"Gujarat Pipavav Port, in Q1CY13, GPPL reported 24 percent y-o-y growth in total revenues to Rs 1,245 mn as compared to Rs 1,004 mn in Q1CY12. Container volumes for the Q1CY13 witnessed a marginal drop of 2 percent y-o-y to 161,000 TEUs as compared to 165,000 TEUs in Q1CY12, however, on sequential basis the volume increased by 3 percent. There were in-all 7 vessels which skipped Pipavav Port in Q1CY13, which was due to the impact of Chinese New Year. Pipavav Rail Corporation (PRCL) witnessed 250 rakes operated in Q1CY13 (highest so far), which carried 103,911 TEUs to the hinterland.
On the other hand, Dry-bulk Volumes in Q1CY13 witnessed 10 percent slide y-o-y and stood at 0.56 mn tonnes as compared to 0.63 mn tonnes in Q1CY12. This decline was mainly due to deteriorating coal volumes which was the result of rail freight differentials. However, the impact of volume decline on revenue was not significant as the effect of lower volumes (of coal) was neutralized due to change in the handling of commodity mix. In Q1CY13, there was significant mix of Wheat and Fertilisers in the dry cargo, which enabled higher realizations and hence subsided the effect of volume decline.
Interest outgo of Rs 95 mn was down by 54 percent y-o-y. On cost front the company witnessed 22 percent y-o-y growth in total operating expenses to Rs 675 mn in Q1CY13. Operating cost which comprised of 55 percent of total cost, witnessed 37 percent increase on y-o-y basis on account of increase in equipment hire charges and high power and fuel cost. However, EBITDA margins witnessed 90bps jump to 45.8 percent vs 44.9 percent in Q1CY12.
Outlook: Timely expansion of port capacities and logical diversification in liquid logistics business is expected to augur well for GPPL over a period of time. Situation at the macro level seems changing with declining commodity prices and in tandem movement of inflation has already given the much awaited rate cuts, which is already auguring well for the economy. We strongly believe that with interest rate cycle on the reverse mode and some reformist steps taken by the government will turn the tables for the business climate. We maintain our buy rating and price target of Rs 70," says GEPL Capital research report.
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