organ Stanley, in its initial reaction to the December quarter results of Adani Ports and Special Economic Zone Ltd., said the company is “strong operationally”.
The quarterly performance “strengthens our investment thesis”, the brokerage said in a note issued on Thursday.
Adani Ports, in the results declared earlier in the day, posted a 14.1% year-on-year rise in consolidated net profit to Rs 2,520.26 crore. The revenue from operations increased 15% YoY to Rs 7,963.5 crore, whereas the Ebitda rose 14.7% YoY to Rs 4,802.06 crore.
Morgan Stanley, in its note, highlighted the volume guidance maintained by the company at 460-480 million metric tonnes for fiscal 2025. This implies a 27% year-on-year growth in the March quarter, it added.
While posting the third quarter numbers, Adani Ports also made an upward revision in its Ebitda guidance for fiscal 2025. The guidance has been raised to Rs 18,800-18,900 crore from Rs 17,000-18,000 crore, the brokerage pointed out.
Adani Ports’ forex loss of Rs 24 crore during the quarter is sharply lower than Morgan Stanley’s estimate of Rs 420-crore loss, the note showed.
The company’s interest costs, including derivative losses, amounted to Rs 900 crore, up from Rs 530 crore in second quarter.
The Adani Group firm’s port segment revenue grew 12%, higher than Morgan Stanley’s estimate of 3%, and Ebitda grew by 13%, higher than the estimate of 6%, the note added.
The logistics segment revenue and Ebitda grew by 31% and 10%, outperforming estimates of 12% and 8% growth, respectively, the brokerage said.
The company also completed the acquisition of Gopalpur and Astro Offshore for Rs 4,600 crore during the quarter, Morgan Stanley pointed out.

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