Adani Port & SEZ :3QFY12 results better than estimated: Nomura research,

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 Adani Port & SEZ (ADSEZ IN, BUY, TP INR180 – formerly Mundra
Port & SEZ) 3QFY12 results were 3-13% above estimates, led by
better-than-expected margins.
 We note a positive surprise at the EBITDA level of ~7% (relative to
Nomura estimates and ~15% vs consensus estimates).
 Further, below the EBITDA line item, the company has included an FX
loss of INR 483mn, without which recurring PAT was even higher.
 ADSEZ handled cargo of 16.6MMT in Q3FY12, up ~34% y-y.
Continued shortage of port capacity in the country drove market share
further up for ADSEZ to 10.4% during 9MFY12, from 8.3% in 9MFY11.
 Overall volumes were, however, flat q-q owing to lower coal and crude
oil cargo and were compensated largely by strong growth in container
traffic (20% y-y) across both the terminals.
 We reiterate our BUY rating on ADSEZ as we believe the results
further stand testimony to Mundra Port’s resilience to a global and
domestic economic slowdown.