Gujarat Pipavav Shares Rise To One-Week High After Q1 Profit Jumps 62%
The company's consolidated net profit rose 61.8% on the year to Rs 110 crore in the quarter ended in June 2024. The profit rose as expenses for the company moderated during the period.
Gujarat Pipavav Port Ltd. rose to the highest level in one week on Thursday after its profit surged nearly 62% in the first quarter of fiscal 2025.
The company's consolidated net profit rose 61.8% on the year to Rs 110 crore in the quarter ended in June 2024, according to an exchange filing. The profit rose as expenses for the company moderated during the period.
Total expenses fell 9.36% on the year to Rs 1,271.79 crore. Marginal reductions in finance costs and other expenses on the back of operating efficiencies supported the overall expense moderation, according to the exchange filing.
Ebitda jumped 40.2% on the year to Rs 150 crore from Rs 107 crore. The operating profit margin surged 1,120 basis points to 61% from Rs 49.8% a year ago.
Shares of Gujarat Pipavav rose 5.62% to Rs 233.86, the highest level since Aug. 1. It was trading 3.73% higher at Rs 229.71 as of 10:59 a.m., compared to 0.62% decline in the NSE Nifty 50 index.
The stock gained 85.00% in last 12 months and 50.08% on year to date basis. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 56.07.
Out of 12 analysts tracking the company, three maintain a 'buy' rating, four recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.2%
