Adani Ports Q4 earnings beat estimates. Should you buy this stock?

Adani Ports and Special Economic Zone’s Q4FY23 earnings beat estimates, leading to buy ratings from top brokerages. The company clocked a 5% YoY rise in net profit to INR 1,159 crore for Q4FY23, and a 9% YoY growth in net profit to INR 5,310 crore for FY23. Consolidated revenue for the reporting quarter grew 40% YoY to INR 5,797 crore. Despite this, the stock traded nearly 2% lower at INR 722.60 in early trade on Wednesday. Kotak Institutional Equities and Nuvama recommend buy ratings on the company’s shares with target prices of INR 835 and INR 956, respectively.

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