Gujarat Pipavav Port’s total container volume down 17.08% in Q1, dry bulk volumes fall 18%

The company reported an 18% YoY fall in dry bulk volumes to 0.55 million metric tonnes (MT) while liquid volumes rose 30.76% YoY to 0.34 million MT. The company’s Ro Ro (roll-on/roll-off) volumes surged 171% YoY to 38,000 units. Meanwhile, container trains handled declined by 8.2% YoY to 480 and containers handled on trains saw a decline of 8.1% YoY to 1.02 lakh TEUs.

Gujarat Pipavav Port shares closed 0.87% lower at ₹228 on NSE.

Gujarat Pipavav Port recorded a 32.35% YoY decline in its net profit for the fourth quarter of FY24 at ₹65.8 crore. The total consolidated income during the quarter rose 8% YoY to ₹270.7 crore. For the financial year ended March 31, 2024, the company’s net profit was up 9.21% YoY at ₹342 crore while the total consolidated income rose 9.85% YoY to ₹1,063.3 crore.

In FY24, the company’s total container volume was up 5.75% YoY to 8,08,000 TEUs while dry bulk volumes fell 30.69% YoY to 2.71 million MT. Liquid volumes grew 24.27% YoY to 1.28 million MT and Ro Ro units jumped 142.5% YoY to 97,000. The company saw an 18.74% YoY uptick in the number of container trains handled to 2,281. Meanwhile, containers handled on train were higher by 11.30% YoY to 5,12,000 TEUs.

APM Terminals Pipavav is located in Gujarat, just 152 nautical miles from Nhava Sheva in Mumbai. It has road and rail access to key markets in northwest India and the largest sea food export belt in India, including direct electrified access to the Western Dedicated Freight Corridor.

Shares of the company have risen by nearly 46% since the beginning of the year. The stock has gained over 92% in the last one year.