February 16, 2017 / 12:57 IST
APSEZ’s consol cargo volumes reported 8% YoY growth at 41MT (excluding 7MT of Australia cargo volumes) versus 38MT YoY. This was mainly driven by the company’s strategy to diversify cargo mix, resulting in growth in container volumes and liquid & other cargo of 26% and 19% YoY, respectively.
Outlook
Factoring in better volumes and margins, we raise our FY18E EPS by 2%. As we roll over to FY19E, we peg our revised TP at INR 344 (INR 321 earlier). We maintain ‘BUY/SO’.
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