Gujarat Pipavav Port Profit Jumps 51% in Q2

New Delhi, Nov 8 (PTI) Gujarat Pipavav Port Ltd on Wednesday posted a 51 per cent rise in consolidated net profit at Rs 107.6 crore for the September quarter, helped by higher income.

It had clocked Rs 70.8 crore net profit for the year-ago period, the company said in a regulatory filing.

Total income rose to Rs 274.2 crore, from Rs 237.8 crore in the same quarter a year ago.

Expenses were at Rs 132.9 crore, as against Rs 137.2 crore in the year-ago quarter.

The Board of Directors have also approved an interim dividend of Rs 3.60 per share for the financial year 2023-24 and fixed November 21 as the record date to determine the members eligible for receiving the amount.

The dividend amount is likely to be paid to eligible members by December 5, 2023.

APM Terminals Pipavav is located in Gujarat, just 152 nautical miles (10 hours steaming time) from Nhava Sheva in Mumbai. It has immediate access to key markets in northwest India and the largest sea food export belt in India via road and rail, including direct electrified access to the Western Dedicated Freight Corridor.

Port Pipavav is a public-private enterprise, managed and operated by APM Terminals.