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Gujarat Pipavav Port Ltd Stock Analysis

Small Cap
Evaluated by 2550 users | BSE: 533248 | NSE: GPPL |
Port

Gujarat Pipavav Port Limited was incorporated on August 05, 1992 to construct, operate and maintain an all-weather port at Pipavav, District Amreli, in the State of Gujarat. The port is designed to handle bulk, container, liquid cargo and RORO and to provide...

1. Right Stock
Very Good
2. Right Price
3. Right Time

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Gujarat Pipavav Port Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation
Value Creation Index Colour Code Guide
 Dec'10Dec'11Dec'12Dec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 2.26%7.81%8.09%12.68%25.12%10.34%12.64%9.95%10.29%14.59%
Value Creation Index -0.79-0.29-0.260.151.28-0.060.15-0.10-0.060.33
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 284396416518694660683649702735
Y-o-Y Gr. Rt.-39.4%5.1%24.5%33.9%-4.9%3.5%-5%8.2%4.8%
Adjusted EPS (Rs.) -1.321.361.523.716.974.055.254.154.296.09
Y-o-Y Gr. Rt.-NA11.8%144.1%87.9%-41.9%29.6%-21%3.4%42%
Book Value per Share (Rs.) 17.3718.7225.0729.0329.6341.341.7741.6641.843.13
Adjusted Net Profit -55.957.773.5179337196254200207294
Net Op. Cash Flow (Rs. Cr.) 88.960.8262290355389402315296340
Debt to Cash Flow from Ops 8.9711.121.221.05000000
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Gujarat Pipavav Port Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 11.2%1.2%2.5%4.8%
Adjusted EPS NA-2.7%5.1%42%
Book Value per Share 10.67.81.13.2
Share Price 5.5% -11.7% -11.8% 74.3%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Dec'10Dec'11Dec'12Dec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) -10.687.547.3413.7126.3610.3312.639.9410.2814.34
Operating Profit Margin (%) 38.9546.142.4648.7258.2357.9462.0558.0955.7461.13
Net Profit Margin (%) -19.6914.5617.6834.6148.5629.6437.1330.8929.5440.04
Debt to Equity 1.080.850.260.22000000
Working Capital Days 11711112292103172156173182213
Cash Conversion Cycle -65-71-15-1342-5-3-1
Corporate Governance What do we look at?
Corporate Governance
Board Credentials
Promoter's holding
Transparency
Integrity
Entity Percentage Holding
Promoters 44.01%
Institutions 45.21%
Non-Institutions 10.79%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of Gujarat Pipavav Port Ltd and arrived at the following conclusion:

Past 10 year's financial track record indicates that Gujarat Pipavav Port Ltd is a good quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of Gujarat Pipavav Port Ltd's performance infers:

Gujarat Pipavav Port Ltd earnings have declined by -2.7%, whereas share price has depreciated -11.7% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Gujarat Pipavav Port Ltd share prices over the last 10 years. Here is what we found out:

Gujarat Pipavav Port Ltd share price has depreciated 4.3% annually over the past ten years.

Gujarat Pipavav Port Limited was incorporated on August 05, 1992 to construct, operate and maintain an all-weather port at Pipavav, District Amreli, in the State of Gujarat. The port is designed to handle bulk, container, liquid cargo and RORO and to provide port services such as marine services, material handling and storage operations.

The company has entered into a 30 year Concession Agreement with Government of

Gujarat Pipavav Port Limited was incorporated on August 05, 1992 to construct, operate and maintain an all-weather port at Pipavav, District Amreli, in the State of Gujarat. The port is designed to handle bulk, container, liquid cargo and RORO and to provide port services such as marine services, material handling and storage operations.

The company has entered into a 30 year Concession Agreement with Government of Gujarat and Gujarat Maritime Board (GMB) dated September 30, 1998 to engage in the business of developing, constructing, operating and maintaining the port on a BOOT (Build Own Operate Transfer) basis.

During the year 2005, AP Moller-Maersk group together with certain financial investors acquired the complete shareholdings held by the original promoter viz. Seaking Infrastructure Limited (SKIL) group, on receipt of approval from Government of Gujarat, and GMB. Accordingly, AP Moller-Maersk group became the key promoter of the Company under the Concession agreement.

Pursuant to the approval of the shareholders of the company in an extra ordinary general meeting held on November 17, 2009, the company has issued and allotted through Initial Public Offering (IPO) 108,695,652 equity shares of Rs 10 each at a premium of Rs 36 per share aggregating to a total of Rs 5,00 crore to all categories of investors. The issue was made in accordance with the terms of the company’s prospectus dated August 30, 2010 and the shares got listed on September 9, 2010 on Bombay Stock Exchange and National Stock Exchange.

Business area of the company

Gujarat Pipavav Port is engaged in providing port services such as marine services, material handling and storage operations.

Services

  • Containers
  • Roll-on Roll-off (RoRo)
  • Bulk Cargo
  • Liquid Cargo
  • Storage
  • Maritime Personnel
  • Towage
  • Tariffs
  • Marketing Tools

Awards

  • 2010- EPC World Award 2010 - Outstanding contribution in Ports & Shipping
  • 2011- Maritime And Logistics Awards (MALA) 2011 - Fastest growing Port
  • 2011- EXIM Award 2011 - Emerging Gateway Port of the Year
  • 2012- Maritime And Logistics Awards (MALA) 2012 - CSR Award
  • 2012- CNBC Infrastructure Excellence Awards 2012
  • 2013- Maritime And Logistics Awards (MALA) 2013 - HSSE Award
  • 2015- Samudra Manthan 2015 - Safe Port of the Year Award
  • 2016- Gujarat Star Awards 2016 - Emerging port of the year for RoRo business
  • 2017- Gujarat Star Awards 2017 - Best Port of the year for RoRo operations
  • 2017- Gujarat Star Awards 2017 - runner up for The Port of the Year - Health, Safety and Environment
  • 2018- Appreciation certificate from Government of Gujarat for ‘Mukhya Mantri Apprenticeship Yojana’ Apprentice Program
  • 2020- Award from New Delhi-based Integrated Health & Wellbeing Council for societal development and community support initiatives under the ‘COVID Relief Project’

Milestones

  • First Public Private Project (PPP) in port sector in India
  • First Public Private Project in railways through PRCL [Pipavav Railway Corporation Ltd]  in India
  • First port to start double stack train services for containers in India. Which has a capacity of carrying 180 TEUs as against 90 TEUs carried in a single stack train. 
  • First Port to receive the first coastal RoRo vessel in India 
  • One of the First Ports to have environment friendly coal yard.

Timeline

  • 1998- Concession awarded to GPPL
  • 2000- PRCL (Pipavav Railway Corporation Ltd) formed - First PPP project with Indian Railways
  • 2001- APM Terminals invests 12.5% in GPPL (Gujarat Pipavav Port Ltd)
  • 2003- Port gets rail connectivity through JV with Indian Railways
  • 2005- APM Terminals acquires controlling stakes
  • 2006- Pioneers double stack container rakes in India.
  • 2009- Container terminal became operational.
  • 2010- Company listed on Indian stock exchanges.
  • 2014- Liquid cargo operations commences at port.
  • 2015- RoRo Operations commences at port.
  • 2016- Container capacity expanded to 1.35 mTEUs
  • 2017- Handles 100,000th Auto Unit - key milestone in just 20 months
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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