Shares of Gujarat Pipavav Ports fell over 5 percent on October 7 after the company reported a disappointing business update for the July-September quarter. The port operator saw a significant drop in both container and dry bulk volumes, which contributed to the stock’s sharp decline.
Total container volumes for Q2 fell 17 percent year-on-year to 179,000 TEUs, compared to 216,000 TEUs a year ago. Dry bulk volumes also decreased significantly, down by 40.3 percent year-on-year. As of 1:16 pm, the stock was trading at Rs 205.90 on the NSE, with trading volumes surpassing the monthly average.
Despite moderation in container and dry bulk volumes in the previous quarters, Gujarat Pipavav had announced a 62 percent year-on-year jump in net profit at Rs 110 crore in Q1 FY25, on the back of lower expenses and operating efficiencies. However, recent volume decline has increased concerns with the stock trading 9.5 percent down in the last one month.
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Source: Moneycontrol
News Desk
