Adani Ports shares trade marginally higher ahead of Q2 earnings

According to 4 analysts polled by Bloomberg, net profit expected to be at Rs 2069 crore while revenue will be at Rs 6414 crore.

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Shares of Adani Ports and Special Economic Zone Ltd were trading marginally higher ahead of its September quarter earnings on November 9.

The stock was trading at Rs 802 on the BSE, up 0.6 percent from its previous close, while the benchmark Sensex fell 0.04 percent to 64,906 points.

According to four analysts polled by Bloomberg, the company’s net profit is expected to be Rs 2,069 crore, while revenue will be Rs 6,414 crore.

In the first half of FY24, Adani Ports handled 202.6 million metric tonnes (MMT), a 14 percent increase over the previous year. This annualises to 404 MMT, surpassing the FY23 guidance of 370-390 MMT. In H1, 53 percent of the volume consisted of dry bulk (up 10 percent YoY), 37 percent were containers (up 18 percent YoY), and 10 percent were liquid and gas (up 20 percent YoY). The H1 rail volume reached 279,000 twenty-foot equivalent units (TEU), marking a 25 percent YoY increase.

In Q2, cargo volume was 101 MMT, showing a 17 percent YoY increase, including a 2 percent rise in port realisation per tonne, as estimated. Port business revenue grew by 19 percent YoY, and Q2 rail and GPWIS volumes increased by 32 percent and 44 percent YoY.

Motilal Oswal recently initiated Adani Ports coverage, highlighting its growth from operating two ports in 2011 to becoming India’s largest private port operator with a 24 percent market share across 14 ports. They attribute this success to strategic locations, operational efficiency, and integrated services.

Adani Ports achieved a 14 percent CAGR in volumes from FY13 to FY23, outpacing industry growth. They’ve also expanded their presence on the eastern coast. Motilal Oswal projects a 12 percent volume CAGR for FY23-25, aiming for a 15 percent CAGR in revenue and EBITDA.