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Gujarat Pipavav Port spurted 8.80% to Rs 96.45 after the company’s standalone net profit (excluding exceptional items) rose 47% to Rs 74.6 crore in Q2 FY23 from Rs 50.8 crore registered in the same period last year.
Revenue from operations rose 17% year on year to Rs 209.7 crore in Q3 FY23 from Rs 179.9 crore posted in Q3 FY22.
Profit before tax came at Rs 92.1 crore in Q3 FY23, up 22% over Rs 75.7 crore recorded in the corresponding quarter last year. EBITDA stood at Rs 121 crore, up 7% QoQ and up 11% YoY.
During the quarter, total expenditure rose 24% YoY to Rs 106.2 crore. Operating expenses (up 29% YoY) and employee benefits expense (up 12% YoY).
On 17 May 2021, the company’s port location at Pipavav was hit by cyclone “Tauktae” and the operations at the port were disrupted till 1st June 2021 mainly due to the loss of grid power supply. The company had incurred Rs 34.60 crore till 31st March 2022 out of which it received interim claims of Rs 30 crore from the insurer. The net amount of Rs 4.60 crore was disclosed under ‘Exceptional Items’ for the year ended on 31st March 2022. The amount of Rs 12.50 crore incurred during the quarter ended 30th June 2022 and Rs 5.28 crore incurred during the quarter ended 30th September 2022 is disclosed under ‘Exceptional Items’ for the respective quarters. Additional repairs expenses will be incurred in due course by the company and will continue to be disclosed under ‘Exceptional Items’. The company will progressively share the details of expenses being incurred with the insurer.
Net cash generated from operating activities stood at Rs 180.49 crore in six months ended 30 September 2022, higher than Rs 136.20 crore in six months ended 30 September 2021.
On a consolidated basis, net profit of Gujarat Pipavav Port rose 58.37% to Rs 72.12 crore on 16.72% increase in net sales to Rs 227.26 crore in Q2 September 2022 over Q2 September 2021.
Further, the board approved payment of interim dividend of Rs 2.70 per share for the financial year 2022-23. The board has approved 21 November 2022 as the record date.
Separately, the company’s board approved the appointment of Girish Aggarwal as managing director for a period of five years from 1st January 2023, subject to approval of the shareholders.
Aggarwal will replace the current managing director Jakob Friis Sorensen, whose term as MD ends on 31 December 2022. Sorensen shall be moving into another role within APM Terminals.
Gujarat Pipavav Port is managed and operated by APM Terminals, the ports and terminals company of the A.P. Moller-Maersk Group. The company carries out the development, operating and managing of ports.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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