Adani Ports share price gains on Q2 profit; HSBC, CLSA, Nomura retain buy

The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing.

Adani Ports and Special Economic Zone share price was up over 2 percent intraday on November 4 after the company declared its September quarter results.

Adani Ports on November 3 reported a 31.57 percent increase in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30, 2020.

The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing.

Its total consolidated income increased to Rs 3,423.16 crore for the second quarter as against Rs 3,326.90 crore in the year-ago period. The company's total expenses during the quarter under review declined to Rs 1,622.78 crore, compared to Rs 2,440.56 crore in the year-ago period.

The stock was trading at Rs 362, up Rs 8.40, or 2.38 percent at 09:56 hours. It has touched an intraday high of Rs 369.30 and an intraday low of Rs 359.

Here are the brokerages views on the stock:

Nomura

The research firm has a buy rating and has raised target to Rs 440 per share. The firm is of the view that the results were in-line with strong guidance. It is of the view that volume guidance implies underlying volume growth over FY21 adding that market share gain appears sustainable, accoridng to a CNBC-TV18.

HSBC

HSBC also has a buy rating and has raised target to Rs 470 per share. In Q2, port EBITDA grew 4 percent YoY, following steep decline in Q1 adding that volumes rebounded on market share gains. Volumes in October was up 21 percent YoY, implying continued market share gains. It has raised FY21-23 port EBITDA estimates by 5.8-9.5 percent.

Jefferies

The brokerage firm has a buy rating and has raised target to Rs 475 per share. It is of the view that Q2 results were in-line with expectations. October 2020 volumes were up 21 percent YoY. 10 percent upward revision to FY22e EPS reflects 5-6 percent higher FY21-22 volume assumption.

CLSA

CLSA has a buy rating with target at Rs 425 per share. Q2 traffic up 8 percent led by exports with October up 21 percent on imports. It gained 100 bps share in containers to 39 percent. Volume has been supported by container and crude while recovery in coal was slow, the research firm said. Deal with HPCL Barmer Refinery will add more sticky cargo. Strategic asset accelerates port EBITDA growth to 29 percent over FY21-23, it said.

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