- 10 Nov 2022
- ICICIdirect Research
GPPL's higher Exim, transshipment volumes YoY strengthen performance
GPPL - 149 Change: -1.40 (-0.93 %)News:
GPPL's net revenues grew 17% YoY to Rs 227 crore (container grew 19% while bulk de-grew 7%). Subsequently, EBITDA grew 11% to Rs 121 crore with margins at 53.3% (vs. 56% in Q2FY22). PAT grew 58% to Rs72 crore as strong operational performance was further supported by lower depreciation, higher other income in Q2FY23 and higher exceptional loss in base quarter
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Container volumes are expected to make a comeback (led by DFC normalisation, lower congestion and freight volatility expected in FY23E). GPPL expects to utilise capex on building warehouses and other opportunities. On a QoQ basis, bulk remains on a strong footing (up 40%) due to higher fertiliser volumes. Higher liquid volumes (up 9% YoY and flattish QoQ) was mainly due to higher contribution from LPG
Impact:
Positive