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Centrum Broking Report
Gujarat Pipavav Port Ltd.'s Q3 FY23 recurring profit after tax was sharply ahead of estimates led by improved cargo mix (EXIM container volumes up 9% YoY) and rebate reversals of Rs 42 million.
Recurring profit after tax grew sharply by 141% YoY on adjusted base to Rs 901 million (estimate: Rs 715 million; consensus: Rs 723 million).
Reported profit after tax was lower at Rs 793 million (up 81% YoY) as it includes exceptional expense of Rs 144 million pertaining to repair works for cyclone damages (previous year profit after tax included repair works of Rs 102 million).
Container cargo grew by 22% YoY to 191 thousand twenty-foot equivalent units (up 2.7% QoQ).
Average realisations grew sharply by 16% YoY to Rs 644/million tonne while Ebitda growth was higher at 27.5% YoY to Rs 364/million tonne.
Gujarat Pipavav Port's strong balance sheet and dividend yield of 7.1% on FY24E basis restricts downside but a sustained recovery in EXIM container cargo is still awaited.
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