Gujarat Pipavav drops after announcing Q2 results

Gujarat Pipavav Port fell 2.57% to Rs 165.10 at 14:19 IST on BSE after net profit dropped 32.08% to Rs 59.41 crore on 15.95% growth in total income to Rs 184.12 crore in Q2 September 2016 over Q2 September 2015.

The result was announced during market hours today, 4 November 2016.

Meanwhile, the S&P BSE Sensex was down 212.24 points or 0.77% at 27,218.04.

On BSE, so far 1.20 lakh shares were traded in the counter as against average daily volume of 22,000 shares in the past two weeks. The stock hit a high of Rs 173.95 and a low of Rs 162.10 so far during the day. The stock had hit a 52-week low of Rs 136.60 on 30 December 2015. The stock had hit a 52-week high of Rs 197.35 on 9 September 2016.

The mid-cap company has equity capital of Rs 483.44 crore. Face value per share is Rs 10.

Gujarat Pipavav Port's bottom line in the base quarter (Q2 September 2015) was boosted by a net gain of Rs 60.40 crore. The company had reversed impairment provision amounting to Rs 112.23 crore in Q2 September 2015. Further, it had created a depreciation charge amounting to Rs 51.82 crore, resulting into a net gain of Rs 60.40 crore which had been disclosed as an exceptional item in Q2 September 2015.

Gujarat Pipavav Port is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group.

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