Gujarat Pipavav Port (GPPL) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue declined 3% year-over-year due to lower container and fertilizer volumes, with net profit down 15%.

• Total expenditures rose 13% year-over-year, driven by higher bulk handling and one-off expenses of INR 117 million.

• EBITDA margin dropped by 600 bps; excluding one-offs, margin was down 200 bps.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2024 were approved by the Board on 13 February 2025.

• Statutory auditors issued unmodified limited review reports for both standalone and consolidated results, confirming compliance with accounting standards.

Financial highlights

• Q3 FY25 revenue was ₹2,629 million, down 3% year-over-year; EBITDA was ₹1,387 million, down 13%, with a margin of 53%.

• Net profit for Q3 FY25 was ₹940 million, down 15% year-over-year; EBIT was ₹1,080 million, down 17%.

• Year-to-date revenue was ₹7,359 million (flat), EBITDA ₹4,208 million (+1%), EBIT ₹3,320 million (+1%), and net profit ₹2,894 million (+2%).

• Basic and diluted EPS (standalone) for Q3 FY25 was ₹1.94, and for nine months was ₹5.99.

• 60–65% of revenue is dollar-denominated, with no hedging.

Outlook and guidance

• Container run rate expected at 175,000–180,000 TEUs per quarter; trend to continue next quarter.

• Liquid volumes expected to reach 1.4 million metric tons for the year; RORO volumes projected at 155,000–160,000 cars.

• 5% tariff increase implemented in January, expected to yield 2–3% revenue growth due to contract structures.

• Over the next three years, liquid and RORO volumes are expected to double, supported by new capacity and industry trends.

• Forward-looking statements caution that actual results may differ due to economic conditions, regulatory changes, and market factors.