Mercantile Ports & Logistics, the operator of the Karanja Port facility in Mumbai, has reported FY24 results which are 4.5% better than our forecast at the PBT level although 5.4% lower at the revenue level due to FX moves. We are reducing our FY25E earnings forecasts to reflect current activity run-rates. The debt level was in line with our forecast and the company reports that it is in advanced negotiations on debt refinancing. We maintain our 2.9p target price.
