Shares of Gujarat Pipavav Port Ltd surged nearly eight percent from its previous close in intra-day trade on Thursday after the company reported robust growth in net profit and revenue for the December 2022 quarter. The company posted an 89 percent surge in net profit to Rs 84.36 crore in the December quarter as against Rs 44.60 crore in the year-ago period.

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The revenue from operations increased 48 percent to Rs 250.57 crore in the quarter under review compared to Rs 168.56 crore during the December quarter in the last financial year.

The jump in net profit was in spite of an increased expenses. The total expenses increased to Rs 140.39 crore in the quarter under review from Rs 114.71 crore in the year-ago period, due to higher operating cost, the company said. The earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 63.4 percent year-on-year to Rs 142 crore in the quarter under review.

For the nine months ended December 2022, the company posted a net profit of Rs 208 crore and revenues of Rs 686 crore.

Following the quarterly earnings, shares of the company rose as much as 8 percent from its previous close to hit the session’s high of Rs 100.40 apiece on BSE.

Japanese brokerage firm Nomura has given a ‘Buy’ rating on the Gujarat Pipavav stock with a target price of Rs 142 per share, an upside of nearly 51 percent from current price.

The shares pared the early gains and were trading at Rs 98.80 apiece, up 6.75 percent, on BSE at 11.57 am.

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First Published:Feb 9, 2023 12:47 PM IST