Adani Ports shares surge after FY23 business update. should you buy

According to stock market experts, Adani Ports Shares are moving higher today due to positive FY23 business update announced by the Adani group company. The company registered a year-on-year (YoY) growth of 9 per cent. Total container volumes handled by APSEZ in India grew to ~8.6 MTUs (+5% YoY), including ~6.6 MTEU at Mundra alone. Experts advised stock market investors to maintain ‘buy on dips’ strategy in the Adani group flagship company as the stock is trading volatile. from 600 700 range with positive bias.

Adani Ports share price target

On why Adani Ports share price is moving up today, Ravi Singhal, CEO, GCL Broking said, “Adani Ports share price is moving up today after positive FY23 business update shared by Adani group company with Indian Exchanges.” The company claimed a 9 per cent year-on-year growth and it continues to clock the largest port cargo volume ever. APSEZ’s deep draft ports can receive large vessel parcels, thereby reducing the overall logistics cost decreases.

Advising stock market investors to maintain ‘buy on dips’ strategy with respect to Adani Ports shares, Sumeet Bagadia, Executive Director, Choice Broking said, “Adani Ports share price is undervalued. from 600 700 each range and it is looking positive on the chart pattern. Hence, the buy on dips strategy should be maintained for near term goals 650 more 700 per share. Those having this stock in their portfolio are advised to hold with stop loss 580 and keep accumulating on every big fall in the scrip.”

Adani Ports FY23 Business Update

Adani Ports End special economic zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, handled ~32 MMT total cargo in March 2023, implying a YoY growth of ~9.5%. Volume crossed the 30-MMT mark for the first time since July 2022. With ~339 MMT in FY23 (April 2022 – March 2023), APSEZ recorded its highest ever port cargo volume – a healthy growth of ~9%. Adani Ports has been steadily increasing its market share over the years, outpacing all cargo volume growth in India.

Karan Adani, CEO and Whole Time Director, APSEZ, said, “The improvement in cargo volumes is a testimony to the trust our customers have placed in us.” The APSEZ’s flagship port, Mundra, has outperformed all its nearest rivals and remains the largest port in the country in terms of volume. Mundra’s infrastructure meets world standards and provides service levels at par with its global competitors, making it India’s gateway for container cargo.”

Total container volumes handled by APSEZ in India grew to ~8.6 MTUs (+5% YoY), including ~6.6 MTEU at Mundra alone. It continues to be the largest port in India with ~155 MMT total cargo handled during the year. The Logistics business segment also had a record year. Container rakes handled during the year achieved a new milestone crossing 500,000 TEU (+24% YoY), while bulk cargo transported crossed 14 MMT, registering a growth of 62%. In this financial year, APSEZ set some new milestones on the count of vessels docked (6,573), rakes serviced (40,482), and trucks, trailers and tankers (48,89,941). Adani Ports served 3,068 unique customers across its various business units.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.