Gujarat Pipavav reports five-fold growth in Q3 profits; stock gains over 12%

MEW DELHI: Gujarat Pipavav Ltd rallied as much as 12.43 per cent in morning trade on Wednesday, after the company reported an over five-fold increase in post tax profit at Rs 44.1 crore for the thirs quarter ended September 30.

The Nikhil Gandhi-promoted company, which operates by calendar year, had recorded a net profit of Rs 8.2 crore in the corresponding July-September period last year.

At 10:00 a.m.; the stock pared some of the morning gains but was trading 10.7 per cent higher at Rs 52.80. It has hit a low of Rs 51 and a high of Rs 53.80 in trade today.

The company’s total income grew to Rs 126.2 crore, which is a 34 per cent growth over the same period last year, the company said in a statement.

Additionally, it notched a 30 per cent increase in volume on additional services and upsizing in the container cargo segment, while on the bulk and general cargo front, there was a 31 per cent increase in volumes on higher mineral and coal shipments, said the PTI report.