The share price of Adani Ports and Special Economic Zone (APSEZ) fell over 3 percent in early trade Wednesday after the company's March quarter earnings came in below expectations.

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APSEZ posted a 285.1 percent year-on-year growth in consolidated net profit at Rs 1,287.81 crore for the fourth quarter of fiscal 2021.

Revenue of the company that operates the largest chemical ports in the country rose 24 percent to Rs 3,608 crore compared to Rs 2,921 crore year on year. This was led by a 27 percent growth in cargo volume and a 30 percent rise in port revenue.

Consolidated operating EBITDA advanced 39 percent to Rs 2,287 crore.

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Adani Ports Q4 results: Consolidated net profit zooms 285% at Rs 1,288 crore

However, Jefferies said the Q4FY21 EBITDA was below expectations given lower margins.

The EBITDA should recover as volume rises and April 2021 price hikes reflect, Jefferies said.

The brokerage maintained a Buy rating and raised the target price to Rs 910 per share from Rs 670 earlier.

CLSA said due to the second wave of Covid-19, the management guided for FY22 volume of 310-320 mt, which could disappoint the market.

Following a 35 percent rally over the past three months, CLSA downgraded the stock from Outperform to Underperform as it believes the stock offers limited upside.

Citi maintained a Buy call and raised the target price to Rs 1,000 per share as it is of the view that the company is strengthening its pole position.

At 11:00 am, the shares were trading 3.41 percent lower at Rs 742.60 apiece on the BSE.

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First Published:May 5, 2021 11:56 AM IST