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Shares of Adani Ports and Special Economic Zone Limited (APSEZ) gained over 3 percent to Rs 814 in early trade on October 10 after Motilal Oswal initiated coverage with a ‘buy’ rating, suggesting that rapid expansion and a diversified portfolio bode well for the company.
The domestic brokerage firm has assigned a target price of Rs 1,010, implying an upside potential of 28 percent from the October 9 closing price.
At 10:07am, shares of the Adani firm were trading at Rs 815, up 3.2 percent from the previous close on the NSE. Earlier, on October 9, the stock took a beating, shedding almost 5 percent on escalating geopolitical crisis in the Middle East.
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Motilal Oswal analysts said that over the years, Adani Ports has evolved into the country’s largest private port operator with more than 24 percent market share in cargo handling, spanning 14 ports across India. In 2011, Adani Ports operated just two ports Mundra and Dahej.
“Improved reach, strategic port locations, operational efficiencies, and a
comprehensive integrated service offerings (logistics and SEZ) have contributed to APSEZ’s remarkable growth, with volumes soaring to more than four times the levels recorded in FY11,” the brokerage said.
Market leadership: Over FY13–23, Adani Ports clocked a 14 percent CAGR in its volumes, far outpacing the industry growth rates. This is attributed to Mundra’s expansions, Hazira’s commissioning, and acquisitions of ports such as Dhamra, Krishnapatnam, and Gangavaram. It acquired a 70 percent stake in Israel’s Haifa Port in consortium with Israel’s Gadot Group. It is one of Israel’s two biggest commercial ports and handles nearly half of Israel’s container cargo.
Focused approach: The report states that Adani Ports was quick to spot the containerisation trend in cargo, and strategically expanded its container
capacities at regular intervals. Additionally, the company achieved this through JVs with some of the largest shipping liners, which have also ensured long term tie-ups.
Going East: While the company has a consolidated position in the western region of India, Adani Ports is increasing its presence along the eastern coast to expand its footprint. With the recent acquisitions of Krishnapatnam, Gangavaram, and Vizhinjam port, the eastern coast is poised to “significantly” boost its volumes.
Motilal Oswal expects a 12 percent volume CAGR over FY23–25. This would help the company reach a 15 percent CAGR in both revenue and EBITDA.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.
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