APM Terminals Pipavav announces third quarter results

MUMBAI / PIPAVAV: APM Terminals Pipavav (Gujarat Pipavav Port Ltd) reported consolidated net profit of INR 587.24 million for the third quarter ended December 31, 2020. For the corresponding period of last year, the Company had reported consolidated net profit of INR 1,340.07 million. 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 INR 1,984 million as against INR 1965.81 million higher by 1%. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) is INR 1100.21 million as compared to INR 1170.51 million in Q3FY20. EBITDA margin stood at 55% in Q3FY21 as against 60% in Q3FY20 due to certain one-off expense incurred during the quarter. Excluding those one-off expense, the EBITDA margin is maintained at 60%.

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

During the quarter, the Port achieved another milestone of handling 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% to address the critical issue of severe shortage of containers due to significant drop in imports in the quarter gone by.