Buylive bse livense live Volume Todays L/H More ×Motilal Oswal's research report on Adani Ports & SEZAdani Ports & SEZ (APSEZ) ended FY24 on a strong note with 20% volume growth.
APSEZ invested significantly in FY24 to expand its portfolio, cementing its position as India’s largest private port player and integrated logistics provider.
This one-stop solution service has led to a robust volume CAGR of 15% over FY19-FY24 vs. 4% CAGR only for all India ports.
We expect APSEZ to record an 11% volume growth and a revenue/EBITDA/PAT CAGR of 14%/ 15%/19% over FY24-26.
Driven by consistent outperformance in cargo volumes, we reiterate our BUY rating with a revised TP of INR 1,700.
Buy
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Motilal Oswal's research report on Adani Ports & SEZ
Adani Ports & SEZ (APSEZ) ended FY24 on a strong note with 20% volume growth. The outlook remains bright, and growth momentum is likely to sustain as APSEZ continues to gain market share from other operators and grow at twice the industry growth rate. APSEZ invested significantly in FY24 to expand its portfolio, cementing its position as India’s largest private port player and integrated logistics provider. The company strengthened its presence on the eastern coast by inking a definitive agreement to acquire a 95% stake in Gopalpur Port. The port has a capacity to handle 20 MMTPA.
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Outlook
APSEZ, as an integrated transport utility company, has built up its logistics assets base, comprising trains, multi-modal logistics parks (MMLPs), rail tracks, warehousing, and an inland container depot, thus building operational synergies. This one-stop solution service has led to a robust volume CAGR of 15% over FY19-FY24 vs. 4% CAGR only for all India ports. We expect APSEZ to record an 11% volume growth and a revenue/EBITDA/PAT CAGR of 14%/ 15%/19% over FY24-26. Driven by consistent outperformance in cargo volumes, we reiterate our BUY rating with a revised TP of INR 1,700.
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