Adani Ports stock up 3% as brokerages bullish on strong FY24 volumes, see 27.8% upside

During FY24, more than one-fourth of all India cargo volumes was routed through APSEZ ports, said the firm in a filing with the bourses.

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Brokerages retained their bullish outlook on Adani Ports and SEZ after the company reported its highest-ever monthly cargo volume of 38 million metric tonnes (MMT) in March. The port operator’s projections of strong volume, revenue and EBITDA growth have helped the stock be in focus.

Adani Ports also handled 420 MMT of cargo in FY24 (including international ports), clocking a 24 percent on-year rise.

At 9.20 am, Adani Ports stock was quoting Rs 1,378 apiece, higher by 2.7 percent compared to the previous session’s closing price.

“During FY24, more than one-fourth of all India cargo volumes was routed through APSEZ ports. It also shows that India’s largest port operator comfortably surpassed its cargo volume guidance of 370-390 MMT provided at the start of the financial year,” the company said in an exchange filing.

Citi has raised its target price on the stock from Rs 1,564 per share to around Rs 1,758 apiece, implying an upside of around 27.8 percent. The global brokerage said that Adani Ports is likely to report a strong quarter in its Q4 report card, with positive volumes and good cash flow.

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The strong volume growth should lead to core-port EBITDA growth of around 29 percent on-year, while consolidated EBITDA and PBT should grow 27 percent and 24 percent. Citi has added that valuations were still reasonable at 30x P/E and 19x EV/EBITDA on FY25 estimates.

Morgan Stanley also maintained its ‘overweight’ call, with a target price of Rs 1,576 per share, indicating a 14.5 percent upside. The international broking firm said that the volume growth for the financial year gone by beat the guidance with eight on 10 ports reporting double-digit growth.

On April 1, Adani Port shares settled at Rs 1,375.90 per share, higher by 2.5 percent compared to the previous session’s closing price.

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