The cargo volume in Q1FY19 grew by 9% year on year, led by crude which grew by 65% and containers which grew by 16%.
Going ahead, analysts at IIFL Wealth Management expected cargo volume to grow at around 10% during FY19. Also, the company’s cargo diversification strategy is playing out well with strong cargo growth being witnessed across segments like crude and container segments, it added.
“Going forward, we expect its focus on non-coal segment to drive the topline growth over next couple of years. Better cargo mix and operational efficiency is likely to bring better margins,” the brokerage firm said in result update.
Adani Ports has underperformed the market by falling 9% in past one year, as compared to 17% rise in the S&P BSE Sensex.