APM Terminals Pipavav consolidated net profit rises 59% to INR 720 million in Q2FY23

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APM Terminals Pipavav consolidated net profit rises 59% to INR 720 million in Q2FY23. APM Terminals Pipavav (Gujarat Pipavav Port Ltd), one of the leading gateway ports in Western India reported 59% rise in consolidated net profit at INR 720 million for Q2FY23 compared to INR 452 million in Q2FY22. Revenue from operations for the quarter under consideration stood at INR 2,273 million as against INR 1,947 million in the corresponding period of last year. EBITDA for the quarter was at INR 1,210 million compared to INR 1,090 million during the same quarter last year. EBIDTA margin stood at 53% in Q2FY23 as against 56% in Q2FY22.

For the first half ended September 30, 2022, the Company reported net profit of INR 1,313 million, growth of 68% compared to INR 780 million in H1FY22. Revenue for the H1FY23 stood at INR 4,354 million as against INR 3,543 million in H1FY22.

Commenting on the results, Mr. Jakob Friis Sørensen, MD, Gujarat Pipavav Port Ltd said, “Globally, the logistic industry is going through challenging times owing to the adverse geo-political environment, signs of inflation and global recession, impacting the slowdown in demand. However, we are seeing a slide uptick in our container and bulk volume. We are extremely happy to resume the shipment of agri-commodity and export of vehicles from our port. We are continuously working on providing the best value and service to our customers”

The container cargo business for the quarter stood at 187,000 TEUs, showing a robust growth of 19% YoY. Dry bulk volume was 1.30 million MT; liquid volume handled was 0.21 million MT; while 8,000 units were handled under RoRo category. The Port handled 495 container trains during the quarter as against 485 handled in Q2FY22.

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