Adani Ports profit up 72 percent, know investment opinion from brokers on stock

Adani Ports consolidated PAT (profit after tax) grew 72 percent year-on-year to Rs 1307 crore. The company’s results are higher than analysts’ estimates. The company’s net profit grew 1.6 percent as compared to the June quarter.

The consolidated income of the company grew by 99 percent year-on-year to Rs 4557 crore. This is also better than analysts’ estimates. While the company’s revenue grew by 26 percent on a quarter-on-quarter basis. The company’s income from port business grew by 7 percent to Rs 3339 crore.

The company’s y-o-y based growth has seen tremendous acceleration due to the low base effect. In the June quarter of 2019, the company’s work came to a complete standstill due to the lockdown.

Citi’s opinion on Adani Ports

Citi has given a buy rating on Adani Ports and has a target of Rs 1000 for the stock. He says that he thinks that the market share of the company’s container and ports business can increase further.

CLSA’s opinion on Adani Ports

CLSA has upgraded the rating on Adani Port to Outperform Rating and has a target of Rs 816 for the stock. According to him, there has been a jump in traffic from a low base in the first quarter.

GS’s opinion on Adani Ports

GS has given a Buy rating on Adani Port and has a target of Rs 790 for the stock. He says that the company has increased the volume guidance even though its results have been close to the estimates.