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Motilal Oswal Report
Adani Ports and Special Economic Zone Ltd. is anticipated to outpace India's overall growth, driven by a balanced port mix along India's western and eastern coastlines and a diversified cargo mix.
The company continues to invest heavily in the ports and logistics business to drive growth. The commencement of operations at transshipment hubs will enable the company to further boost volumes.
We expect Adani Ports to report 11% growth in cargo volumes over FY24-26. This would drive a compound annual growth rate of 14%/15%/19% in revenue/Ebitda/profit after tax over FY24-26.
We reiterate our Buy rating with a revised target price of Rs 1,700 (premised on 19 times FY26E EV/Ebitda).
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