Gujarat Pipavav Port Ltd announced a 42% increase in net profit for Q1 FY23, driven by a 33% rise in revenue, moderated by shifting cargo volumes and geopolitical influences on transhipment flows.
Gujarat Pipavav Port Ltd said consolidated net profit rose 42 per cent year on year to ₹148 crore in the April-June quarter, as revenue from operations climbed 33 per cent to ₹332 crore. The port operator, which runs Pipavav Port in Gujarat, said the period brought a mixed cargo picture, with container and automobile-linked traffic holding up better than bulk and liquid shipments.
Container throughput edged up 2.4 per cent to 168,000 twenty-foot equivalent units, while Ro-Ro traffic, the auto cargo segment that carries vehicles, jumped 54.8 per cent to 65,000 units. The company said the Middle East conflict altered cargo flows, lifting some transhipment container volumes while weighing on other segments.
Dry bulk volumes fell 5.5 per cent to 0.52 million tonnes, as lower mineral imports dragged on the category. Liquid cargo declined more sharply, dropping 46.3 per cent to 0.22 million tonnes, with the company pointing to weaker LPG and fuel oil imports. Rail-linked movement also softened, with container trains down 22.6 per cent to 346 and containers moved by rail falling 11.1 per cent to 88,000 TEUs.
Excluding the impact of duty-benefit scrips, revenue was up 20 per cent, while EBITDA increased 25 per cent and EBIT rose 31 per cent. The company said its EBITDA margin improved to 61 per cent from a year earlier. Gujarat Pipavav Port shares ended 1.01 per cent higher at ₹149.75 on the BSE on Wednesday.
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