Buy Gujarat Pipavav Port, target price Rs 116 : ICICI Direct

ICICI Direct has buy call on Gujarat Pipavav Port with a target price of Rs 116. The current market price of Gujarat Pipavav Port is Rs 101.95. Time period given by analyst is a month when Gujarat Pipavav Port price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 94.

Gujarat Pipavav Port, incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 4931.09 Crore) operating in Shipping sector.

Gujarat Pipavav Port key Products/Revenue Segments include Income from Port Services and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 237.87 Crore, up 9.63 % from last quarter Total Income of Rs 216.98 Crore and up 17.87 % from last year same quarter Total Income of Rs 201.81 Crore. Company has reported net profit after tax of Rs 70.87 Crore in latest quarter.

The company’s top management includes Mr.Tejpreet Singh Chopra, Mrs.Avantika Singh Aulakh, Mr.Timothy Smith, Mr.Soren Brandt, Mr.Samir Chaturvedi, Ms.Monica Widhani, Mr.Maarten Degryse, Mr.Keld Pedersen, Mr.Julian Bevis, Ms.Hina Shah, Mr.Jonathan Richard Goldner, Mr.Jakob Friis Sorensen, Mr.Matangi Gowrishankar. Company has Price Waterhouse Chartered Accountants LLP as its auditors. As on 30-06-2022, the company has a total of 48 Crore shares outstanding.

Investment Rationale
The infra sector has seen rejuvenation of upward momentum. Within the space, midcap and small cap players are now witnessing catch up activity with their large cap peers. Within the midcap Infrastocks we remain positive on Gujarat Pipavav Port as it has generated a breakout above last three months range (Rs 101-85) signalling resumption of up move and offer fresh entry opportunity.

Promoter/FII Holdings
Promoters held 44.01 per cent stake in the company as of 30-Jun-2022, while FIIs owned 21.48 per cent, DIIs 20.5 per cent.