Gujarat Pipavav Q4 Review - Impacted By Cargo Mix; Growth Tailwinds Visible: Centrum Broking
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Centrum Broking Report
Gujarat Pipavav Port Ltd.’s Q4 FY21 recurring profit after tax at Rs 572 million (up 19.5% YoY) trailed estimate due to lower realisation/margins.
Reported profit after tax including prior period tax write-back stood at Rs 652 million.
Revenue grew by 19.4% YoY to Rs 1.9 billion and Ebitda grew 15.1% YoY to Rs 1.16 billion.
Ebitda margin declined 1.7% YoY to Rs 302/ million tonne due to adverse cargo mix and maintenance dredging expenses.
The strength in bulk cargo volumes is likely to continue with addition of new cargo streams.
Container cargo is likely to improve due to new service additions and dedicated freight corridor commissioning by end 2021.
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