Key Points
The companys board declared a dividend of Rs 5 (250%) per equity share for FY23...
Adani Ports and Special Economic Zone share price tanked 1.23% to Rs 725 today despite the companys net profit rising 5.1% to Rs 1,158.88 crore from Rs 1,102.61 crore in the same period last year..
Adani Ports shares have jumped 6.6% in the past one month and have fallen nearly 18% in the last 6 months...
The brokerage continues to build in a high 14% CoE and would await further progress on the reduction in cash flow items linked to ICD given/received (gross amount high though down 50% yoy) and further clarification/reduction in large outstanding security deposits given to EPC contractors against capital commitment (have declined for the second-straight year)...
FY24E growth should sustain multiples and we maintain BUY/SO with an unchanged target price of Rs 956, said analysts at Nuvama Institutional Equities...
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