Centrum Broking gives ‘buy’ call for Adani ports

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Centrum Broking gives ‘buy’ call for Adani ports
 

New Delhi: Brokerage house Centrum Broking has given a “buy” call for Adani Ports and Special Economic Zone stocks.

The target price for the scrip is pegged at Rs 862, as against Rs 735 at Monday’s closing.

The company’s profit after tax during Q3FY22, at Rs 10.2 billion, was ahead of estimates of Rs 9 billion due to a lower tax provision, the brokerage said.

It handled 312 million tonne cargos in FY22 and guided for a cargo handling of 350-360 million tonne for FY23 with a growth of 12-15 per cent.

The brokerage said the guidance for FY23 appears within reach led by revival in thermal coal imports.

“Recovery in import of thermal coal volumes is one of the key catalysts for FY23 volume guidance. Besides APSEZ’s persistent cargo diversification efforts should aid incremental volumes in containers (at Gangavaram), LNG at Dhamra and more dry and liquid cargo at key ports. New tie-ups should help container cargo recovery at Krishnapatnam,” the brokerage said in a report.


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