Gujarat Pipavav slides after weak Q2 business update

Gujarat Pipavav Port declined 3.76% to Rs 206.25 after its handled cargo volume in container terms decreased to 179 thousand TEUs for Q2 FY25 from 216 thousand TEUs recorded in Q2 FY24.

While the company's dry bulk cargo volume tumbled 40.26% YoY to 0.46 million MT, liquid cargo volume rose 6.45% YoY to 0.33 million MT in the second quarter. The cargo volume of roll-on/roll-off ships zoomed to 33,000 units in Q2 FY25 as against 19,000 units in Q2 FY24.

During the period under review, the company handled 515 container trains (down 17.73% YoY) and the containers handled on train were 118 thousand TEUs (down 18.62% YoY).

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.

The companys standalone net profit jumped 58.76% to Rs 104.64 crore on 14.45% rise in revenue from operations to Rs 245.98 crore in Q1 FY25 over Q1 FY24.

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