Gujarat Pipavav Port Ltd - Dark Horse- Buy

Gujarat Pipavav Port Ltd ( GPPL) is a leading container handling company in india company started its operation in the year 1992, APMTHL and Maersk India acquired 13.5% of the then shareholding of our Company. APMTHL transferred its shareholding in our Company to APM Terminals Mauritius Limited, one of the Promoters of this Company, in October 2005.

Company mainly handling of container cargo, bulk cargo and liquid cargo.  GPPL main business comes from APM terminal and maersk india.  Company suffered loss till 2010, GPPL financial performance and its business started improving year on year. We expect company profitability will improve to 1000 crore in the next 2 to 3 years.

Gujarat Pipavav Port Ltd. - Annual Results

Dec 13 Dec 12 Dec 11 Dec 10 Dec 09 Net Sales/Income from operations 473.65 371.54 366.19 283.93 220.71 Other Operating Income 44.29 44.49 30.58 0.00 0.00 Total Income From Operations 517.94 416.03 396.77 283.93 0.00 EXPENDITURE Increase/Decrease in Stocks 0.00 0.00 0.00 0.00 0.00 Consumption of Raw Materials 0.00 0.00 0.00 0.00 0.00 Purchase of Traded Goods 0.00 0.00 0.00 0.00 0.00 Power & Fuel 0.00 0.00 0.00 0.00 0.00 Employees Cost 42.05 36.08 34.14 27.18 24.69 Depreciation 60.78 54.94 55.78 49.27 45.76 Excise Duty 0.00 0.00 0.00 0.00 0.00 Admin. And Selling Expenses 0.00 0.00 29.29 25.31 35.17 R & D Expenses 0.00 0.00 0.00 0.00 0.00 Provisions And Contingencies 0.00 0.00 0.00 0.00 0.00 Exp. Capitalised 0.00 0.00 0.00 0.00 0.00 Other Expenses 219.05 197.23 150.53 114.05 110.58 P/L Before Other Inc. , Int., Excpt. Items & Tax 196.05 127.78 127.04 68.12 0.00 Other Income 16.76 14.60 15.25 8.14 0.66 P/L Before Int., Excpt. Items & Tax 212.81 142.38 142.29 76.26 0.00 Interest 37.42 68.41 85.19 127.14 115.68 P/L Before Exceptional Items & Tax 175.38 73.96 57.10 -50.89 0.00 Exceptional Items 16.38 0.00 0.00 0.00 0.00 P/L Before Tax 191.77 73.96 57.10 -50.89 0.00 Tax 0.00 0.00 0.00 0.00 0.09 P/L After Tax from Ordinary Activities 191.77 73.96 57.10 -50.89 0.00 Prior Year Adjustments 0.00 0.00 0.00 0.00 0.00 Extra Ordinary Items 0.00 0.00 0.00 -3.83 -5.80 Net Profit/(Loss) For the Period 191.77 73.96 57.10 -54.72 -116.39 Equity Share Capital 483.44 483.44 423.56 423.56 314.86 Reserves Excluding Revaluation Reserves 920.07 728.30 1143.95 1143.95 773.14 Equity Dividend Rate (%) 0.00 0.00 0.00 0.00 0.00 EPS Before Extra Ordinary Basic EPS 3.97 1.64 1.35 -1.45 0.00 Diluted EPS 3.97 1.64 1.35 -1.45 0.00 EPS After Extra Ordinary Basic EPS 3.97 1.64 1.35 -1.56 0.00 Diluted EPS 3.97 1.64 1.35 -1.56 0.00 Public Share Holding No Of Shares (Lakhs) 2755.36 2755.36 2414.07 2414.07 1327.12 Share Holding (%) 56.99 56.99 56.99 56.99 42.15 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares 0.00 207903931.00 182152360.00 182152360.00 0.00 - Per. of shares (as a % of the total sh. of prom. and promoter group) 0.00 100.00 100.00 100.00 0.00 - Per. of shares (as a % of the total Share Cap. of the company) 0.00 43.01 43.01 43.01 0.00 b) Non-encumbered - Number of shares 2079.04 0.00 0.00 0.00 0.00 - Per. of shares (as a % of the total sh. of prom. and promoter group) 100.00 0.00 0.00 0.00 0.00 - Per. of shares (as a % of the total Share Cap. of the company) 43.01 0.00 0.00 0.00 0.00 PBITOE margin (%)/ Operating profit Margin (%) 37.85 30.71 32.02 23.99 0.00 PBTE Margin (%) 33.86 17.78 14.39 -17.92 0.00 PBT Margin (%) 37.02 17.78 14.39 -17.92 0.00 PAT Margin/ NP Margin (%) 37.02 17.78 14.39 -19.27 -52.74

Source : Dion Global Solution ltd.

Company trading both NSE and BSE CMP 145 we are expecting target of 300 in short term view.