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Centrum Broking Report
Gujarat Pipavav Port Ltd.'s Q1 FY21 results were ahead of estimates led by favourable cargo mix and lower operating costs.
Profit after tax declined by 17.8% YoY to Rs 464 million but was above our estimate of Rs 436 million. Revenue declined 10.5% YoY to Rs 1.59 billion (inline).
Cargo mix improvement was led by higher share of export import volumes in containers due to plunge in transhipment volumes. Ebitda declined 6.8% YoY to Rs 955 million (our estimate Rs 923 million) while Ebitda margins expanded 240 basis points YoY to 60.1% (estimate 57.7%).
Container volumes declined by 15.8% YoY to 186k twenty foot equivalent units and total cargo declined 14.8% YoY to 3.1 metric tonne in Q1 FY21. Consolidated profit after tax declined 12.5% YoY to Rs 482 million.
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