Shares of Gujarat Pipavav Port climbed as much as 5.22 per cent to Rs 69.50 apiece on the BSE on Wednesday, a day after the company reported a 9.11 per cent decline in its consolidated net profit at Rs 54.13 crore for the quarter ended March 2020. The company had posted profit of Rs 59.57 crore in the year-ago period.
On a standalone basis, the company's profit declined 6.7 per cent to Rs 47.2 crore for the quarter ended March 31, 2020. The port had clocked a net profit of Rs 50.6 crore in the fourth quarter of fiscal 2018-19, it said in a regulatory filing to the BSE.
At 11:04 am, the stock was trading nearly 4 per cent higher at Rs 68.55 apiece on the BSE. In comparison, the S&P BSE Sensex was ruling 237 points or 0.7 per cent higher at 34,193.79 points.
The stock of Gujarat Pipavav had hit a 52-week high of Rs 99.30 on February 6, 2020 while its 52-week low stands at Rs 45.50, touched on March 24 this year.
For the quarter under review, the company's revenue, on a consolidated basis, declined 10.10 per cent to Rs 161.94 crore as against Rs 180.13 crore in the corresponding quarter of the previous fiscal.
For the full year, net profit rose 34.97 per cent to Rs 319.44 crore in the year ended March 2020 as against Rs 236.68 crore in the year ended March 2019. Sales rose 4.76 per cent to Rs 735.37 crore as against Rs 701.98 crore during the previous year ended March 2019.
Further, the company's board also recommended a Final Dividend of Rs 3.50 per share on the equity share capital, subject to approval by the Members in the Company's Annual General Meeting scheduled for Thursday, August 6, 2020.