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The shares of Adani Ports and Special Economic Zone Limited inches marginally higher and were trading at Rs 956 levels till 11.40 am on Thursday. The shares zoomed by 2 per cent to reach their 52-week high of Rs 958.80 in the early hours on Wednesday. In the last five trading days, the stock has zoomed by almost 7 per cent. 

In the past month, the stock has scaled by more than 15 per cent and so far this year the stock has climbed by almost 30 per cent. In the past five years, the stock has delivered a multibagger return of 135 per cent. 

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Global brokerage Jefferies has maintained its ‘Buy’ rating on the stock with a target of Rs 1,100 which represents an upside of 15% from the current levels. 

“We raise our FY23-25E volumes by 3-7% to factor in 1QFY23 and EPS by 5-11%. Medium-term double-digit growth should continue as it replicates the Mundra market share gain story at its acquired ports,” the note from the brokerage stated. 

Adani Ports is a market leader in ports in India, with market share moving up to 22% from 14% in FY15 and expected to be 31% by FY25E. If it can support this with warehousing/inland logistics, it would only add to its USP and market share gains, as there is no similar company in India that provides these integrated services at a large scale, their brokerage highlighted. 

In Q1FY23, the company reported total revenue of Rs 4,637 crores as compared to Rs 4,556 crores which they earned in the same period a year ago. On a sequential basis, their total revenue increased by 20 per cent from Rs 3,845 crores. 

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Their net profit however declined to Rs 986 crores in the quarter under review as compared to Rs 1,302 crores which they earned in Q1FY22. In the previous quarter, their profit stood at Rs 970 crores. 

The ports company has a market capitalization of Rs 2,01,171 crores and the promoters hold a 66.02 per cent stake in the company with 13.07 per cent shares pledged. 

Adani Ports and Special Economic Zone Limited is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi-product Special Economic Zone (SEZ). It is India’s largest private multi-port operator. 

Written by Anoushka Roy

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