APM Terminals Pipavav posts 80 pc jump in profit

APM Terminals Pipavav's (Gujarat Pipavav Port Ltd) net profit jumped 80 per cent to Rs 59.34 crore in the quarter ended on June 30 over the year-ago period, the company said on Wednesday. The private port operator had posted a net profit of Rs 32.77-crore in the first quarter of 2021-22.

Revenue from operations for the quarter under consideration stood at Rs 208.13 crore as against Rs 159.62 core in the corresponding period of last year, posting a 30 per cent year-on-growth, it said.

The container cargo business grew 24.6 per cent year-on year for the quarter at 187,000TEUs (Twenty-foot Equivalent Units) while the dry bulk volume spiked 40 per cent at 0.93 million MT, the port said.

Also, during the quarter under review, the port handled 0.20 MT of liquid volume, up 46.3 per cent YoY as well as 6,000 units under RoRo category as against 2,000 units in Q1FY22, it stated.

EBITDA (Earnings before interest, taxes, depreciation and amortization) for the quarter was at Rs 113.23-crore compared to Rs 87.93 crore during the same quarter last year, the company said.

"With economies around the world opening up and businesses normalizing, the growth in cargo business has led to good performance this quarter. However, the slowdown in the global supply chain is still a concern," said Jakob Friis Sorensen, MD at Gujarat Pipavav Port Ltd.

Shares of the company closed higher by 0.81 per cent at Rs 80.95 on