Gujarat Pipavav Port (GPPL) Q1 24/25 earnings summary

Executive summary

• Revenue increased 14% year-over-year, driven by higher liquid and Ro-Ro volumes, despite a 17% decline in container volumes and an 18% drop in dry bulk volumes.

• EBITDA rose 41% and EBIT increased 56% year-over-year, with EBITDA margin at 61%.

• Net profit surged 59% year-over-year, supported by strong liquid and Ro-Ro performance.

• Standalone and consolidated unaudited financial results for the quarter ended 30 June 2024 were approved by the Board and reviewed by auditors, with no material misstatements identified.

Financial highlights

• Revenue reached INR 2,460 million, up 14% year-over-year, with a one-off revenue adjustment of INR 100 million due to volume-based rebate reversals.

• EBITDA was INR 1,495 million, a 41% increase year-over-year, and EBIT stood at INR 1,205 million, up 56%.

• Net profit was INR 1,046 million, a 59% year-over-year increase.

• Basic and diluted EPS (standalone) was ₹2.16, up from ₹1.36 year-over-year.

• EBITDA margin improved to 61% from 49% in Q1 FY24.

Segment performance

• Container volumes declined 17% year-over-year to 165,223 TEUs due to lower transshipment and loss of Maersk's Jade service.

• Liquid cargo volumes rose 32% year-over-year to 344,694 MT, led by higher LPG.

• Ro-Ro units increased 175% year-over-year to 38,586, all from exports, now contributing 10–15% of revenue.

• Dry bulk volumes fell 18% year-over-year to 552,965 MT, though fertilizer volume was up 38%.

• Only one reportable segment: Port Services at Pipavav.