Gujarat Pipavav Q2 PAT slides 18% YoY to Rs 75 cr

Gujarat Pipavav Port consolidated net profit fell 18.19% to Rs 75.48 crore on 10.12% declined in revenue from operations to Rs 227.04 crore in Q2 FY25 over Q2 FY24.

Profit before tax stood at Rs 126.42 crore in second quarter of FY25, down 13.20% from Rs 145.65 crore in corresponding quarter last year.

Total expenses declined 5.81% to Rs 125.20 crore in Q2 FY25 over Q2 FY24. Operating expenses stood at Rs 37.19 crore (down 20.51% YoY), employee benefits expense was Rs 21.21 crore (up 6.85% YoY) and finance costs was at Rs 1.59 crore (down 26.38% YoY) during the period under review.

 

On half year basis, the companys net profit jumped 15.65% to Rs 185.16 crore on 1.17% rise in revenue from operations to Rs 473.01 crore in H1 FY25 over H1 FY24.

Meanwhile, the company's board declared an interim dividend of Rs 4 per share for financial year 2024-25. The dividend amount is likely to be paid to the eligible Members by 3 December 2024.

Further, the board appointment of Clint Carmichael as chief operating officer (COO) of the company for a period of 3 years from 1 December 2024. Carmichael is part of the Senior Management of the company.

Gujarat Pipavav Port has been operating the Pipavav port in Saurashtra, Gujarat, since 1998. It has exclusive rights to develop and operate facilities of APM Terminals in Pipavav until September 2028, according to a concession agreement with Gujarat Maritime Board and the government of Gujarat. The company handles four cargo types: container, dry bulk, liquid bulk, and RoRo.

Shares of Gujarat Pipavav Port rose 0.86% to Rs 194.45 on the BSE.

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