Adani Ports & Special Economic Zone Ltd. share price target

Adani Ports and Special Economic Zone Ltd.'s Q3FY19 profit in line with estimates Adani Port and Special Economic Zone has registered 5% growth in consolidated sales for the quarter ended Dec 2018 to Rs 2823.91 crore. Higher sales together with 510 bps expansion in operating profit margin to 78.3% has resulted in 12% growth in operating profit to Rs 2211.43 crore. Spurred further by higher other income (up 46% to Rs 344.97 crore), the PBIDT was up by 16% to Rs 2556.40 crore. However as interest and depreciation cost as % of operating profit...

operating profit margin to 43.4% has resulted in 37% fall in operating profit to Rs 1133 crore. Though depreciation stay high, the de-growth at PBT was restricted at 42% to Rs 799.55 crore as the other income stood higher and interest stood lower. The current tax was down by 51% to Rs 185.32 crore and thus the de-growth at PAT moderated and stood at 38% to Rs 614.23...

(1) Strong growth in volumes across segments backed by expansion of capacity; (2) healthy contribution from subsidiary ports; (3) healthy consolidated EBITDA margin, (4) higher non-recurring income (SEZ) and rationalization of interest cost would drive the performance of APSEZ in FY19. The company's good FY19 volume growth guidance, led by commissioning of new ports, new cargo sourcing and market share gains, is a positive. Stake dilution by the promoters of 4% gives us more comfort for addressing group...

Consolidated EBITDA:- We have not earned any SEZ port led development EBITDA in Q1FY19 compared to Rs. 280 cr earned in Q1FY18. If we exclude SEZ port led development EBITDA, Consolidated EBITDA has grown by 23%.(Rs.1588 cr v/s Rs. 1287 cr)....

Revenue fell by 24.25% to Rs. 2411.03 Cr in Q1FY19 when compared to the previous quarter. Adani Ports & Special Economic Zone Ltd Q1FY19 results Comment

FY18 performance for Adani Port (APSEZ) reflect (1) strong growth in volumes across segments backed by expansion of capacity; (2) healthy contribution from subsidiary ports; (3) healthy consolidated EBITDA margin, (4) higher nonrecurring income and rationalization of interest cost that boosted PAT. The company's good FY19 volume growth guidance, led by commissioning of new ports, new cargo sourcing and market share gains, is a positive. Stake dilution by the promoters of 4% gives us more comfort for addressing group level debt servicing. We estimate the consolidated entity to report volume CAGR of 11% over FY18 to FY20E with the new ports of Dhamra,...

Revenue increased by 18.37% to Rs. 3182.86 Cr in Q4FY18 when compared to the previous quarter. Adani Ports & Special Economic Zone Ltd Q4FY18 Results Comment

ICICI Securities Ltd | Retail Equity Research We visited Mundra port of Adani Ports & SEZ (APSEZ) to get an insight into the port operations. We also had an opportunity to interact with the management and get an update on the business outlook and its future plans. Mundra Port, India's largest private port, is slated to cross 115 million tonnes (MT) of volume by FY18E (up 10 times) from 10 Mt in FY08 driven by increasing container and crude volumes. Subsequently, revenues from Mundra grew 10x in 10 years establishing itself as one of...

Adani Ports & Special Economic Zone Ltd Q3FY18 results comment Revenue fell by 0.64% to Rs. 2688.85 Cr in Q3FY18 when compared to the previous quarter

Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port developer and the logistics arm of Adani Group, announced second quarter ended 30th September, 2017 and profit beats estimates. Adani Port and Special Economic Zone has registered 25% growth in consolidated sales for the quarter ended September 2017 to Rs 2706.11 crore. But its PAT was down by 7% to Rs 997.04 crore. Fall at PAT despite higher sales is largely due to 490 bps contraction in operating profit margin to 66% that has restricted the operating profit growth at 16% to Rs 1784.77 crore and higher tax incidence. But for higher other income, lower interest and depreciation cost as...