Gujarat Pipavav Port dips 5% on weak container cargo volumes in Q2FY25

Gujarat Pipavav said its cargo container volume dropped 17 per cent Y-o-Y to 1,79,000 twenty-foot equivalent units (TEU)

Gujarat Pipavav Port shares slipped more than 5 per cent on Monday, and registered an intraday low of Rs 202.95 per share after the company said its cargo volume declined on a year-on-year (Y-o-Y) basis.

At around 12:15 PM, shares of Gujarat Pipavav Port were down 3.28 per cent at Rs 207.25 per share. In comparison, the BSE Sensex was trading 0.26 per cent lower at 81,472.52, around the same time.

In its Q2 business update, the company pegged its container volume for the quarter ended September 30 (Q2FY25) at 1,79,000 twenty-foot equivalent units (TEU), which is a fall of 17 per cent Y-o-Y compared to 2,16,000 TEUs it recorded in Q2FY24.

 

Its dry bulk cargo for the quarter under review is pegged at 0.46 million metric tonne (MMT),  down 40.2 per cent from 0.77 MMT recorded in the year-ago period. The company's liquid cargo for the quarter is estimated at 0.33 MMT,  up 6.4 per cent YoY from 0.31 MMT.

Gujarat Pipavav's Roll-On/Roll-Off (Ro-Ro) cargo volume for the quarter ended September 30 is pegged at 33,000 units, compared to 19,000 units in the year-ago period.

During the quarter, the company handled 515 container trains, compared to 626 in the year ago period. The number of containers handled on trains likely stood at 1,18,000 TEUs during the quarter,  up 74 per cent compared to 1,45,000 a year ago.

For Q1FY25, Gujarat Pipavav logged a 58.8 per cent year-on-year (Y-o-Y) jump in its standalone net profit at Rs 104.64 crore, compared to Rs 65.91 crore recorded in Q1FY24. Revenue from operations grew 14.5 per cent YoY to Rs 245.98 crore, from Rs 214.92 crore in the year-ago quarter.

Gujarat Pipavav, apart from being engaged in port development activities, also operates Pipavav port in the Saurashtra region of Gujarat. The company is operating the port on a 30-year concession, based on an agreement dated September 30, 1998, with the Gujarat Maritime Board (GMB) and the Gujarat government. The port handles containers, dry bulk, liquid, and RORO vessels.

In the past one year, Gujarat Pipavav shares have gained 66.3 per cent, compared to the BSE Sensex's rise of 24 per cent during the same period.