Gujarat Pipavav Port Ltd

About

Gujarat Pipavav Port is India's first private sector port located on the south west coast of Gujarat near Bhavnagar. The port is strategically placed to on International Maritime Trade route which connects India with US, Europe, Africa, Middle East on one side and Far east on the other side.

Key Points

Strong parent linkages
Gujarat Pipavav leverages the expertise, network, culture, and resources of its parent for establishing healthy business relations with its customers and shipping lines.

Maersk Line is company's one of the largest customers accounting 30% of the revenues in FY20.

Gujarat Pipavav has immensely benefited due to access of modern technology, operational know how and best industry practices due its close association with APM Terminals and its ultimate parent AP Moller Maersk Line which is part of A P Moller Maersk group. [1]

See full details
  • Market Cap 4,854 Cr.
  • Current Price 100
  • High / Low 124 / 81.0
  • Stock P/E 22.7
  • Book Value 46.3
  • Dividend Yield 4.48 %
  • ROCE 14.5 %
  • ROE 9.79 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.48%.
  • Company has been maintaining a healthy dividend payout of 84.75%

Cons

  • The company has delivered a poor sales growth of 2.13% over past five years.
  • Company has a low return on equity of 11.64% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
171 175 180 178 199 197 162 159 183 198 193 160
74 76 81 75 72 80 62 63 80 88 78 72
Operating Profit 97 99 100 102 127 117 100 95 103 110 116 88
OPM % 57% 56% 55% 58% 64% 60% 62% 60% 56% 55% 60% 55%
Other Income 22 19 20 15 20 25 18 13 11 13 10 -3
Interest 0 0 0 2 2 2 2 2 2 1 2 1
Depreciation 27 28 31 32 33 33 34 33 34 33 33 33
Profit before tax 92 90 88 84 112 107 83 73 78 88 90 50
Tax % 32% 32% 32% 34% 32% -25% 34% 34% 37% 33% 27% 35%
Net Profit 63 61 60 55 76 134 54 48 50 59 65 33
EPS in Rs 1.29 1.26 1.23 1.14 1.58 2.77 1.12 1.00 1.03 1.21 1.35 0.68

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
660 683 649 702 735 733 734
278 262 275 313 289 311 318
Operating Profit 382 421 374 389 447 422 416
OPM % 58% 62% 58% 55% 61% 58% 57%
Other Income 61 66 59 76 78 48 30
Interest 0 0 0 0 7 6 6
Depreciation 97 107 104 113 131 133 134
Profit before tax 345 379 330 352 386 330 307
Tax % 34% 26% 33% 33% 17% 33%
Net Profit 227 282 221 237 319 222 207
EPS in Rs 4.71 5.84 4.57 4.90 6.61 4.59 4.27
Dividend Payout % 40% 65% 74% 71% 85% 98%
Compounded Sales Growth
10 Years:%
5 Years:2%
3 Years:4%
TTM:2%
Compounded Profit Growth
10 Years:%
5 Years:-1%
3 Years:0%
TTM:-32%
Stock Price CAGR
10 Years:4%
5 Years:-10%
3 Years:0%
1 Year:19%
Return on Equity
10 Years:%
5 Years:12%
3 Years:12%
Last Year:10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
483 483 483 483 483 483
Reserves 1,604 1,659 1,676 1,714 1,805 1,756
Borrowings 0 0 0 0 58 47
282 331 296 348 282 363
Total Liabilities 2,369 2,473 2,456 2,546 2,629 2,649
1,342 1,676 1,686 1,590 1,583 1,467
CWIP 392 92 32 45 6 53
Investments 174 206 228 259 286 290
462 499 509 651 754 839
Total Assets 2,369 2,473 2,456 2,546 2,629 2,649

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
389 406 315 299 343 388
-285 -245 -129 -126 -85 -105
-0 -227 -204 -198 -250 -296
Net Cash Flow 104 -66 -18 -25 8 -13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 16 15 14 26 23 22
Inventory Days
Days Payable
Cash Conversion Cycle 16 15 14 26 23 22
Working Capital Days -93 -101 -91 -69 -49 -64
ROCE % 18% 15% 16% 17% 15%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
43.01 43.01 43.01 43.01 43.01 43.01 43.01 44.01 44.01 44.01 44.01 44.01
27.62 26.84 24.06 23.85 23.23 20.63 20.18 19.48 19.83 19.61 21.38 22.03
22.45 23.00 24.47 24.99 25.57 27.42 27.69 26.36 25.74 25.60 24.12 22.33
6.92 7.16 8.46 8.16 8.19 8.94 9.13 10.15 10.43 10.79 10.50 11.63

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