MSL310 Financial Institutions and Markets

Department of Management Studies

Indian Institute of Technology Delhi
Group Assignment

Financial Statements

Name Entry no.

Abhishek Pandey 2020CE10213

Aman Yadav 2020MT10786

Bansode Shrikrishna Rajabhau 2020BB10013

Krutik Patel 2020PH10705

Niranjan Kumar 2020TT11143

Abstract

To examine and assess the financial performance of chosen organisations, and to obtain a
thorough familiarity with financial statements and their purpose, contents, and relevance. By
completing this assignment, we want to show that we are capable of doing thorough financial
analyses and effectively communicating our results, which will allow us to make educated
judgments about whether or not to invest, lend to, or do business with the firms in issue.

Introduction

Objective of the study

In an attempt to analyse the financial statements of the company(Adani Ports and Special
Economic Zone Ltd.) using the tools and methods taught in class, we have used financial
ratios to measure the current standing of the company. Starting with the Balance sheet and
Income statement, the report extensively deals with the comparison of the growth of the
company over the last ten years. Trend analysis has been done followed by common size
financial statements, using which different companies that belong to the same sector have
been compared. Proceeding further, different financial ratios like short term liquidity ratios,
long term solvency ratios, profitability ratios and market price & dividends ratios have been
used to understand the financial health of the company and predict how its progress is going
to be in the future. Using these ratios we have done a time-series comparison to understand
the growth rate of the company, followed by cross-sectional comparison, to study the
differences in ratios with that of the other companies. A final evaluation of the operating
performance of the company is done which includes, accessing the overall success of an
investment, measuring the returns on assets before & after taxes, and measuring the returns
on equity. For a better understanding of the financial decisions taken by the company and its
operational efficiency, DuPont analysis is done to evaluate the company's return on equity
(ROE). The report also contains our viewpoints on the overall standing of the company and
its future prospects. Although the pandemic has adversely affected all the businesses in the
infrastructure and logistics sector, APSEZ outperformed others in the industry.

Motivation of the study

Purpose of the Research (what prior studies show and what is missing in the literature)
The purpose of this analysis of Adani Ports and Special Economic Zone Ltd.'s financial
statements is to assess the company's current financial status and forecast its potential for
future development. While several studies have examined the financial performance of
numerous corporations in the infrastructure and logistics industry, few have focused on
APSEZ and its performance over the previous decade.

This research seeks to address this knowledge gap by analysing APSEZ's financial
statements in great depth in order to get insight into the company's financial status,
performance, and potential for development. The research employs several financial ratios
and measures to examine the company's short-term liquidity, long-term solvency, profitability,
market price, and dividends ratios. The return on equity is analysed using DuPont analysis
as well (ROE).

Businesses in the infrastructure and logistics industry are not immune to the effects of the
COVID-19 epidemic. Hence, the research also intends to examine how APSEZ has done in
relation to other organisations in the same industry during this hard moment.

Economic/practical significance of the study

Adani Ports and Special Economic Zone Ltd.'s financial statement analysis has significant
economic and practical implications. Secondly, it offers a thorough evaluation of the
company's financial health, which may be utilised by prospective investors to make educated
judgments about whether or not to put money into the business. Potential investors can learn
more about the company's strengths and weaknesses through an examination of financial
ratios and performance metrics.

Second, the research provides useful data for the company's leadership to assess its current
level of operational efficiency, pinpoint areas for growth, and settle on wise choices about the
allocation of resources and the pursuit of new business ventures. A company's financial
status may be better understood and choices can be made with more confidence when
financial ratios and metrics are used.

Finally, policymakers and regulators may use the report as a tool to assess the state of the
infrastructure and logistics industry as a whole. By comparing APSEZ's financial statistics
with those of similar firms, we can get a sense of the industry as a whole and pinpoint areas
where it may need some work.
The study's larger economic relevance stems from its contribution to a deeper
comprehension of the financial health of businesses in the infrastructure and logistics
industry, which is vital to India's future prosperity. Many economic and practical
consequences for investors, managers, policymakers, and regulators may be drawn from a
review of Adani Ports and Special Economic Zone Ltd.'s financial statements.

Brief methodology and main findings

The report begins out with an introduction that summarises FY22 financial results and
highlights major accomplishments for the organisation. An overview of the study's most
important conclusions follows the main text.

After a brief introduction, the report moves on to the trend analysis section, where the
company's sales and profit patterns over the last decade are dissected. The next step is a
common-size statement analysis, whereby APSEZ's financials are compared to those of
similar businesses.

Next, the research does a ratio analysis, in which the firm's short-term liquidity, long-term
solvency, profitability, market price, and dividends are analysed using a variety of financial
measures. Both a temporal and a spatial comparison of the ratios are performed.

Several criteria, including the success of an investment as a whole, returns on assets before
and after taxes, and returns on equity, are used to assess the company's operational
performance. The ROI of a business is analysed using the DuPont model (ROE).

The study's approach, taken as a whole, gives a thorough assessment of APSEZ's

economic well-being and development possibilities. It compares the company's financial
performance against that of others in the same industry using a number of different financial
instruments and approaches.

Layout of the document

Introduction
● Briefly introduces the topic and objective of the study
● Provides an overview of Adani Ports and Special Economic Zone Ltd.'s financials
● Highlights key achievements of the company in FY22
Executive Summary
● Summarises the key findings of the study
Trend Analysis
 ● Examines the sales and profit trends of the company over the last ten years
Common-Size Statement Analysis
● Compares the financial statements of APSEZ with those of other companies in the
same sector using common-size financial statements
Ratio Analysis
● Uses different financial ratios to evaluate the company's short-term liquidity,
long-term solvency, profitability, market price, and dividends ratios
● Analyses the ratios using both time-series comparison and cross-sectional
comparison
Operating Performance
● Evaluates the operating performance of the company based on various metrics,
including the overall success of an investment, returns on assets before and after
taxes, and returns on equity
● Utilises DuPont analysis to evaluate the company's return on equity (ROE)
Conclusion
● Summarises the key findings of the study
● Provides insights into the future growth prospects of the company
References
● Lists the sources used in the study

Background
When merchants and traders in the Middle Ages kept records of their transactions and
accounts, this was the beginning of what we now call financial statements. Modern financial
accounting and reporting emerged out of a need for a more systematic and consistent
presentation of financial information as trade and commerce expanded.
The Companies Act of 2013 and the Institute of Chartered Accountants of India are the
primary authorities on financial statement regulation and framework in India (ICAI).
As outlined in the Companies Act of 2013, businesses in India must comply with certain
reporting regulations. Financial statements such as a balance sheet, an income statement, a
cash flow statement, and a statement of retained profits must be prepared and presented in
conformity with the accounting rules established by the Ministry of Corporate Affairs.
Financial statements must be audited by an appointed auditor and filed with the Registrar of
Companies as per the Act's mandate.
The Institute of Cost Accountants of India (ICAI) is India's primary accounting organisation,
responsible for establishing national accounting guidelines. To guarantee that all financial
information is presented in a uniform and comparable way, it publishes guidelines and
standards for financial reporting, such as accounting and auditing standards.
Financial reporting in India is subject to many sets of rules and regulations, including the
Companies Act and the ICAI, but also tax laws and securities laws. The Reserve Bank of
India and the Securities and Exchange Board of India are two examples of regulatory
agencies whose rules and recommendations may apply to businesses.
In conclusion, financial statements are governed by law, regulatory agencies, and
accounting standards, all of which have their origins in centuries of accounting and financial
reporting practice. For stakeholders to make educated choices about investing, lending, or
doing business with a firm, it is crucial that they have access to accurate, reliable, and
comparable financial information.

Literature review
The Literature review of this study will emphasise the related studies on comparing and
analysing financial statements to make an investment.

When it comes to making sound financial decisions, nothing beats having a solid grasp of the
numbers (Statements). Predicting, comparing, and evaluating a company's profitability
requires financial statements. Finance and investment choices in the economy would
flounder without it. Financial statements report a company's financial data. Several writers
have discussed how to make better investing decisions by analysing financial statements.

The financial statements of a business are crucial to the decision-making process of all
parties interested in the firm since they provide the whole picture of its financial situation
and performance.

The author's description of the roles played by the balance sheet, income statement, and cash
flow statement provides the foundation for this idea. According to the idea, financial
statements are necessary for various parties (such as shareholders, creditors, and
management) to comprehend a company's financial standing and make well-informed
choices. Another implication of this theory is that it is important to read and comprehend
financial statements since they provide a complete picture of a company's financial status
and performance.

Financial statements are discussed at length in Christopher Nobes's "The

Fundamentals of Financial Accounting."
The author describes the function of a balance sheet and the elements that make up this
financial statement, which summarises a company's assets, liabilities, and equity as of
a certain date.

An income statement is a financial document that summarises a company's earnings and

expenditures for a certain accounting period, and the author here describes its function and
details its contents.

In this article, the author of a cash flow statement (which details the cash inflows and
outflows of a business over a certain time period) discusses the nature and function of this
financial document.

Financial Statements are predicated on the accounting equation, which asserts that a
company's assets are equal to its liabilities plus equity.

The author presents a clear and comprehensive explanation of each financial statement,
explaining how the information in the statements is created and how the statements may be
used to examine a company's financial performance. There are several activities and
examples in the book to help readers practise what they've learned. Overall, the author
presents a full and comprehensive explanation of financial statements, making the book a
wonderful resource for anybody wishing to obtain a better grasp of this vital area of
accounting.
The use of financial statement analysis and interpretation in investment decision has been
addressed by a series of authors in one way or the other. It has been stated that this analysis
can be used to ascertain a company's profitability, in particular returns on investment and
optimal management decisions.
According to Pandey (2005), profitability is the capacity of an\sentity to make money. It may
be evaluated by calculating a number of useful metrics, such as the net sales to assets ratio,
the return on total assets, etc.

According to Journal of Meigs and Meigs (2003), assets, liabilities, equity, revenue, costs,
changes in equity, and cash flows are only few of the components that make up a company's
financial statements, which are organised representations of a company's financial situation
and performance. Financial statements should aid a broad variety of users in making
educated economic choices. Owners and managers use financial statements to make strategic
decisions, employers use them in collective bargaining agreements, potential investors
evaluate them to determine whether or not to invest, banks use them to determine whether
or not to lend, and governments use them to determine tax liability. Break-Even Point
Analysis (BEP), Cash Flow Statement (CFS), and Simple Payback Period (SPP) are all
examples of financial analysis tools (PBP).
● Analysis of the break-even point (BEP) is used to ascertain the point at which sales
will equal expenses, allowing for the possibility of a profit.
● The Cash Flow Statement (CFS) is a form of financial reporting that details actual
cash inflows and outflows while excluding intangible cash outflows like depreciation.
● Calculating the amount of time it will take to get your money back from an
investment without factoring in inflation is called the "simple payback period" (PBP).
The book draws attention to the fact that these methods have their drawbacks due to their
reliance on speculative future estimations and assumptions.

Hypothesis
The following hypotheses are put out in an effort to determine whether or not the set goals
have been met:
HO: Represents Null hypothesis
HI : Represents Alternative hypothesis
Research hypothesis No 1
HO:Analysis of financial statements and interpretation based on management choices
provide similar results.
H1: There is a significant difference between the returns of a financial statement analysis
and interpretation based on management decisions.
Research hypothesis No 2
HO:Financial statement analysis and interpretation based managerial choices have little
bearing on a company's profitability.
HI : Financial statement analysis and integration-based management decisions have a major
impact on a company's bottom line.
Data
Several sources, including the company website, the website of the Ministry of Corporate
Affairs (MCA), the website of the Securities and Exchange Board of India (SEBI), the
websites of the Bombay Stock Exchange (BSE) and National Stock Exchange of India
(NSE), news and media sources, as well as academic studies and research papers, can be
used to gather data for a project on the financial statements of Indian companies. The MCA
and SEBI, which give access to corporate information and financial data, are India's principal
regulators of businesses and the securities markets.Major Indian stock exchanges like the
BSE and NSE offer data on listed firms and financial information. News and media outlets
including The Economic Times, Business Today, and Moneycontrol offer data on industry
developments, market trends, and other pertinent subjects. It's critical to assess the calibre
and dependability of the sources used. Data from websites like yahoo finance and
moneycontrol has been taken.
All the data taken have been systematically put in the spreadsheet here.

Methodology

1. Trend Analysis

1.1. Sales Trends

Consolidated sales revenues increased by 26.9% during FY 2021-22 to ₹15,934 crores.

The major contributors to this revenue were growth in cargo, and additional revenue
streams achieved following track consolidation. Sales revenue trends over the past 10
years have seen a CAGR of 18.06% (as shown in figure 1). The revenue growth has been
steady barring FY19, 20, and 21 when the COVID pandemic hit the world.
Pandemic-induced lockdowns adversely affected the travel and transportation industry
and in turn the ports of APSEZ.
 Figure 1: Net sales trends over the past 10 years

1.2. Profit Trends

Although there has been an overall growth of consolidated net profits over the last ten
years at a CAGR of 11.97% (figure 2), APSEZ reported a 9.45% decrease in net profit in
FY 2021-22. One of the main contributors to this decrease in profit was a 95% increase
in Power and Fuel Costs, mainly on account of adverse foreign exchange fluctuations. A
significant increase in net expenses even led to a decrease in EBITDA margin from
73.5% in FY 2020-21 to 60.1% in FY 2021-22 (figure 3).

Figure 2: Net Profit trends over the past 10 years

 Figure 3: EBITDA margin trends over the past 10 years

2. Common-Size Statement Analysis

Adani Ports is the largest player in the commercial port sector with over INR 17,000 crores of
revenue with the closest competitor being Blue Dart with over 4300 crores of revenue.
APSEZ looks to have lean operations with only 4.17% of net sales going into employee cost
as compared to its competitors which have >9% of net sales going into employee costs.

Table 1: Common-Size Income Statement Analysis

 Table 2: Common-Size Balance Sheet Analysis

APSEZ has about 40% share capital in reserves with about 47% in non-current liabilities.
Non-current liabilities seems to be a major problem for APSEZ while the competitors seem to
be managing the liabilities well with only 9.37% for GPPL and 24.18% for Blue Dart.

Short term borrowings and other current liabilities are similar to GPPL which is one of the
best performing peers in the sector. With the net profits only 10% of the non-current
liabilities, APSEZ will need to work on scaling up the operations considering the net profits
one of the best in the industry while also trying to make the operation even leaner. Current
liabilities will also be a major challenge while trying to scale up as the cash to fuel the ramp
up will need to be freed.

3. Ratio Analysis

Financial ratios lie at the heart of financial statement analysis. In this section, I am going to
evaluate for major categories of financial ratios:

● Short-term Liquidity Ratios

● Long-term Solvency Ratios
● Profitability Ratios
● Market Price and Dividends Ratios

Using the consolidated financial statements of APSEZ, we have evaluated 16 financial ratios
for FY22 (Tables 3,4,5 and 6) that were taught in the class. The detailed calculations of these
ratios can be found in this spreadsheet.

Short-term Liquidity Ratios Denominator Numerator Value in FY22

Current ratio Current assets Current liabilities 1.60

Quick ratio Current assets - Inventory Current liabilities 1.56

Average collection period in Average accounts

Net Sales 56.57
days receivable x 365

Inventory turnover Net Sales Average inventory 41.80

Table 3: Definitions of Short-term Liquidity Ratios and their calculation for FY22

Long-term Solvency Ratios Denominator Numerator Value in FY22

Total debt to total assets Total liabilities Total assets 0.59

Debt-Equity Ratio Total liabilities Stockholders' equity 1.47

Interest coverage EBITDA Interest expense 4.18

Table 4: Definitions of Long-term Solvency Ratios and their calculation for FY22
Profitability Ratios Denominator Numerator Value in FY22

Return on common Net income-Preference Average stockholders'

0.12
stockholders' equity (ROE) Dividend equity

Operating Profit Margin (%) Operating Profit Net Sales 55.72%

Return on sales Net income Net Sales 0.28

Average total assets

Total Asset turnover Net Sales 0.17
available

Average total assets

Pretax return on assets (ROA) EBITDA 0.11
available

Net income less dividends Average common

Earnings per share 21.47
on preferred stock, if any shares outstanding

Table 5: Definitions of Profitability Ratios and their calculation for FY22

Market Price and Dividends Ratios Denominator Numerator Value in FY22

Market price of
Price-earnings Earnings per share 34.36
common stock$

Dividends per Market price of

Dividend yield 0.66%
common share common stock$

Dividends per
Dividend-payout Earnings per share 22.51%
common share

$ Market price of common stock = (Closing price on 30th March’22 + Opening price on 1st April’21)/2

Table 6: Definitions of Market Price and Dividends Ratios and their calculation for FY22

Studying these ratios alone may not provide the insight required to quantify the company's
performance. In this section, we compare some ratios of our targeted company (APSEZ) with
three other major firms in the same sector. These companies have been chosen based on their
market share and according to the availability of their data. The chosen companies are: - \
• Gujarat Pipavav Port Ltd. • Blue Dart • Essar Shipping

Apart from this , we are also doing a time-series comparison to compare historical figures of
these financial ratios and analyse how the company has progressed.

3.1. Short-term Liquidity Ratios

Short-term Liquidity Ratios FY22 FY21 % change

Current ratio 1.60 1.78 (10.39%)

Quick ratio 1.56 1.65 (5.01%)

Average collection period in days 56.57 85.09 (33.52%)

Inventory turnover 41.80 12.65 230.37%

Table 7: Time-series comparison of Short-term Liquidity Ratios

Figure 4: Current and Quick Ratio Trends over last 5 years

Short-term Liquidity Ratios APSEZ GPPL Blue Dart Essar Shipping

Current ratio 1.60 3.71 0.85 0.25

Quick ratio 1.56 3.67 0.82 0.24

Average collection period in

56.57 25.53 48.00 27.30
days

Inventory turnover 41.80 73.04 126.05 36.40

Table 8: Cross sectional comparison of Short-term Liquidity Ratios

3.2. Long-Term Solvency Ratios

Long-term Solvency Ratios FY22 FY21 % change

Total debt to total assets 0.59 0.57 3.12%

Debt-Equity Ratio 1.47 1.42 3.68%

Interest coverage 4.18 4.73 -11.59%

Table 9: Time-series comparison of Long-term Solvency Ratios

Long-term Solvency Ratios APSEZ GPPL Blue Dart Essar Shipping

Total debt to total assets 0.59 0.19 1.07 4.97

Debt-Equity Ratio 1.47 0.24 3.47 -1.18

Interest coverage 4.18 91.59 11.35 1.07

Table 10: Cross sectional comparison of Long-term Solvency Ratios

3.3. Profitability Ratios

Profitability Ratios FY22 FY21 % change

Return on common stockholders' equity(ROE) 0.12 0.16 -27.59%

Operating Profit Margin (%) 55.72% 69.31% -19.61%

Return on sales 0.28 0.40 -28.68%

Total Asset turnover 0.17 0.17 0.99%

Pretax return on assets (ROA) 0.11 0.14 -20.78%

Earnings per share 21.47 24.65 -12.91%

Table 11: Time-series comparison of Profitability Ratios

 Profitability Ratios APSEZ GPPL Blue Dart Essar Shipping

Return on common
0.12 0.28
stockholders' equity(ROE) 4.93 -0.13

Operating Profit Margin (%) 55.72% 55.49% 22.66% 19.10%

Return on sales 0.28 1.03 1.00 1.97

Total Asset turnover 0.17 0.29 1.56 0.28

Pretax return on assets (ROA) 0.11 0.17 0.35 0.33

Earnings per share 21.47 4.00 161.08 -3.94

Table 12: Cross sectional comparison of Profitability Ratios

3.4. Market Price and Dividends Ratios

The current price to earnings ratio of APSEZ for the financial year 2021-2022 is
34.36. This is a measure of investor's expectation about the company's future
prospects and shows how much the company is valued more than the market
expectations. APSEZ saw a positive increase of about 12.17% in its Price-earnings.

Market Price and Dividends Ratios FY22 FY21 % change

Price-earnings 34.36 30.64 12.17%

Dividend yield 0.66% - -

Dividend-payout 22.51% - -

Table 13: Time-series comparison of Market Price and Dividends Ratios

Market Price and Dividends

APSEZ GPPL Blue Dart Essar Shipping
Ratios

Price-earnings 34.36 21.70 38.62 -1.97

Dividend yield 0.66% 4.61% 2.59% -

Dividend-payout 22.51% 100.07% 100.00% -

Table 14: Cross sectional comparison of Market Price and Dividends Ratios
4. Operating Performance

Companies use ROA to assess their operating performance. APSEZ has a ROA of 11.34%
which indicates that companies is

Return on Total Assets = EBIT − to − Sales × Total Asset Turnover

= 66.69% × 0.17 = 11.34%

Stockholders are interested in returns on stockholders’ equity i.e. the final income (after
deducting interest and taxes) that is available to common stockholders.

ROE = Return on Sales × Total Asset Turnover × Financial leverage ratio

= 28.46% × 0.17 × 2.48 = 11.99%

In the decomposition of ROE, there is an additional component called the financial leverage
ratio which is indicative of the proportion of total assets financed by common stockholders
relative to those financed by creditors and preferred stockholders and emphasises the impact
of financing decisions on ROE. The Financial leverage ratio for APSEZ is 2.48.
Results
From table 1, Common-size statement analysis,
Adani seems to have found its way in the market with 28% net profit, the highest in the sector
both in terms of the absolute value and % revenue.

From section 3.1, Short-term liquidity ratios

APSEZ has seen a hit on its short term liquidity. This is clearly indicated by the %change in
ratios when we see the FY21 and FY22 data. Even though the inventory turnover of APSEZ
has gone up significantly, there is a major drop in average collection period by almost 34%.

When compared cross-sectionally, APSEZ can be seen lacking behind GPPL by almost half
the values. Essar Shipping and Blue Dart have low Short-term-liquidity ratios, though we can
see that inventory turnover of GPPL and Blue Dart is very high. Blue dart has an inventory
turnover almost three-times that of APSEZ.

From section 3.2, Long-term solvency ratios

APSEZ saw a decrease in interest coverage by a margin of -11.59% when compared with that
of FY21, though its interest coverage ratio is 4.18 which is very decent. A higher ratio
represents a stronger ability to meet a company's interest expenses out of its operating
earnings. GPPL on the other hand has an interest coverage ratio of 91.59 and Blue dart has
11.35, which is highly optimum, implying APSEZ is not on-par with its competitors.

From section 3.3, Profitability ratios

From the given data, it is evident that APSEZ has the highest Operating Profit Margin(%)
among its competitors. Comparatively, APSEZ has a low Return on sales value, still it was
very much successful in having Earnings per share of 21.47. In terms of ROA, we can see
that APSEZ is lacking behind all its competitors, along with the return on sales value too.

From section 3.4, Market price and Dividends ratio

On seeing Cross-sectionally, we can see that Blue-dart and APSEZ have almost the same
value of Price-earnings. Dividend-Payout is the amount of dividends paid to shareholders
relative to the total net income of a company. Generally, the higher the payout ratio,
especially if it is over 100%, the more its sustainability is in question.
Conclusion
Using a variety of methods, we were able to get some insight into the current financial state
and future growth prospects of Adani Ports and Special Economic Zone Ltd.

The trend analysis clearly shows that the company's sales and profits have been rising
steadily over the past decade. By comparing APSEZ's financials to those of similar
companies, the common-size statement analysis was able to draw attention to the
company's strengths and weaknesses.

According to the ratio analysis, the company has sufficient cash on hand for the near future
and is in a good position to pay off its long-term debt. Profitability ratios for the firm were
likewise strong, showing strong profit margins.

Additionally, the operational performance study demonstrated that APSEZ has been effective
in producing returns on assets before and after taxes, as well as returns on equity. According
to DuPont's research, the primary factors influencing return on equity are asset turnover and
profit margin.

The results of this study support our hypothesis that APSEZ is a financially secure and
profitable company with promising future growth.

Despite the pandemic's negative impact on business, the company has managed to
outperform its infrastructure and logistics industry competitors. Our analysis suggests that
Adani Ports and Special Economic Zone Ltd. has a good chance of continuing on its current
growth path.
References
I. Adani Ports and Special Economic Zone Limited. (2022). Annual Report 2021-22.
Retrieved from
https://www.adaniports.com/-/media/Project/Ports/Investor/Investor-Downloads/Annual-Repo
rt/FY22.pdf
II. Adani Ports and Special Economic Zone Limited. (2021). Annual Report 2020-21.
Retrieved from
https://reports.adani.com/Adani-Ports-SEZ-Annual-Report-FY21/242/index.html
III. Moneycontrol. (n.d.). Adani Ports and Special Economic Zone Balance Sheet, Adani
Ports and Special Economic Zone Financial Statement & Accounts. Retrieved from
https://www.moneycontrol.com/financials/adaniportsandspecialeconomiczone/consolidated-b
alance-sheetVI/MPS#MPS
IV. Yahoo Finance. (n.d.). Adani Ports and Special Economic Zone Ltd. (ADANIPORTS.NS)
stock historical prices & data. Retrieved from
https://finance.yahoo.com/quote/ADANIPORTS.NS/history?period1=1617235200&period2=1
648684800&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true
V. Equitymaster. (2022). Shipping Sector Analysis Report. Retrieved from
https://www.equitymaster.com/research-it/sector-info/ship/Shipping-Sector-Analysis-Report.a
sp
VI. Owler. (n.d.). Adani Ports & SEZ Competitors, Revenue, Number of Employees, Funding,
Acquisitions & News. Retrieved from
https://www.owler.com/company/adaniports/competitors
VII. ReadyRatios. (n.d.). Average financial ratios by industry sector. Retrieved from
https://www.readyratios.com/sec/industry/47/?measure=average
VIII. India Brand Equity Foundation. (2022). Ports and Shipping. Retrieved from
https://www.ibef.org/download/1659942746_Ports-June_2022.pdf
IX. India Brand Equity Foundation. (n.d.). Ports and Shipping. Retrieved from
https://www.ibef.org/industry/ports-india-shipping
X. Wikipedia. (2022, March 15). Adani Ports & SEZ. Retrieved from
https://en.wikipedia.org/wiki/Adani_Ports_%26_SEZ

Figures and Tables

Have been put wherever the methodology has been used for better understanding and
insight.