Pipavav (Gujarat Pipavav Port Ltd) reported 23% decline in net profit at Rs.
520 million for the second quarter ended September 30, 2020. The Company had
reported consolidated net profit of Rs. 671 million for the corresponding
quarter of last year. Revenues for the second quarter stood at Rs. 1,827
million as against Rs. 1,992 million, lower by 8%. Earnings before Interest,
Tax, Depreciation and Amortization (EBITDA) fell to Rs. 1,029 million as
compared to Rs. 1,267 million in Q2FY20. EBITDA margin stood at 56% in Q2FY21
as against 64% in Q2FY20; while net profit margin was at 28% during
July-September quarter as compared to 34% in Q2FY20.
For the first
half-year ended Sep 30, 2020, the revenues stood at Rs. 3,416 million, lower by
9% compared to first half of FY20. EBIDTA and Net profit declined by 13% and
20% respectively to Rs. 1,984 million and Rs. 984 million.
Board of the Company approved investment of Rs. 700 crore for the expansion
The quarter gone
by has marked positive signs for the port as the Board of the Company approved
investment of Rs. 700 crore for the expansion plan. The stated investment will
be utilized to handle bigger ships and eventually expand the container capacity
to 1.6 million TEUs.
The port recently
commenced Integrated Container Tracking system under the Logistics Data Bank
project (LDB) of the National Industrial Corridor Development Corporation
(NICDC). The technology will enhance the visibility and efficiency of the
Container logistics movement thereby improving the competitiveness of the
Export Import trade.