Gujarat Pipavav Ports reported disappointing business updates for the July-September quarter, marking a drop in its container as well as dry bulk volumes which dragged the stock over 5 percent lower in trade on October 7.
The company's Q2 total container volumes went down 17 percent on year to 179,000 TEUs in the July-September period as against 216,000 TEUs a year ago. Dry bulk volumes also came down 40.3 percent year-on year.
At 1.16 pm, shares of Gujarat Pipavav Port were trading at Rs 205.90 on the NSE. The fall was also accompanied by a spike in trading volumes in the counter. As much as 17 lakh shares of the company changed hands on the exchanges so far, higher than the one-month daily traded average of 15 lakh shares.
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Container as well as dry volumes for the port company had also fallen in the previous quarter. Despite that, the company's net profit had surged close to 62 percent on year to Rs 110 crore in Q1 FY25 while revenue rose 14.5 percent to Rs 245.95 crore. The bottomline growth for the company was driven by a near 10 percent drop in expenses due to marginal reductions in finance costs and other expenses on the back of operating efficiencies.
With today's correction, the stock has also slipped 9.5 percent in the last one month. The stock has a market capitalisation of Rs 9,934 crore and is currently trading at a twelve-month-trailing price-to-equity ratio of 25.89.
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