Gujarat Pipavav Q1 Review - Cyclone Disrupts Quarter, Pick-Up Seen In Q2: ICICI Direct
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ICICI Direct Report
Gujarat Pipavav Port Ltd.’s revenues were impacted during the two weeks due to cyclone Tauktae, operations normalised in first week of June.
The company expects pick-up in volumes from August-September onwards.
Gujarat Pipavav had added two new services in Q4 FY21. The services started in June.
The management expects to see further turmoil in the container shipping industry and is seeing some instances of skipped calls at its port. However, bulk segment continues to perform well.
Container realisation was at Rs 6500-6900/twenty-foot equivalent unit range (post 5-6% tariff hike), while bulk realisation stood at Rs 450-550/tonne levels.
The management expects reversal of exceptional expense incurred during the quarter due to inflow from insurance in coming quarters.
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