Adani Ports and Special Economic Zone (APSEZ) is the largest commercial port operator in India with 25% share of port cargo movement in India. The company has evolved from a single port dealing in a single commodity to an integrated logistics platform. Total ~70% of APSEZ’s revenues is contributed by its port operations. Rest is led by harbour (11%), logistics (7%) and others • Of the total 247 MT cargo volume in FY21, container volumes were at 105 MT (43%), bulk at 110 MT (44%) and rest liquid at 32 MT (13%).
OutlookWe remain positive on the long term growth prospects of the stock and maintain our BUY recommendation. We value the stock at Rs 950 on an SOTP basis.
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