IIFL keeps buy on Adani Ports, target price Rs 400
Buy Adani Ports & Special Economic Zone Ltd. at a price target of Rs 400.0 .
For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 2794.47 crore, down -9.34 % from last quarter sales of Rs 3082.49 crore and up 15.90 % from last year same quarter sales of Rs 2411.03 crore. The company has reported net profit after tax of Rs 1028.67 crore in latest quarter.
The brokerage liked the company’s approach to expand the capacity by around 50%, scale up logistics services to offer integrated solution, focus on cash flows and return ratios. While the broader growth story remains promising, macro in the near term remains challenging, said IIFL.