of 21.7%.
Nomura says strong results with guidance retained and potential upside from improving logistics.
Management has retained volume guidance for FY23 despite global trade headwinds.
Improving ROCE in logistics segment and potential land sale in SEZ can emerge as catalysts.
Axis Capital
Maintains 'Add' with a target price of Rs 948, implying a potential upside of 13%.
Axis Capital says strong per ton realisation in port business and low tax rate drive earning beat.
Consolidated port and logistics income both grew at 30% YoY in Q2.
BofA Securities
Reiterate 'Buy' rating with price objective of Rs 943, implying a upside potential of 12.12%
Cargo volumes saw strong growth of 15% YoY. Port revenue grew by 33% YoY.
BofA says logistics business is expected to continue it growth on the back of improved ultization of assest.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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