While port cargo grew just 1% in FY20-22, we expect 15% growth over FY22-24F. This implies a 3.9% CAGR over FY20-24F, same as that in FY18-20. Historic resilience of crude oil cargo to price volatility provides comfort. We expect a 16% rise in POL cargo over FY22-24F. We expect a sharp 28% rise in coal cargo over FY22-24F as there may be just a 4% rise in domestic coal dispatch over FY22-24F vs. a 16% rise in FY20-22. We have Hold rating on Adani Ports (APSEZ; TP: Rs753) and Add rating on Gujarat Pipavav Port (GPPV; TP: Rs140).