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Centrum Broking Report
Gujarat Pipavav Port Ltd.'s Q4 FY22 recurring profit after tax grew by 19.4% YoY to Rs 683 million (our estimate: Rs 599 million) led by higher realisations/margins.
Reported profit after tax grew 10% YoY to Rs 717 million after accounting for insurance proceeds. Container volumes in Q4 FY22 were weak due to skipped calls, lower volumes from new services and loss of ~60,000 twenty-foot equivalent units due to cyclone in May 2021.
Having said that, it is seeing lower skipped calls and incremental volume addition from the Nhava Sheva Mundra Gulf line and higher transhipment volumes (though transhipment typically does not add to Ebitda).
Gujarat Pipavav's management has guided for bulk volumes to largely sustain at FY22 levels with only a small dip if at all.
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