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Motilal Oswal Report
The Q1 performance was largely in line with our estimates. Adani Ports and Special Economic Zone Ltd. is expected to record two-three times of India’s cargo volume growth, driven by a balanced port mix on the western and eastern coastlines of India.
Further, the logistics business will serve as a value addition to the domestic port business, with a focus on enhancing last-mile connectivity.
We largely retain our estimates for FY25/FY26. 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%/22% in revenue/ Ebitda/profit after tax over FY24-26. We reiterate our Buy rating with a revised target price of Rs 1,850 (based on 20 times FY26E EV/Ebitda).
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