Adani Ports share price: Jefferies revised price target to Rs 670
Adani Ports Q3 FY21 sales were 11% below expectations as volume contribution container JVs (lower profitability) was higher. Krishnapatnam port (KPCL) acquisition is fully accounted for in 3Q and has led to some one-off integration expenses also. Jefferies lowered their FY21E-22E EPS by 3-7% but raised it by 2% for FY23E to account for a more gradual margin improvement at KPCL.
Jefferies believes in Adani Ports management commitment to drop promoter pledges is a key re-rating trigger: Reuters