The consolidated net profit of Gujarat Pipavav Port Ltd (GPPL) – that operates the Pipavav port in Gujarat – declined by 18 per cent to ₹75.5 crore at the end of the second quarter ending September 30.
In the corresponding quarter last year, the company’s consolidated net profit stood at ₹92.3 crore. Revenue from operations fell by 10 per cent from ₹252 crore in Q2FY24 to ₹227 crore in the second quarter this fiscal.
According to the operational update provided to the exchanges in October, the port saw a 73 per cent rise in RoRo volumes in the quarter under review. Pipavav handled 33,000 RoRo units during the July-September period, compared to 19,000 units during the corresponding period last year.
The port, which handled 1,79,000 TEUs (twenty-foot equivalent units) of containers during the second quarter this fiscal, witnessed a 17 per cent decline in the container cargo volumes. Dry bulk cargo volumes also dropped by 40 per cent while liquid cargo increased by 6.5 per cent. The port also handled 515 container trains which transported 1,18,000 TEUs of containers.
On Wednesday, the company’s Board declared an interim dividend of ₹4 per share this fiscal. The Board also appointed Clint Carmichael as the Chief Operating Officer of the Company for a period of three years starting December 1.