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ICICI Direct Report
Gujarat Pipavav Port Ltd. is a South-West Gujarat based port with an multi national company promoter (APM Terminals – Maersk Group). It lies at a strategic international maritime location, which connects India with the far East, on the one side, and Middle East, Africa, Europe and the U.S., on the other.
The port container capacity is at 1.35 million twenty-foot equivalent units, bulk capacity at 4-5 million metric tonne and liquid capacity at 2 million metric tonne. Container segment comprises ~70% of revenues.
In Q1 FY23 Gujarat Pipavav's lower bulk volumes impacted Ebitda.
Net revenues de-grew 6% QoQ to Rs 208 crore. Ebitda de-grew 12% to Rs 113 crore with margins at 54.4% (versus 58.4% in Q4 FY22). Subsequently, profit after tax de-grew 20% to Rs 59 crore as a weak operational performance was further impacted by an exceptional loss of Rs 13 crore.
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