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Last Updated : Feb 27, 2017 10:32 AM IST | Source: Moneycontrol.com

Hold Adani Ports; target of Rs 333: Axis Direct

Axis Direct recommended hold rating on Adani Ports with a target price of Rs 333 in its research report dated February 21, 2017.

 
 
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Axis Direct's research report on Adani Ports


Port EBITDA of Rs 12 bn (up 25% YoY) was driven by 8% YoY volume growth at 41 MT. Cargo at flagship Mundra port grew 7% YoY (driven by containers). Profitability surprised positively rising 15% YoY to Rs 300/t. Results were boosted by SEZ income of Rs 2 bn.


Outlook


During Q3, ADSEZ has demerged the marine business division and housed it in a wholly-owned subsidiary. This is unlikely to have material impact on ADSEZ. We marginally change our estimates in line with 9M. After the recent run-up in the stock price, we now have a HOLD rating (TP Rs 333).

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First Published on Feb 27, 2017 10:32 am
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