Adani Ports remains confident of achieving its target of handling 1 billion tonnes of cargo by 2030, supported by growth at its domestic ports and a ramp-up in international operations, according to Jefferies.
The brokerage maintained its Buy rating on Adani Ports with a target price of Rs 2,160. It expects the company's cargo volumes to grow at a compound annual rate of 13%, compared with management's target of 16%.
Jefferies said integrating technology with Adani Ports' existing port infrastructure remains a focus area, while the company's logistics business can also support growth.
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Domestic, international ports to drive volumes
Adani Ports expects organic growth across its domestic ports and increased activity at its international ports to drive cargo volumes towards the 1 billion-tonne target, according to Jefferies.
The brokerage said technology integration across the company's port infrastructure is a key focus area.
Jefferies also identified logistics as a growth enabler for the ports business.
Balance sheet supports growth spending
Jefferies said Adani Ports' balance sheet remains strong, with the company potentially turning net cash by FY31E.
This would provide room for growth-related capital expenditure, according to the brokerage.
Capital allocation remains a key focus area for the company, Jefferies said.
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