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Dolat Capital Report
Gujarat Pipavav Port Ltd. reported sales/Ebitda/adjusted profit after tax decline of-11%/-7%/- 18% YoY, due to weak volume growth in bulk and container.
This volume decline was offset by 5% YoY realization gain arising from exchange rate. PAT came higher at Rs 464 million.
Management highlighted: 1) 97 million U.S. dollar capex announcement subjected to concession extension beyond 2028 by Gujarat Maritime 2) Annual salary increment taken, 3) no congestion at port and rail linkage benefitted in Q1 4) Maintains the view of U share recovery.
Port was open during pandemic, and improvement on Export Import bank Of India and labor shortage will drive the growth. Thus impact will not be substantial. We increase estimates by 7%/6% for FY21e/FY22e.
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