Maintain 'buy' on Adani Ports &SEZ – TP Rs.127 - Geojit BNP Paribas

- 2QFY13 revenue increased 25%yoy and 31%qoq but lower than expected, primarily due to lower lease revenue.

- PAT has been 27% higher yoy and 31% higher qoq and 7% lower than expected.

- Net realization per tonne of throughput declined 1% y-y to INR342/tonne (7% q-q) and 10% lower than expected.

- Look for more details on project-wise capex spending in 1HFY13 and advances extended to its subsidiaries.

- Separately, seek more details on Abbott Point and other subsidiaries. Following that, we will revisit our estimates and valuations.

Source : Equity Bulls

Keywords