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ICICI Direct Report
Gujarat Pipavav Port Ltd. reported flattish container volumes QoQ (19% YoY due to weak base) mainly due to congestion in the far-East ports (macro-disruption) while it reported one million metric tonne volumes on the bulk front (full capacity utilisation).
Liquid and roll-on/roll-off continued to report subdued volumes.
Overall, revenues remained flattish QoQ (up 19% YoY) due to subdued container growth.
Ebitda margins expanded 400 basis points QoQ (fell 226 basis points YoY) led by a one-time bonus payment of $1000 per employee in the base quarter and lower maintenance dredging expense QoQ.
Subsequently, absolute Ebitda and profit after tax grew 5% and 11% QoQ, respectively.
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