Gujarat Pipavav Port Ltd's Q4FY18 standalone net profit declines 26.58% yoy to Rs48.60cr : Beats Estimates

India Infoline Research Team | May 17, 2018 14:59 IST

The company’s standalone revenue stood at Rs165.50cr, down 5.2% yoy but up 1.73% qoq.

Gujarat Pipavav Port Ltd Q4FY18

Standalone Results Q4FY18: (Rs. in cr)

Q4FY18 YoY (%)
Revenue 165.50 [5.2]
EBITDA 92.90 [19.0]
EBITDA Margin (%) 56.1 [956]
Net Profit (adjusted) 48.60 [26.6]
***EBITDA margin change is bps
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Buy

Reco. Price

140.75

Last updated on

15-May-2018


Gujarat Pipavav Port missed analysts' estimates for Q4FY18 for both revenue and earnings. Revenue grew by 1.7% qoq to Rs165.5cr (expectation Rs179.4cr). EBITDA stood at Rs92.9cr, down 1.7% yoy against estimates of Rs109.8cr. EBIDTA margin fell by 195bps qoq to 56.1%. Net Profit stood at Rs48.6cr against an estimate of Rs60.9cr, a decrease of 2.8% qoq.
  • Container volumes stood at 205k TEUs, up 19% qoq due to addition of new services. Dry Bulk volumes stood at 266k MT, down 52% qoq due to lower coal and fertiliser volumes. Liquid volumes fell 35% qoq to 210k MT due to lower LPG volumes. RORO volumes stood at 23k cars, down 22% qoq.
  • Gujarat Pipavav Port saw consolidated revenues for FY18 come in at Rs648.9cr, a 5% decline yoy. This was due to one-off revenue in FY17 from project cargo.
  • Consolidated EBITDA stood at Rs374cr, a decrease of 10.6% yoy, while EBITDA margin declined 363bps. EBITDA margins for Q4FY18 were impacted by Maintenance Dredging expenses.
  • Consolidated Net Profit stood at Rs221cr, down 21.7% yoy. This was due to full tax expenses for FY18.

Technical View:

Gujarat Pipavav Port Ltd is currently trading at Rs. 134.90, down by 3.95 points or 2.84% from its previous closing of Rs. 138.85 on the BSE.
The scrip opened at Rs. 141.05 and has touched a high and low of Rs. 141.05 and Rs. 133 respectively. So far 5,62,160 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 100 DMA.


***Note: This is a NSE Chart

 

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