Morgan Stanley remains overweight on Adani Ports

After higher opex in Q4 have driven the miss, Adani Ports share price rises 3% post weak Q4 result; Morgan Stanley remains overweight

Adani Ports company’s Q4 net profit fell 74 percent at Rs 334 crore versus Rs 1,285 crore, while revenue fell 5 percent at Rs 2,921 crore versus Rs 3,082 crore, YoY

Earnings before interest, tax, depreciation and amortisation (EBITDA) was down 15 percent at Rs 1,644 crore against Rs 1,932 crore. The EBITDA margin was down 700 bps at 56 percent versus 63 percent, YoY.

The company has reported a forex loss at Rs 1,004 crore versus a gain of Rs 109.1 crore, YoY.