Gujarat Pipavav Port slumps after reporting dismal Q2 numbers

Gujarat Pipavav Port slumped 8.97% to Rs 163.85 at 16:25 IST on BSE after the company's net profit tumbled 40.67% to Rs 53.10 crore on 17.45% decline in total income to Rs 156.27 crore in Q2 September 2015 over Q2 September 2014.

The result was announced during market hours today, 29 October 2015.

Meanwhile, the BSE Sensex was down 244.28 points, or 0.9%, to 26,795.48.

High volumes were witnessed on the counter. On BSE, so far 3.81 lakh shares were traded in the counter, compared with an average volume of 1.51 lakh shares in the past one quarter.

The stock hit a high of Rs 183.40 and a low of Rs 161.60 so far during the day. The stock hit a 52-week low of Rs 155.70 on 30 October 2014. The stock hit a record high of Rs 262 on 6 April 2015.

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

Gujarat Pipavav Port said that the bottomline in Q2 September 2015 was impacted by lower operating volume, one time impairment reversal of Rs 60.40 crore and deferred tax liability of Rs 68.10 crore. Earnings before interest, tax, depreciation and amortization (EBITDA) fell 20% to Rs 76.40 crore in Q2 September 2015 over Q2 September 2014. EBITDA margin fell to 51.3% in Q2 September 2015 compared with 56.4% in Q2 September 2014

Gujarat Pipavav Port (GPPL) is managed and operated by APM Terminals, the ports and terminals company of the maritime giant the A.P. Moller-Maersk Group. APM Terminals is one of the largest container terminal operators in the world.

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