Now Reading: Pipavav Port profit up 42% but warns of 80,000 TEU loss
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Pipavav Port profit up 42% but warns of 80,000 TEU loss
Gujarat Pipavav Port Ltd reported a 42% year-on-year rise in consolidated net profit to Rs 148 crore for the April-June quarter, with revenue up 33% to Rs 332 crore. However, managing director…
The Story in Brief
Gujarat Pipavav Port Ltd reported a 42% year-on-year rise in consolidated net profit to Rs 148 crore for the April-June quarter, with revenue up 33% to Rs 332 crore. However, managing director Girish Aggarwal told investors that the port expects to lose 70,000-80,000 TEUs of container volumes this financial year because the Shaheen Express service to Jebel Ali has been suspended since March due to the Middle East conflict.
The port’s container throughput edged up 2.4% to 1.68 lakh TEUs, while Ro-Ro volumes soared 54.8% to 65,000 units. Dry bulk cargo fell 5.5% and liquid cargo plunged 46.3%. A new Maersk FI2 service connecting the Far East has partly offset the loss, and the port still targets 4-5% container growth for the full year. The management expects liquid cargo to recover as alternative LPG supplies from the US become available.
The Indian Opinion
The profit jump will feed a narrative of resilience, but the numbers tell a more fractured story. Two cargo segments dropped sharply, and the Shaheen disruption has not been fully replaced. Management’s optimism that a new Maersk service and US-sourced LPG will fill the gap is hopeful, not proven. The real test will come in the next quarter: watch whether liquid cargo volumes climb back toward earlier levels and whether the new service matures into a reliable source of revenue.
Sources (2): thehindubusinessline.com, thehindubusinessline.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
