Gujarat Pipavav - Dedicated Freight Corridor Linkage On The Verge Of Completion: ICICI Direct  

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ICICI Direct Report

Gujarat Pipavav Port Ltd. reported a strong QoQ recovery in volumes and revenues (but YoY down 14% and flattish, respectively), in spite of the continued macro disruption in container repositioning.

While container volumes de-grew 14% (transhipment volumes contracted the most, leading to a favourable container mix), bulk volumes, on the other hand, saw 6% growth (mainly due to higher support from fertiliser volumes).

Ebitda margins contracted 400 basis points mainly due to a one-time bonus payment of $1,000 per employee and a maintenance dredging expense. Adjusting for the expense, margins remained flat.

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