Gujarat Pipavav Port Ltd (GPPL) today reported a 10 per cent rise in its net profit at Rs 66.9 crore for the March quarter, helped by higher cargo volumes.
The Mumbai-based firm had posted a net profit of Rs 61 crore in the year-ago period, GPPL said in a BSE filing.
Total income of the company rose by 20 per cent to Rs 188 crore in March quarter, up from Rs 156 crore in the corresponding quarter of 2013-14.
GPPL's container traffic rose by 7 per cent year-on-year to 201,000 TEUs (twenty feet equivalent units) during the quarter under review, it said in a separate filing to BSE.
In terms of dry weight, the volumes grew 33 per cent on the back of higher coal and fertiliser cargo in the reported quarter. While liquid cargo weight rose to 1.26 lakh tonnes, as against 80,000 tonnes, it added.
The company said its net profit in the March quarter was impacted by a "one-time finance cost of Rs 34.6 crore paid to International Finance Corporation (IFC)."
Earlier this month, GPPL had said it will now fund its expansion plans through internal accruals as it terminated loans from the multi-lateral agency IFC.
"In view of its business performance and cash flows, the company Board decided to cancel the ECB (external commercial borrowing) loan from the IFC and will now fund the ongoing expansion plan through its internal accruals," it had said.
Further, GPPL said it has changed its accounting year from year ending December 31 to year ending March 31 and hence the figures for the year-end and 15 months end are not comparable.
Its net profit for the 15 months ended March 31 stood at Rs 387.28 crore. While, the net profit was Rs 191.76 crore for the year-ended December 31, 2013.
Total income for the 15 months as of March 31 stood at Rs 867 crore. And the total income as of December 31, 2013 stood Rs 518 crore.
Shares of GPPL closed 2.90 per cent down at Rs 215.70 apiece on the BSE.
