APM Terminals Pipavav Reports 62% Surge in Q1 Net Profit

12 Aug 2024 CW Team

APM Terminals Pipavav announced a remarkable 62% increase in consolidated net profit, reaching Rs.1.10 billion in the June quarter compared to the same period last fiscal year. The private port operator recorded a net profit of ?678 million in the first quarter of FY24.

Revenue from operations for the quarter stood at Rs.2.46 billion, reflecting a 14% rise from ?2.14 billion in the previous year.

The consolidated EBITDA (earnings before interest, tax, depreciation, and amortization) was reported at Rs.1.50 billion, marking a 41% growth year-on-year from Rs.1.06 billion in Q1 FY23-24.

According to the port operator, liquid cargo volume surged by 31.80%, totaling 345,000 MT, while volume under Ro-Ro services increased significantly to 39,000 units, up from 14,000 units during the same period last year. Container volume for the reporting quarter reached 165,000 TEUs, and dry bulk volume stood at 552,000 MT.

"This growth in net profit is bolstered by a robust rise in revenue and a healthy EBITDA margin. We've also witnessed impressive growth in Ro-Ro and liquid cargo volume. Looking ahead, we remain optimistic about the opportunities in the Indian ports sector," said Girish Aggarwal, Managing Director of APM Terminals Pipavav.

Aggarwal noted that the port's investments in technology and infrastructure upgrades are beginning to yield tangible benefits, enhancing operational efficiency and customer service. He emphasized the importance of sustainability initiatives as a key differentiator in the long term.

"As we navigate the evolving global trade landscape, APM Terminals Pipavav is well-positioned to capitalize on India's growing role in international commerce. We remain committed to supporting our customers, contributing to the local economy, and creating long-term value for all our stakeholders," Aggarwal added.

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