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Gujarat Pipavav Q2 Review - Container Cargo Remains Weak: Centrum Broking

Gujarat Pipavav Q2 Review - Container Cargo Remains Weak: Centrum Broking

<div class="paragraphs"><p>Pipavav port. (Source: Company website).</p></div>
Pipavav port. (Source: Company website).

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Centrum Broking Report

Gujarat Pipavav Port Ltd.’s Q2 FY22 results were weak despite strong volume growth due to adverse cargo mix. Recurring profit after tax declined 2.2% YoY to Rs 513 million, below our estimate of Rs 615 million.

Reported profit after tax including exceptional expenses of Rs 88 million (pertaining to cyclone damages) was Rs 456 million. Revenue grew 6.6% YoY to Rs 1.95 billion, below our estimate of Rs 2.13 billion due to lower realisations.

Gujarat Pipavav's Ebitda grew by 5.9% YoY to Rs 1.1 billion (estimate: Rs 1.2 billion) while Ebitda margin on per million tonne basis declined by 5.3% YoY to Rs 293/million tonne.

Container cargo remained weak in Q2 FY22, but is likely to improve in H2 FY22 driven by new service additions and dedicated freight corridor commissioning.

Click on the attachment to read the full report:

Centrum - Gujarat Pipavav - Q2FY22 Result Update.pdf

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