 "Gujarat Pipavav hits new high as Q1 profit beats estimates")
Gujarat Pipavav Port has surged 5% to Rs 151, extending its Friday’s 9% rally, after reporting a better-than-expected 128% year-on-year (yoy) jump in net profit at Rs 80.50 crore for the quarter ended June 30, 2014 (Q1), due to strong revenue and operational performance. The company had profit of Rs 35 crore in the same quarter last fiscal.
Net sales grew 38% yoy to Rs 156 crore in the quarter ended June 2014 driven by strong volume growth. The company’s total expenditure grew 3% to Rs 694 crore on yoy basis.
Analyst on an average had expected profit of Rs 62 crore on sales of Rs 153 crore for the quarter.
EBITDA or operating profit jumped 80% yoy to Rs 99 crore and margin expanded by 1400 basis points to 59% from 45% in April-June quarter, Gujarat Pipavav Port said in a statement.
The stock opened at Rs 148 and touched a record high of Rs 155 on NSE. The counter has seen over two-fold jump in trading volumes with a combined around 2.34 million shares changed hands so far on NSE and BSE.
Net sales grew 38% yoy to Rs 156 crore in the quarter ended June 2014 driven by strong volume growth. The company’s total expenditure grew 3% to Rs 694 crore on yoy basis.
Analyst on an average had expected profit of Rs 62 crore on sales of Rs 153 crore for the quarter.
EBITDA or operating profit jumped 80% yoy to Rs 99 crore and margin expanded by 1400 basis points to 59% from 45% in April-June quarter, Gujarat Pipavav Port said in a statement.
The stock opened at Rs 148 and touched a record high of Rs 155 on NSE. The counter has seen over two-fold jump in trading volumes with a combined around 2.34 million shares changed hands so far on NSE and BSE.