Gujarat Pipavav - Concession Agreement Expected In Near Term: ICICI Direct

Pipavav port. (Source: Company website).

Gujarat Pipavav - Concession Agreement Expected In Near Term: ICICI Direct


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ICICI Direct Report

Gujarat Pipavav Port Ltd. reported flattish container volumes QoQ (19% YoY due to weak base) mainly due to congestion in the far-East ports (macro-disruption) while it reported one million metric tonne volumes on the bulk front (full capacity utilisation).

Liquid and roll-on/roll-off continued to report subdued volumes.

Overall, revenues remained flattish QoQ (up 19% YoY) due to subdued container growth.

Ebitda margins expanded 400 basis points QoQ (fell 226 basis points YoY) led by a one-time bonus payment of $1000 per employee in the base quarter and lower maintenance dredging expense QoQ.

Subsequently, absolute Ebitda and profit after tax grew 5% and 11% QoQ, respectively.

Click on the attachment to read the full report:

ICICI Direct Gujarat Pipavav Company Update.pdf


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