APM Pipavav reports ₹1,984 mn revenue, ₹587 mn net profit for Q3

February 19, 2021: APM Terminals Pipavav (Gujarat Pipavav Port) reported a consolidated net profit of ₹587.24 million for the third quarter ended December 31, 2020, compared to ₹1,340.07 million reported last year.

The net profit for the quarter is not comparable as the company had deferred tax reversal in Q3FY20. Revenue from the operation in Q3FY21 stood at ₹1,984 million as against ₹1965.81 million higher by 1 percent. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) is ₹1100.21 million as compared to ₹1170.51 million in Q3FY20. EBITDA margin stood at 55 percent in Q3FY21 as against 60 percent in Q3FY20 due to certain one-off expense incurred during the quarter. Excluding those one-off expenses, the EBITDA margin is maintained at 60 percent.

For the nine months ended Dec 31, 2020, the revenues stood at ₹5,400.36 million lower by 5.8 percent compared to the same period of last year. EBIDTA and net profit were at ₹3084.26 million and ₹1,565.63 million respectively.

During the quarter, the Port achieved another milestone of handling the highest number of double-stack trains in a single month. The port handled 181 double-stack trains in November 2020, out of which 157 trains were outward double-stack trains. The Port also took the initiative to facilitate the trade by reducing the terminal handling charges for empty containers by 25 percent to address the critical issue of the severe shortage of containers due to a significant drop in imports in the quarter gone by.