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Gujarat Pipavav Port - Company Update - August 2020 - ICICI Securities

Posted On: 2020-08-07 23:43:27

Gujarat Pipavav's Q1FY21 consolidated revenues de-grew 11% YoY to Rs. 159 crore. Container volume (makes up 70% of revenues) de-grew 16% but, as per the management, outperformed other ports on western coast. Revenues saw positive traction from an improved product mix (container mix better YoY, due to sharper fall in transhipment volumes) and 5% movement in exchange rate. Subsequently, gross margins, EBITDA margins expanded 186 bps, 241 bps to 84.4%, 60.1% respectively. The EBITDA margin expansion also reflects the management's focus on lowering cost and improving operational efficiency. Absolute EBITDA de-grew 7% to Rs. 96 crore. However, due to higher depreciation, lower other income and lower profit from Pipavav Rail Corp, PAT de-grew 13% to Rs. 48 crore.

Valuation & Outlook

Ports in Gujarat are expected to receive a head-start on the DFC play compared to ports in Maharashtra, resulting in the former providing better services to clients (time-table bound trains, faster turnaround, etc) and also attract potential clients. Higher utilisation with a favourable product mix remains key to stronger earnings for GPPL. Post DFC, incremental FCF could be further utilised for port expansion (mostly greenfield expansion). We revise our target price to Rs. 90 (at FY22E P/E multiple of 14) and maintain our BUY recommendation on the stock.

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Shares of GUJARAT PIPAVAV PORT LTD. was last trading in BSE at Rs.75.9 as compared to the previous close of Rs. 74.9. The total number of shares traded during the day was 32097 in over 441 trades.

The stock hit an intraday high of Rs. 76.7 and intraday low of 75.55. The net turnover during the day was Rs. 2437548.

Source: Equity Bulls

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