Adani Ports share price fell in the early trade on February 10 after the company declared its December quarter numbers.
The company’s consolidated Q3 net profit jumped 15.4% at Rs 1,561.47 crore versus Rs 1,352.17 crore in the same quarter last year.
Its revenue was up 29% at Rs 3,746.49 crore versus Rs 2,901.95 crore.
Here is what brokerages have to say about the stock and the company after Q3:
Nomura | Rating: Downgrade to neutral | Target: Raised to Rs 630
Nomura downgrade the stock to neutral as a strong earnings outlook likely factored in. The volume outlook robust into FY22 & COVID-19 linked impact now behind.
It raise EBITDA forecast by 8%/9% for FY22/23, reported CNBC-TV18.
Morgan Stanley | Rating: Overweight | Target: Raised to Rs 733
The company continues to gain share (28% now) and it delivers value to its customer base with strong mechanisation levels.
It has assets at strategic locations, exhibits strong pricing power. The company focussed on improving utilisation/cash flow generation, reported CNBC-TV18.
Goldman Sachs | Rating: Buy | Target: Raised to Rs 620
It was a strong performance and expect stable trends in Q4. See its dominance on the port sector to continue, reported CNBC-TV18.
Macquarie | Rating: Neutral | Target: Rs 620
The strong Q3 characterised by ex-KPCL growth of 20% in volumes & 13% in revenue. Its port margin improved by 140 bps to 71.7%.
Macquarie raises FY22/23 EPS estimate by 17% on higher volume & margin, reported CNBC-TV18.
At 09:17 hrs Adani Ports and Special Economic Zone was quoting at Rs 574.65, down Rs 7.30, or 1.25 percent on the BSE.
The share touched its 52-week high Rs 594 and 52-week low Rs 203.40 on 08 February, 2021 and 23 March, 2020, respectively.
Currently, it is trading 3.26 percent below its 52-week high and 182.52 percent above its 52-week low.