Gujarat Pipavav Port gains on the back of higher container volumes in Q1

For Gujarat Pipavav Port, container volume in the June quarter rose to 191,000 twenty-foot equivalent units, from 187,000 in the corresponding quarter last year.

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Shares of Gujarat Pipavav Port gained 2 percent on July 11 following an on-year rise in container volumes for the June quarter.

The port registered a container volume of 191,000 twenty-foot equivalent units in the quarter ended June 30, as against 187,000 last year. It’s dry bulk volume declined to 0.67 million MT from 0.93 million MT, while liquid volume increased to 0.26 million MT from 0.20 million MT in this period.

At 9:18am, shares of the company were trading at Rs 121.6, up 2.1 percent, on the BSE.

ICICI Securities pointed out that Q1 of FY24 has begun with headwinds for global container trade. Although ocean freight rates have corrected 50-60 percent from their previous highs, Indian exports have remained subdued, especially merchandise and handicraft, it added.

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The sentiment, however, is expected to improve as the year progresses with a pick-up in Chinese manufacturing and lower US inventory levels.

Gujarat Pipavav port is based in South-West Gujarat and has a multinational promoter, APM Terminals – Maersk Group. It lies at a strategic international maritime location, which connects India with the Far East on one side, and the Middle East, Africa, Europe and the US on the other.

Addition of three service lines in FY23 is seen boosting the export-import volumes for the port, while the commissioning of the dedicated freight corridor from September may help is corner a larger market share. What analysts also like about Gujarat Pipavav Port is that the company is debt free with return on invested capital shooting past 40 percent in FY24.

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