About The Company
Mundra Port and SEZ, an Adani group company, is currently the only listed non-captive private sector port. It is engaged in developing, operating and maintaining the Port and port based related infrastructure facilities, including multi-product SEZ. The company recently bagged Mormugao Port coal terminal development on a design build, finance, operate and transfer (DBFOT) basis. With this expansion into Western coast ports with good presence in coal and gas terminals, it will vastly improve the potential of the company.
About The Results
The company has done very well for the first quarter ended 30th June 2009. It posted a net sales of Rs.298.04 crore, rising 18% on a YoY. EBIDTA was up 22% at Rs.220.11 crore. Net profit was up by a healthy 76% at Rs.170.75 crore.
This strong performance has been on the back of strong growth in cargo volumes. While major Indian ports have together shown a growth of 1.9%, Mundra Port has shown a rise of 24% in cargo volumes in Q1 June 2009.
In Q1FY10, there was a 23% (YoY) rise in the number of vessles, which called at the port. There was a 24% rise in total cargo handled at the port at 9.89 mmt. Of this 24% came from coal, 20% from crude, 165 from vegetable oil and chemicals, 26% from container, 5% from fertilizer, 5% from steel and 45 from mineral and others.
About The Stock
1 comments:
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Dear Friends,
The markets last week reacted to what I call the I.B.U effect. Three stocks covered in last weeks newsletter stole the limelight last week were Infosys Bharti and Unitech. Week on week markets closed down 2.7%. The reason why I avoided Reliance was that it was at best market performer. It makes me surprised how an accounting exercise like Bonus shares can be a Diwali Bonus for Ril shareholders. Reliance turnover in value terms is still in Top 10 in Nifty Index. Moreover the only party that stands benefited is the taxman on the issue of new shares with stamp duty benefits.
Infosys is trading at four quarters TTM Pe of 19.79. Infosys has projected a net profit growth of 4.8% to 4.4%. At best the stock should trade at 16X earnings. For a 5% grower to trade at 20X Forward pe is expensive for me even at current valuations. Last week after the Bharti-Mtn deal when the whole media was upbeat about the telecom sector. I had pointed out “Traders who believed that Bharti will outperform the markets should go and study the subscriber additions and the ARPU of existing telecom operators. I strongly believe that the telecom sector would slowly move towards valuation parameters of power utility.” In last week’s edition. It doesn’t come as a surprise for me that by Friday the markets had adjusted themselves to the new fundamentals of a once sunrise industry. Going ahead as growth fizzles out the stocks will start adjusting to the 8X-12X price band. The stock price movement reflects that over the long term the price is bound to adjust with the fundamentals of the stock and the deviation between the fundamentals and the stock price is zero.
One more distinct observation made last week was that the market would refuse to fall unless it frustrates the last standing bear to the farthest incident. Do note that I personally believe that on an index front we might remain range bound till the liquidity tap fastens or restricts itself going further. Suzlon will be an interesting stock going ahead. Recently company raised 20 mln$ from the issuance of Gdr and Fccb. The company has been going through a rough patch for some time. I fail to understand the logic of the promoters in selling there stake and bring funds raised via stake sell as soft loan for the company. In case the company needed funds then the company could have easily raised funds via equity dilution the way Unitech did. Suzlon still has a debt book of more then 3 billion$. Moreover the appreciating rupee will start hitting the exporter going forward. Tough time ahead for Tulsi Tanti.
We would release a list of five stocks for Long term portfolio Buy in any markets on the eve of Muharat trading.The list would be made available to Weekly clients. Some stock ideas will also be uploaded at www.Niftyviews.com .Do check in.
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