Latest News | APM Terminals Pipavav Posts 31% Drop in Net at Rs 32 Cr in June Qtr

Mumbai, Aug 12 (PTI) APM Terminals Pipavav (Gujarat Pipavav Port Ltd) reported on Thursday a 31 per cent drop in net profit at Rs 32.16 crore in three months to June over the year-ago period.

The private airport operator had posted a net profit of Rs 46.41 crore in the June quarter of fiscal ended March 31, 2021, according to a release.

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Revenue from operations for the quarter under consideration stood at Rs 159.61 crore as compared to Rs 158.97 crore in Q1FY21, the company said.

EBIDTA (Earnings before Income, Taxes, Depreciation and Amortisation) for the quarter stood at Rs 87.92 crore as against Rs 95.49 crore during the same quarter last year, with EBIDTA margin squeezing to 55 per cent in Q1FY22 as against 60 per cent in the June quarter of FY2020-21, as per the release.

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The container cargo business for the quarter stood at 1,49,953 TEUs (Twenty-foot equivalent unit), bulk business was at 0.66 million tonnes (MT) and liquid business 0.14 MT, the port operator said, adding 2,550 cars were handled under RoRo category for the quarter under review.

The results for the first quarter are not comparable to the corresponding period of last year as the port operations were severely impacted by 'Cyclone Tauktae' in the second fortnight of May, APM Terminals Pipavav said.

The Port commenced partial operations from June 1 onwards after arranging mobile power supply system in the absence of power supply from national grid, it stated.

The power supply from national grid was resumed from July 10 after which the Port became fully operational, it said.

Jakob Friis Sorenson, Managing Director, APM Terminals Pipavav, said, "Cyclone Tauktae was a major challenge for us during the quarter. Though, the operations at the Port was severely impacted due to non-availability of power supply and communication post cyclone, our team worked round the clock to ensure we are back to operations immediately."

"We believe that the learnings from this challenging period will help us in achieving the sustainable growth for all stakeholders,” he added.

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