Adani Ports shares gain as Adani-led group completes acquisition of Haifa Port

Shares of Adani Ports and Special Economic Zone (Adani Ports) gained nearly 1 per cent in Wednesday's trade after the company said the consortium of Adani Ports and Israel’s Gadot Group has completed the acquisition of HPC from the government of Israel.

Adani Ports had on July 15 last year announced that the consortium of Adani Ports and Gadot Group with 70:30 shareholding had won the competitive bid for the privatisation of HPC at an offer price of $1.18 billion. The concession period of the port was up to 2054.

Following the development, the scrip rose 0.88 per cent to hit a high of Rs 803.35.

Q3 results preview

PhillipCapital expects Adani Ports to report a 12.4 per cent YoY rise in net profit at Rs 1,661.90 crore for the December quarter compared with Rs 1,478.80 crore in the year-ago quarter.

Revenues are seen rising 29.80 per cent YoY to Rs 4,930 crore compared with Rs 3,797 crore in the year-ago quarter. Ebitda is seen rising 24.2 per cent YoY to Rs 3,022.60 crore from Rs 2,431 crore YoY. Ebitda margin are seen at 61.3 per cent in the December quarter compared with 62.6 per cent in September and 64 per cent in the year-ago quarter.

PhillipCapital expects container volume to remain subdued. The quarterly numbers, it said, would see the impact of lower volume and higher operating cost. The brokerage has assumed effective tax rate of 17 per cent in the third quarter against 9 per cent in the September quarter.

Adani Ports is a part of diversified Adani Group. It is the largest port developer and operator in India with six  strategically located ports and terminals on the west coast (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra) and 6 ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, and Kattupalli and Ennore in Tamilnadu), representing 24 per cent of the country's total port capacity.

The company is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.

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