{"id":30113,"date":"2024-07-22T05:54:29","date_gmt":"2024-07-22T00:24:29","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=30113"},"modified":"2024-07-22T10:43:43","modified_gmt":"2024-07-22T05:13:43","slug":"alpha-adani-ports-special-economic-zone-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-adani-ports-special-economic-zone-ltd-equity-research-desk\/30113","title":{"rendered":"Alpha | Adani Ports &#038; Special Economic Zone Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30115\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Adani-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Adani Ports &amp; Special Economic Zone Ltd &#8211; India\u2019s foremost port operator<\/span><\/h2>\n\n\n\n<p>Incorporated in 1998 and headquartered in Ahmedabad, Adani Ports &amp; Special Economic Zone Ltd. (APSEZ) is India\u2019s largest private sector port operator. As part of the Adani Group, APSEZ manages 15 domestic and 4 international ports, including India&#8217;s largest port at Mundra. With an aim to become world\u2019s largest transport utility company, APSEZ currently owns 627 MMT cargo handling capacity, 111 marine flotillas, 127 trains, 12 multi-modal logistics parks, 690 km of rail tracks, 2.4 mn sq. ft. of warehousing space, and 1.2 MMT of grain silos.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-22.png\"><img loading=\"lazy\" width=\"749\" height=\"502\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-22.png\" alt=\"\" class=\"wp-image-30117\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-22.png 749w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-22-300x201.png 300w\" sizes=\"(max-width: 749px) 100vw, 749px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<ul><li><strong>Ports and Terminals<\/strong>: APSEZ manages approximately 24% of India\u2019s port capacity.<\/li><li><strong>Industrial Land<\/strong>: Home to India\u2019s largest port-based manufacturing hub, Mundra Industrial Land.<\/li><li><strong>Logistics<\/strong>: Includes logistics parks, road logistics, rail operations, warehousing, and auto &amp; agri logistics.<\/li><li><strong>Dredging<\/strong>: With a fleet of 23 dredges and support equipment, the company offers dredging and reclamation solutions for port and harbour construction.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-23.png\"><img loading=\"lazy\" width=\"817\" height=\"302\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-23.png\" alt=\"\" class=\"wp-image-30118\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-23.png 817w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-23-300x111.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-23-768x284.png 768w\" sizes=\"(max-width: 817px) 100vw, 817px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries: <\/strong>As of FY24, Adani Ports &amp; Special Economic Zone Ltd. (APSEZ) has 106 subsidiaries and 27 joint ventures.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Established Position<\/strong>: In FY24, APSEZ managed 27% of India\u2019s overall cargo and 44% of container cargo, with a 21% YoY growth in domestic cargo volume.<\/li><li><strong>Record Volumes<\/strong>: Ten domestic ports, including Mundra, achieved record-high cargo volumes, with Mundra handling 7.4 million TEUs, a 15% increase over its closest competitor.<\/li><li><strong>Credit Rating<\/strong>: APSEZ obtained a &#8216;AAA&#8217; rating from CARE Ratings, becoming the first private corporate infrastructure company in India to achieve this.<\/li><li><strong>Strategic Acquisitions<\/strong>: Completed acquisitions of Gopalpur and Karaikal ports, and formed a JV with MSC for Ennore Container Terminal.<\/li><li><strong>Expansion Projects<\/strong>: Investing in Dhamra LNG Terminal, CB3 berth expansion at Hazira Port, and developing India&#8217;s largest transhipment port at Vizhinjam.<\/li><li><strong>Logistics Enhancements<\/strong>: Launched trucking segment with 900 trucks for last-mile connectivity and added 34 rakes, 3 MMLPs, 2 agri silos, and new warehouses in Mumbai and Indore.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.26711-crore.png\"><img loading=\"lazy\" width=\"783\" height=\"530\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.26711-crore.png\" alt=\"\" class=\"wp-image-30119\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.26711-crore.png 783w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.26711-crore-300x203.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.26711-crore-768x520.png 768w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Total Income<\/strong>: Rs. 6,897 crore, up 19% from Rs. 5,797 crore in Q4FY23.<\/li><li><strong>EBITDA<\/strong>: Rs. 4,029 crore, a 23% increase from Rs. 3,271 crore in Q4FY23.<\/li><li><strong>Net Profit<\/strong>: Rs. 2,015 crore, a 77% rise from Rs. 1,139 crore in Q4FY23.<\/li><li><strong>Cargo volume:<\/strong> Increased by 26% during the quarter.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue: <\/strong>Rs. 26,711 crore, a 28% increase from FY23, with 30% growth in ports and 19% in logistics.<\/li><li><strong>EBITDA: <\/strong>Rs. 15,751 crore, up 44% from the previous year.<\/li><li><strong>Net profit: <\/strong>Rs. 8,104 crore, marking a 50% raise YoY.<\/li><li><strong>EBITDA margin<\/strong>: 59%, and <strong>net profit margin<\/strong>: 30%, the highest among peers.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-24.png\"><img loading=\"lazy\" width=\"745\" height=\"348\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-24.png\" alt=\"\" class=\"wp-image-30120\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-24.png 745w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-24-300x140.png 300w\" sizes=\"(max-width: 745px) 100vw, 745px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue and PAT CAGR: <\/strong>29% and 21% over FY 21-24.<\/li><li><strong>Average 3-year ROE and ROCE:<\/strong> 16% and 11% for FY21-24.<\/li><li><strong>Debt-to-equity ratio:<\/strong> 0.94.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-25.png\"><img loading=\"lazy\" width=\"754\" height=\"214\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-25.png\" alt=\"\" class=\"wp-image-30121\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-25.png 754w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-25-300x85.png 300w\" sizes=\"(max-width: 754px) 100vw, 754px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook&nbsp;<\/span><\/h2>\n\n\n\n<ul><li>Maritime transport handles 95% of India\u2019s trading by volume and 70% by value.<\/li><li>The Indian ports and shipping industry is crucial for trade and commerce growth.<\/li><li>India, with a 7,517 km coastline, is the sixteenth-largest maritime nation.<\/li><li>The government offers incentives to support port development, inland waterways, and shipbuilding.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>Budget Allocation<\/strong>: US$ 281.23 million (Rs. 2,345.45 crore) allocated to the Ministry of Shipping in the Interim Union Budget 2024-25.<\/li><li><strong>FDI Policy<\/strong>: 100% FDI allowed under the automatic route for port and harbour projects.<\/li><li><strong>Sagarmala Program<\/strong>: Government initiative for port-led development and growth of logistics-intensive industries.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Compared to the competitors like JSW Infrastructure Ltd, Gujarat Pipavav Port Ltd etc.<\/p>\n\n\n\n<p>APSEZ is the most undervalued stock in the large cap segment delivering consistent returns on invested capital and increasing earnings in proportion to its sales growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-26.png\"><img loading=\"lazy\" width=\"1024\" height=\"148\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-26-1024x148.png\" alt=\"\" class=\"wp-image-30122\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-26-1024x148.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-26-300x43.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-26-768x111.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-26.png 1432w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>APSEZ is set to outperform India&#8217;s overall growth with its strategic port portfolio and integrated logistics.<\/li><li>Aims to become the world\u2019s largest private port company by 2030 and carbon neutral by 2025.<\/li><li>FY25 guidance: 460-480 MMT cargo volumes, Rs. 29,000-31,000 crore revenue, and Rs. 17,000-18,000 crore EBITDA.<\/li><li>Entry into the transhipment port segment, particularly Vizhinjam Port, is expected to boost volumes significantly.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-27.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-27-1024x712.png\" alt=\"\" class=\"wp-image-30123\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-27-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-27-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-27-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-27.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Target Price of ADANIPORTS<\/span><\/h2>\n\n\n\n<p>APSEZ\u2019s strategic investments in ports and logistics are anticipated to strengthen the company&#8217;s ongoing growth trajectory. We recommend a BUY rating in the ADANIPORTS stock with the <strong>target price (TP) of Rs. 1,757, 32x FY26E EPS.<\/strong><\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Economic Risk: <\/strong>Slowdowns in key sectors could reduce cargo movement, affecting port utilization and revenue.<\/li><li><strong>Climate Risk: <\/strong>Physical risks from climate-related events (e.g., sea level rise, storms) may impact port operations.<\/li><li><strong>Financial Risk: <\/strong>Issues such as declining credit quality, liquidity problems, or debt repayment failures could affect financial stability.<br><\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/%28Updated%29+Adani+Ports+%26+Special+Economic+Zone+Ltd.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 19 July 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-28.png\"><img loading=\"lazy\" width=\"1024\" height=\"228\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-28-1024x228.png\" alt=\"\" class=\"wp-image-30124\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-28-1024x228.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-28-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-28-768x171.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/07\/image-28.png 1164w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ircon-international-ltd-equity-research-desk\/30070\">Ircon International Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-welspun-corp-ltd-equity-research-desk\/29964\">Welspun Corp Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ntpc-ltd-equity-research-desk\/29938\">NTPC Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ramkrishna-forgings-ltd-equity-research-desk\/29898\">Ramkrishna Forgings Ltd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adani Ports &amp; Special Economic Zone Ltd &#8211; India\u2019s foremost port operator Incorporated in 1998 and headquartered in Ahmedabad, Adani Ports &amp; Special Economic Zone Ltd. (APSEZ) is India\u2019s largest private sector port operator. As part of the Adani Group, APSEZ manages 15 domestic and 4 international ports, including India&#8217;s largest port at Mundra. With [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[1076,1075,744,1077,1033,745,1063,897,892,648,1074,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adani Ports &amp; SEZ Stock Analysis (July 2024) | Alpha<\/title>\n<meta name=\"description\" content=\"Adani Ports &amp; SEZ Ltd is India&#039;s largest private port operator, managing a network of ports and logistics infrastructure focusing on growth and efficiency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-adani-ports-special-economic-zone-ltd-equity-research-desk\/30113\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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