News: GPPL net revenues de-grew 6% QoQ to Rs 208 crore (Container grew 15%, while bulk de-grew 36%). Subsequently, EBITDA de-grew 12% to Rs 113 crore with margins at 54.4% (vs. 58.4% in Q4FY22). PAT de-grew 20% to Rs59 crore as weak operational performance was further impacted by an exceptional loss of Rs13 crore.
View: While the management expects bulk volumes to stay strong in FY23, container volumes are expected to make a comeback (led by DFC normalisation, lower congestion and freight volatility expected in FY23E). July has been an exceptional month for container volumes. GPPL expects to utilise capex on building warehouses and other opportunities.
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