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Adani Ports & SEZ: Lower industrial activity to impact financial performance – Wait for more correction

May 07, 2020 / 05:09 PM IST
Adani Ports & SEZ: Lower industrial activity to impact financial performance – Wait for more correction

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Lower revenue and profits in Q4FY20 - Movement of cargo, lower volumes and realisations key concerns - Utilisation could drop and receivables cycle could extend - Fiscal 2021 could suffer, recovery possible in FY22 - Valuations stretched at 15 times FY22 earnings Port operators such as Adani Ports & SEZ have suffered a double whammy because of the domestic lockdown as well as uncertainties about the Exim trade in light of the pandemic. The covid-19 hit During the March quarter, the company reported close to...

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