Buy Gujarat Pipavav Port, target price Rs 105: ICICI Direct

ICICI Direct has buy call on Gujarat Pipavav Port with a target price of Rs 105. The current market price of Gujarat Pipavav Port is Rs 80.9. Time period given by analyst is one year when Gujarat Pipavav Port Ltd. price can reach defined target.

Gujarat Pipavav Port Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 3913.45 Crore) operating in Shipping sector.

Gujarat Pipavav Port Ltd. key Products/Revenue Segments include Income from Port Services and Other Operating Revenue for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 227.74 Crore, up 29.66 % from last quarter Total Income of Rs 175.64 Crore and up 12.27 % from last year same quarter Total Income of Rs 202.86 Crore. Company reported net profit after tax of Rs 71.73 Crore in latest quarter.

Investment Rationale
Higher bulk volumes in FY22 have led to a diversified cargo base for GPPL. 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).

Promoter/FII Holdings
Promoters held 44.01 per cent stake in the company as of 31-Mar-2022, while FIIs owned 22.78 per cent, DIIs 21.34 per cent.