The shares of Adani Ports and Special Economic Zone Limited were trading marginally lower at Rs 834 levels till the afternoon on Wednesday. In the past five days, the stock has gained approximately 4 per cent.
The Adani group company reported a strong quarterly result. In Q2FY23, their revenue from operations grew by 32.8 per cent to Rs 5,210.80 crore up from Rs 3922.85 crore in the same period a year earlier.
Their net profit in the quarter under review stood at Rs Rs 1,677.48 crore which is an increase of 68.5 per cent Year on Year (YoY) from Rs 995.34 crore. Further, their Cargo volume was up 15 per cent YoY to 86.6 MMT.
Citi group has maintained a buy call on Adani Ports with a target price of Rs 1,105 per share which represents an upside of 33% from the current levels.
Adani Ports and Special Economic Zone Limited (APSEZ), formerly known as Mundra Port and Special Economic Zone Limited, is India’s largest private multi-port operator led by Billionaire Gautam Adani.
The company has a market capitalization of Rs 1,80,263 crores and a dividend yield of 0.6% as of November 2nd, 2022.
The promoters hold a 66.02 percent stake in the company and have pledged a 17.8 percent stake. Foreign Institutional Investors (FIIs) hold a 14.34 percent stake.
Written by Anoushka Roy
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