Gujarat Pipavav Port Ltd

Gujarat Pipavav Port was incorporated on 5 August 1992 to construct, operate and maintain an all-weather port at Pipavav, District Amreli, in the State of Gujarat.

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 4.18%.
Company has been maintaining a healthy dividend payout of 68.13%
Cons:
The company has delivered a poor growth of 9.30% over past five years.
Company has a low return on equity of 10.87% for last 3 years.

Peer Comparison Sector: Marine Port & Services // Industry: Miscellaneous

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
167 172 169 175 169 152 163 165 176 171 175 180
67 74 65 60 65 69 68 72 85 74 76 81
Operating Profit 100 99 104 115 104 83 95 93 91 98 99 100
OPM % 60% 57% 62% 66% 61% 55% 58% 56% 52% 57% 56% 55%
Other Income 7 12 11 7 9 12 7 8 11 15 10 11
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 25 28 27 26 26 25 25 27 27 27 28 31
Profit before tax 82 82 88 95 86 70 77 74 75 85 81 79
Tax % 27% 28% 26% 31% 36% 36% 35% 35% 37% 35% 36% 36%
Net Profit 60 59 65 66 56 44 50 49 47 55 52 51
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
135 152 167 221 284 396 416 518 867 660 683 649 702
117 141 155 170 170 213 234 261 365 278 262 275 315
Operating Profit 18 11 13 51 114 182 182 257 502 382 421 374 387
OPM % 14% 7% 8% 23% 40% 46% 44% 50% 58% 58% 62% 58% 55%
Other Income 1 10 31 -5 7 16 15 33 -5 24 33 37 47
Interest 47 39 74 116 127 85 68 37 26 0 0 0 0
Depreciation 24 27 37 46 49 56 55 61 83 97 107 104 113
Profit before tax -52 -46 -67 -116 -55 57 74 192 387 309 347 307 321
Tax % -0% -1% -1% -0% -0% 0% 0% 0% 0% 38% 28% 35%
Net Profit -52 -46 -68 -116 -55 57 74 192 387 191 250 198 206
EPS in Rs 0.00 1.35 1.53 3.97 6.41 3.95 4.76 3.76
Dividend Payout % -0% -0% -0% -0% -0% 0% 0% 0% 0% 48% 74% 83%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.65%
5 Years:9.30%
3 Years:-9.21%
TTM:8.18%
Compounded Profit Growth
10 Years:%
5 Years:21.79%
3 Years:-22.30%
TTM:3.61%
Return on Equity
10 Years:9.63%
5 Years:14.08%
3 Years:10.87%
Last Year:9.85%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
262 345 345 315 424 424 483 483 483 483 483 483 483
Reserves -174 108 35 -4 312 369 728 920 1,307 1,513 1,536 1,531 1,538
Borrowings 586 617 741 1,089 797 676 321 304 0 0 0 0 0
385 426 457 311 386 386 131 159 200 472 533 509 348
Total Liabilities 1,007 1,445 1,527 1,711 1,920 1,855 1,663 1,867 1,991 2,469 2,552 2,523 2,369
611 603 859 1,283 1,260 1,270 1,246 1,358 1,339 1,342 1,676 1,686 1,590
CWIP 73 303 158 16 30 9 158 106 65 392 92 32 45
Investments 78 78 83 83 83 83 83 83 83 83 83 83 83
244 460 427 329 546 493 177 320 503 652 701 722 651
Total Assets 1,007 1,445 1,527 1,711 1,920 1,855 1,663 1,867 1,991 2,469 2,552 2,523 2,369

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018
44 69 -26 -23 89 61 262 290 444 389 402 315
-232 -272 -129 -306 -38 -1 -163 -176 -207 -285 -241 -129
154 410 71 240 64 -214 -89 -54 -332 -0 -227 -204
Net Cash Flow -34 206 -84 -90 115 -154 11 60 -95 104 -66 -18

Ratios Standalone Figures in Rs. Crores / View Consolidated

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 0% -0% 0% 0% 5% 10% 10% 13% 26% 17% 17% 15%
Debtor Days 26 8 16 36 38 30 34 24 15 16 15 14
Inventory Turnover 66.32 41.99 36.02 44.63 45.00 60.12 48.52 44.17 68.03 45.55 44.00 44.48