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Adani Ports extends rally post strong Q1 earnings

SI Reporter / Mumbai 16 Aug 16 | 10:52 AM

Adani Ports and Special Economic Zone (APSEZ) has rallied 6% to Rs 272, extending its past three trading days gain on the BSE after the company reported a good set of numbers for the quarter ended June 30, 2016 (Q1FY17).

In the past one-week the stock gained 13% from Rs 240 on August 9, as compared to a marginal 0.3% rise in the S&P BSE Sensex.

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The Adani Group Company had posted 31% year-on-year (YoY) jump in its consolidated net profit at Rs 836 crore for the quarter ended June 30, 2016 (Q1FY17) against Rs 639 crore in the year ago quarter.

“A healthy growth in cargo volumes, operational efficiencies and our strategy to increase bulk cargo volumes, other than coal volumes have enabled us to report all round growth in our financial numbers," said Karan Adani, Chief Executive Officer of APSEZ.

“The management guided to a significant reduction in related-party loans and advances (by around Rs 1,000 crore) by September quarter when they publish the half-yearly balance sheet. By end FY17, they would reduce related-party loans and advances entirely. If ADSEZ delivers then there would be a significant improvement in operating cash flows in FY17,"  JP Morgan said in a results update.

“We remain positive on the stock in the long term as the newly created assets (Goa, Vizag) and visible asset additions/expansions at (Dhamra, Hazira, Ennore, CT-3 Expansion, CT-4, Kattupalli Port, Vizhinjam Port) will enable 10% CAGR in ADSEZ’s volume for FY16-20E," analysts at Spark Capital in results preview.

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