Views on GPPL 2QFY2016 Results: Angel Broking

Views of Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking) on GPPL 2QFY2016 Results:

Poor set of numbers, Maintain NEUTRAL rating

"For the quarter ended Sep-2015, Gujarat Pipavav Port Ltd (GPPL) reported a 10.6% YoY decline in revenue to INR 140.4cr, which is below our expectation of INR 179.8cr. This mainly owes to fall in both, Container (-24%) as well as Dry Bulk volumes (-39%). On account of lower volumes, the EBITDA margin fell to 48.2% vs our expectation of 53%. A poor operating performance, an exceptional item of INR 60cr and deferred tax charges of INR 68cr, led to a sharp decline in the PAT by 42.4% YoY. The Reported PAT margin stood at 37.8% vs our expectation of 47.9%. Currently, we have a NEUTRAL rating on the stock."

Shares of GUJARAT PIPAVAV PORT LTD. was last trading in BSE at Rs.180 as compared to the previous close of Rs. 178.45. The total number of shares traded during the day was 58257 in over 1680 trades.

The stock hit an intraday high of Rs. 181.65 and intraday low of 176.5. The net turnover during the day was Rs. 10435207.

Source : Equity Bulls

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