Earnings call transcript: Gujarat Pipavav Port Q1 2025 results miss forecasts

Gujarat Pipavav Port Ltd reported its first-quarter 2025 earnings, revealing a slight miss on earnings per share (EPS) and revenue compared to analysts’ forecasts. The company’s EPS came in at $2.10, falling short of the expected $2.28, while revenue reached $2.5 billion, missing the forecasted $2.56 billion. This led to a 1.83% drop in the stock price during open market trading, with shares trading at $153.83, down from $156.70. According to InvestingPro data, the company maintains a market capitalization of $544.09M and currently trades at a P/E ratio of 7.72, suggesting relatively modest valuations compared to industry peers.

Key Takeaways

• EPS of $2.10 missed the forecast of $2.28.
• Revenue of $2.5 billion fell short of the $2.56 billion forecast.
• Stock price decreased by 1.83% in open market trading.
• Liquid business saw a 21% growth year-over-year.
• EBIT declined by 3% despite a 2% increase in overall revenue.

Company Performance

Gujarat Pipavav Port Ltd experienced a mixed performance in the first quarter of 2025. While the company saw a 2% year-over-year increase in overall revenue, its earnings before interest and taxes (EBIT) declined by 3%. The liquid business segment was a standout performer, growing by 21%, whereas the container business remained flat, with a slight decline of 0.6%. InvestingPro analysis reveals impressive gross profit margins of 58.21% and a healthy EBITDA of $67.79M for the last twelve months, demonstrating the company’s operational efficiency despite challenges. InvestingPro subscribers have access to 12 additional key insights about Gujarat Pipavav Port’s financial health and market position.

Financial Highlights

• Revenue: $2.5 billion, up 2% year-over-year.
• Earnings per share: $2.10, below the forecast of $2.28.
• EBIT: Declined by 3%.
• EBITDA margins: Maintained at 59%.

Earnings vs. Forecast

Gujarat Pipavav Port’s actual EPS of $2.10 missed the forecast of $2.28 by 7.89%. Similarly, revenue of $2.5 billion was 2.34% below the expected $2.56 billion. This marks a deviation from the company’s historical trend of meeting or exceeding forecasts, potentially impacting investor confidence.

Market Reaction

Following the earnings release, Gujarat Pipavav Port’s stock price dropped by 1.83%, trading at $153.83. This decline reflects investor disappointment with the earnings miss. The stock is currently trading closer to its 52-week low of $122.50, indicating a challenging period for the company.

Outlook & Guidance

Looking forward, Gujarat Pipavav Port expects EBIT growth of 5-7% for the financial year. The company plans to maintain its EBITDA margins at 60-61% and anticipates continued robust growth in its liquid business. A significant capital expenditure of $90 million is planned for the expansion of the liquid jetty. InvestingPro data shows the company holds more cash than debt on its balance sheet, positioning it well for these expansion plans while maintaining financial stability.

Executive Commentary

Girish, Managing Director, emphasized the company’s focus on the liquid business, stating, "Liquid volumes will continue to grow at a healthy pace of about 20% this financial year." He also highlighted the company’s proactive investment strategy, saying, "We are not waiting for the concession to be extended from an investment perspective."

Risks and Challenges

• Exposure to US-bound trade, which faces 50% tariffs.
• Fluctuations in container volumes, expected to remain flat.
• Concession uncertainties impacting long-term planning.
• Potential macroeconomic pressures affecting global trade dynamics.

Q&A

During the earnings call, analysts inquired about the impact of US trade tariffs, vessel scheduling stability, and potential port concession extensions. The management provided clarity on these issues, emphasizing their strategic focus on expanding the liquid business and maintaining operational stability.

Full transcript - Gujarat Pipavav Port Ltd (GPPL) Q1 2026:

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Good afternoon, and welcome to the q one f y twenty six earnings call of Gujaratpur Pao Port Limited. My name is Manish Agnihotri, and I’m the company’s secretary. I have along with me, Manish Agnihotri, managing director, and Santosh, the CFO. Before we start the call, I would request everyone to keep themselves on mute and only when you are called out to speak, you should unmute yourself. We will start with the opening remarks from Girish and then we will be opening the floor for Q and A.

Over to Girish. Thank you. Good evening, everyone.

Girish, Managing Director, Gujaratpur Pao Port Limited: Our overall revenue this quarter increased by 2% year on year, largely because of robust growth of about 21% in the liquid business and 11% in the rural business. Our container business broadly was flat or 0.6 percentage lower. Overall, EBIT declined by 3% year on year with EBITDA margins at about 59%. This was largely due to one off expenses of INR25 million in higher repairs and maintenance costs. Excluding the one off expenses, EBIT would have been lower by 1%.

In terms of outlook, we believe liquid volumes will continue to grow at a healthy pace of about 20% this financial year and RORO by about 25% in this financial year. Because of various geopolitical challenges, we will maintain our container volumes to be flattish this financial year. As we progress in the year, I’ll give you more commentary on it as more clarity emerges on tariffs, etcetera. In terms of overall EBIT for this financial year, we expect a 5% to 7% overall growth on the EBIT year on year. I will pause here and take your questions.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Yeah. Deepa, please go ahead with your question.

Deepa, Analyst: Yeah. Yes. Hi, good evening. Thank you very much for the opening remarks. Just had a question on the container outlook.

If I recall last quarter, we were speaking in terms of 3% to 5% growth. But this quarter, it seems like a downgrade in the guidance to flattish for the year. So maybe if you could help us understand what is driving this flattish growth outlook despite a very low base, which we had last year?

Girish, Managing Director, Gujaratpur Pao Port Limited: It’s a fair question. Essentially, it’s it’s on the basis of the geopolitics that we are seeing as well as the 50% tariffs announced. We believe retail segment, common segment, at least at this point in time, will be negatively impacted. And hence, we are kind of giving a muted guidance on the container volume. Let’s see how this develops and then maybe as we move forward in the year, we’ll get more clarity.

But at least, you know, what we are seeing based on the 50% tariffs by the US government, we believe it will have a negative impact on our retail government growth, exports. On

Deepa, Analyst: the same point, if you could clarify, what is the kind of exposure which you have to The U. S.-bound trade or imports from The U. S. For that matter, basically the India U. S.

Trade, what is your exposure to that trade lane for us to help us understand why this how this plays out actually?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. So overall, I I would say roughly 13 odd percent is is something that is at an exposure based on the service. I mean, there’s no commodity split that I can give you. I I don’t have exact commodity split. But if I look at the service split that we handle, I would argue about 13% of our volume is US bound.

But it’s not all retail. Right? So it is a mix of multiple commodities. So that’s I would argue at least at this point in time is the exposure. Let’s see, you know, what what really transpires.

Also, I mean, we must understand that this is more the retail season. This is where the happens. This is where everything happens out of India. So the timing is also not very good.

Deepa, Analyst: And and if I’ve heard it correct, it is 13%. Right?

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Yeah. That’s one one three. One three.

Deepa, Analyst: Yeah. Great. And then for the financial EBIT guidance which you mentioned, could

Girish, Managing Director, Gujaratpur Pao Port Limited: you please repeat the numbers? The line was very distorted. Five to 7% growth.

Deepa, Analyst: Five to seven. Okay. Okay. And and the typical realizations which you guide or which you have realized during the quarter, if you could help us with those figures.

Girish, Managing Director, Gujaratpur Pao Port Limited: So the realizations has stayed more or less same. For container, it is in the range of 9,000 to 9,500 per TEU. For bulk, it is $5.50 to $6.50 per metric ton, and with 600 to $6.50 per metric ton.

Deepa, Analyst: To $6.50 per metric ton. Okay. And and in terms of the the RORO volumes, right, I believe these are all export bound. And are these also impacted by the tariffs in any way? Or are these for different markets altogether?

Girish, Managing Director, Gujaratpur Pao Port Limited: Different markets, all impacted.

Deepa, Analyst: Okay. And I mean, with respect to given that the container volumes are slowing down, right, you’re looking at flattish volumes there and liquid volumes are growing very fast. So does that mean that the margin outlook will also be under pressure? Or is it that the weakness in container is offset by a very high margin liquid business?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yes, it’s offset by both high margin business of liquids and Rolled. Okay. Will maintain a 60% to 61%. I mean, let’s let’s say 61% overall annual EBITDA margins.

Deepa, Analyst: Okay. Okay. And any color on the bulk volumes? How is that shaping up or how you expect it

Girish, Managing Director, Gujaratpur Pao Port Limited: to shape up? So bulk, we are keeping a flattish summary essentially. This quarter was a little low simply, I mean, but this Q2 will be good. This is the fertilizer season. We’re seeing a robust fertilizer import.

Overall, we’re still maintaining a 2.25 to 2,500,000 metric tons of dry bulk.

Deepa, Analyst: Of dry bulk. Okay. And one last question before I fall in the queue. Sorry. The vessel positioning or the services calls at GPPV, right?

Last year, we had this big impact of Red Sea capacity being pulled away from non East pulled away into the East West routes, right, particularly The U. S. And the Europe routes, and that led to some of the vessels calling less at your ports. How is that vessel call scheduling shaping up?

Girish, Managing Director, Gujaratpur Pao Port Limited: No. So so so far everything looks okay. But again, you know, with the tariffs, I mean, a lot will depend on how these tariffs play out, Deepak. China is still I mean, it’s just got another ninety day pause. We see a lot of inventory buildup in The US, whether The US will continue to buy out of China.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Excuse me?

Girish, Managing Director, Gujaratpur Pao Port Limited: Peter, sorry. You are, I think, on Canada. So we’ll we’ll have to do a little bit of a bit and watch here. Mhmm. But as of now, I think broadly similar.

We we haven’t seen any further impact of of moving out of vessels. Okay. So that has stabilized at least for now. Yeah. For now.

Right? But let’s see. Now now is the 50% of India and China. Let’s see what happens.

Deepa, Analyst: Yeah. Cheers. I appreciate the color you provided. Thank you very much. I’ll fall back in the queue.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Deepak, mister Ketan, Jayant, please go ahead with your question.

Ketan, Analyst: Thank you, sir. Thank you, sir. Am I audible?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yes.

Ketan, Analyst: So my first, I wanted to understand what what would be the revenue share as per our current concession which we pay to the maritime board currently?

Girish, Managing Director, Gujaratpur Pao Port Limited: So, again, we don’t pay a revenue share to to the item board. It is based on the volume handle, and the rate Okay. From commodity commodity. So and commodity to commodity, and it’s a published number, and then there’s a concession loyalty to us. Yeah.

Ketan, Analyst: So so can you just give a percentage, like, out of the 9,000 for container, what would be the percentage? Just around?

Girish, Managing Director, Gujaratpur Pao Port Limited: I’m not able to give you percentage by business stream. And it will not make sense also because empty is different, latest is different, 20 bit is different, 40 bit is different. So, I mean, I mean, probably you these are published numbers on the web. I I I think by GMP, any which

Peruno, Analyst: way you can configure that.

Achal, Analyst: Understood. Okay. So I I I I I’ll just tell you

Ketan, Analyst: why I was asking this. I just want to understand, in the case of the concession extension, what is the more likely road will the maritime board extend with a higher royalty or put the asset for rebidding? And if it comes for renewal, how long do you think will this likely be extended for twenty years or thirty years? Just just some thoughts on this.

Girish, Managing Director, Gujaratpur Pao Port Limited: No. No. I I cannot give you any commentary on that. That will be back to the government of Punjab, so we’ll see as it comes up. Gotcha.

So no

Ketan, Analyst: estimate sense or anything how I there

Girish, Managing Director, Gujaratpur Pao Port Limited: are always estimates. Initial docs. No. No. But there’s no point in talking about estimates and our discussions that are happening.

That’s those are all speculative in nature at least at this point in time.

Achal, Analyst: Gotcha. Okay. Thank you.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you. And, please go ahead.

Nilopal, Analyst: Hello? Hi, sir. Am I audible?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yes.

Nilopal, Analyst: Thank you. Also, my first question is with respect to liquids or the new jetty that that is being constructed. What is the timeline you see when it will it can be commissioned?

Girish, Managing Director, Gujaratpur Pao Port Limited: November, December 2026.

Nilopal, Analyst: Understood. Understood. Also, a b t l has expanded the LPG handling capacity at your ports. And, additionally, they have also announced an ammonia plant, and they are also building a railway gantry for liquids. So considering all of these, what is your outlook on liquid volumes for a slightly longer term, say, 07/28?

Girish, Managing Director, Gujaratpur Pao Port Limited: Ah, okay. So this year, should be we will give you guidance for this year, at least at this point in time, Nilopal, which we said is roughly 20%. But as we move forward, mean, again, the capacity expansion for us and full VLGC handling capability will come to us by November, December 2026. So I think you could expect and this is a 3,200,000 tons expansion. So you could expect at least one third of it to be operational one third to be in year one and then, you know, expand, you know, gradually beyond over a period of time.

You didn’t also mention the pipeline pipeline. That also come online within this year. So the so so I think overall, I think Liquid will continue to see very robust growth.

Nilopal, Analyst: Sure. Thank you, sir. And one last question from my end. So can you give the CapEx guidance for this year and potentially for the next year?

Girish, Managing Director, Gujaratpur Pao Port Limited: CapEx guidance for this year, in general, overall, a large portion of expense of the liquid jetty which we announced, $90,000,000, will be expensed out this year. Oh. And that’s that’s that’s the but the major maximum max or major CapEx this year.

Nilopal, Analyst: Okay. So the major part of that will happen this year only?

Girish, Managing Director, Gujaratpur Pao Port Limited: Just in terms of CapEx. Yes. And then some part will will be next year.

Nilopal, Analyst: Understood. Understood. Thank you, sir. Those were my questions.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you. Achal, please go ahead.

Achal, Analyst: Yeah. Good afternoon, sir. Thank you for the opportunity. Sir, first question, if you could help us understand. Sorry.

I missed the initial couple of minutes. If you could talk about, you know, how the existing cargo growth has been for the West Coast. And, you know, have we seen a market share loss for the first quarter, sir?

Girish, Managing Director, Gujaratpur Pao Port Limited: I think I just let’s suppose I think it’s been a I mean, the growth is largely in Maharashtra for for quarter one where JMTT has grown volumes by, I think, six or 7%. Yep. Gujarat overall volumes are sort of flattish. Overall, our share is similar in nature.

Achal, Analyst: That you’re saying from a y o y perspective or q o q perspective, sir?

Girish, Managing Director, Gujaratpur Pao Port Limited: Y o y. Y o y.

Achal, Analyst: Okay. Understood. So, you know, given the number of what you mentioned in terms of our 13% of, I presume, container volumes you said from you know, are exposed to USA. Is this little higher than the peers according to you, or this is very much similar for the other ports at on the West Coast?

Girish, Managing Director, Gujaratpur Pao Port Limited: It will be much lower. We are more important every, you know, volume. It will be much lower.

Achal, Analyst: Okay. Got it. The other question I had, if I see from a container utilization perspective, how do you see that going forward? I know you don’t want to give a guidance, but broadly speaking, till the time you don’t have a visibility on concession, does it mean that there won’t be any further capacity addition likely on the container front? Is that a right understanding?

Girish, Managing Director, Gujaratpur Pao Port Limited: See, currently, I mean, we are not waiting for the concession to be extended from an investment perspective. You already know that we are investing in a liquid jetty without any clarity on concession. So our priority one is to complete g p six as we call it, which which is November, December next year. After which next year, as we get on with our analysis and assessment, we will try and understand how do we expand. But there will be expansion on the container side.

That’s without a doubt whether it will happen before ’28 or after ’28 is is yet to be decided. Our first focus is to do liquid jet expansion. And again, if it is needed, we will expand. We will not hold back CapEx as we have shown in on the liquid side.

Achal, Analyst: Fair point. Just last question, if I may, sir. In terms of the given the DFC connection is expected finally at JNPT by December or June 26, How does it affect you? You know, what percentage of our services are are also calling JNPT? If you could help us with that number, sir.

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. I don’t have that number handy, but I can tell you the only services call both Nava Sheva and and us. Some one of the double o c and vessels calls us in in Nava Sheva. So some of them is called, but, you know, the percentage, I don’t have it on.

Achal, Analyst: No. I’m just curious because once that is there, what what discharging at or picking up at JNPT be a more lucrative or cost efficient option given, you know, if these are distinct for North?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. But that no. According to me, no, simply because the railway tariffs would be higher for Nava Shiva because the distances are higher than the power. So if any exporter wants to discharge or we do imports export out of Nava Shiva and not us or Mundra for for that matter. It’ll be more expensive for them.

Achal, Analyst: Oh, I thought because of the double stacking, it will become a bit more cheaper than the I mean, more optimal double stacking in JNTT.

Girish, Managing Director, Gujaratpur Pao Port Limited: We are also double stack. So there that’s no there’s no difference on that double stacking. Instead, they’re all railways slabs are basis kilometers. So if the kilometers increase, the slabs will increase, and one has to pay more.

Achal, Analyst: Right. Sorry. I’m harping on this if I may, sir. You know, I I presume we are, like, you know, Mundra and Pipa were unable to do the the double stacking in the sense, you know, t u on a t u. Right now, it is f u on a t u as a double stack.

Is that understanding right?

Girish, Managing Director, Gujaratpur Pao Port Limited: And how does that matter?

Achal, Analyst: Then in that case, the the flexibility will be much higher to double stack all the TUs on TUs from JNPT.

Girish, Managing Director, Gujaratpur Pao Port Limited: I don’t think so. I I think you may want to check this understanding.

Achal, Analyst: Sure. Yeah. That’s why I wanted to clarify, sir. No problem, sir. Thank you so much.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you. Patricia, please go ahead.

Patricia, Analyst: Yes. Thank you so much for taking my question. So my first question would be on the on the LPG expansion. So when do we expect this LPG expansion by ABTL to complete and then the rail entry to come in? I what I sort of wanted to understand is by when did we see, you know, LPG volumes picking up at our port?

And if you could also help me with the LPG volumes for this quarter?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. So so in terms of the gantry, etcetera, will be best place to kind of answer that question. In terms of their cryogenic capacity, that is already gone live and commercial, and those facilities are being used currently. So they went live, I think, July. Yeah.

And and what’s the other question? LPG volumes. Right?

Patricia, Analyst: So The LPG volumes for the quarter?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. So we don’t we don’t really split between LPG and liquids. So the overall volumes are 417,000 metric ton for the quarter.

Patricia, Analyst: Alright. And and just just, you know, you mentioned that, you know, it’d be best to ask, I just wanted to gain sort of some understanding from you.

Nilopal, Analyst: The once the expansions happen how much time it takes for a real guided operational and then the pipeline connectivity to come in?

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: You you you broke up.

Girish, Managing Director, Gujaratpur Pao Port Limited: I I couldn’t get your question.

Achal, Analyst: Hello?

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Can you please repeat your question?

Patricia, Analyst: Yeah. So my my question was basically that that you mentioned that it would be best to, you know, consolidate ABTL on when the capacities are coming online. But I just wanted to sort of understand from a perspective. Once expansions do come online, how much time will it take for, you know, a real guarantee to be be fully functional in terms of the the construction portion and being able to get it up and running. You know, generally, what is the timeline that that we can expect for this to follow?

Girish, Managing Director, Gujaratpur Pao Port Limited: No. But maybe the the entry will be built by. So they are the best persons to answer that question. We we only have to provide space. Right?

So please ask ABTL. I will not be able to answer question on behalf of ABTL.

Patricia, Analyst: Alright. And just lastly, on on the pipeline, where do you think the pipeline should come online, the one to come online, be up and running from Deepa?

Girish, Managing Director, Gujaratpur Pao Port Limited: Our current understanding is two, three.

Patricia, Analyst: Alright. Yes. Thank you so much.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you. Mister, please go ahead with your question.

Peruno, Analyst: Hello. Hello. Can you hear me?

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Yes.

Peruno, Analyst: Yeah. So thanks for the opportunity. So regarding your guidance, the risk of so you have to assume that you’ll be in your flat year, but but there’ll be improvement in margins. Is it safe to assume that way?

Girish, Managing Director, Gujaratpur Pao Port Limited: So the guidance at least where we are sitting today, I I I can surely state that we our EBIT will expand by five to 7%. So there should be growth on the bottom line. That’s that’s what our guidance is at this point in time.

Peruno, Analyst: And, yes, I was sorry to repeat the same question. We’ve been asked couple of times in in previous call. Regarding your agreement with Gujar’s maritime board, so it’s I think it’s more than now almost six, seven years. Can you if you can throw a what’s the state status of this agreement? Because I think we’re doing a firm commitment in paper and all that.

So what is the real issue? If you can just highlight. I know it’s a the ballpark. What do you think? And do you think we get the permissions on time, sir?

Because you’re doing a CapEx. You’re doing investment there.

Girish, Managing Director, Gujaratpur Pao Port Limited: You’re talking about concession extension, Peruno?

Peruno, Analyst: Yeah. Concession yeah. Concession extension. Yeah.

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. So so, again, I mean, I I I can only say everything is going in the right direction and there are no red flags. Right? Or I can only give a firm answer as in when I receive a firm answer from GMB. It is not in our I mean, it’s it’s not in our DNA to kind of go in and then say something until I hear it from from GMB.

Right? But Okay. Can only assure you to say that all our discussions that are happening with GMB and other stakeholders are all going in the right direction. That is all that I can say at this point in time.

Peruno, Analyst: Okay, sir. Thanks. I joined the queue, sir. Thank you.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Okay. Anybody else has any questions? Mister, please go ahead.

Girish, Managing Director, Gujaratpur Pao Port Limited: Can you

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: hear me, sir?

Girish, Managing Director, Gujaratpur Pao Port Limited: Am I audible, sir? Yes. Yes. Yeah. So I joined the call late.

So what is the progress on expansion of our liquid jetting? And is it how much CapEx we have done on that jetty? And the schedule of scheduled timeline for completion? So so we will complete our liquidity November, December 2026 in terms of CapEx. Most of the CapEx will be expensed between now and end of this year.

Some part or majority will be expensed this year. We expect to close it complete the dredging by January, and then some part of the CapEx will happen next year. So all of it will be financed through internal accruals only. Right? Yes.

Yes. Okay. Thank you, sir.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you.

Nilopal, Analyst: Hi, sir. Thank you for the opportunity again. Just wanted to check with you on the railway coefficient. We have seen it declining on a year on year basis despite DFC. Can you help us understand the reasons for the same?

Girish, Managing Director, Gujaratpur Pao Port Limited: Okay. There’s a minor decline. It also reflects a little bit more increase in Okay. Road traffic, which is which is Gujarat market. So there’s a little bit of expansion there, but there’s nothing much to read into it at least at this point in time.

Nilopal, Analyst: Okay. So thank you.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: I think the Mongia, please go ahead.

Mongia, Analyst: Thanks, man. Thanks, Manish and team, for the opportunity. See, I just wanted to get a slight bit better understanding of the liquid business. The assumption should be that you would be adding about 300 in terms of capacity, which will be one third utilized in year one, and year one could be full year could be FY ’28. Am I right in assuming what I’m assuming?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yes. I mean Okay.

Mongia, Analyst: And

Girish, Managing Director, Gujaratpur Pao Port Limited: what? Conservative. So let me just put it. This is a little bit conservative estimates. Okay?

Mongia, Analyst: K. Could you also give us a better sense of of what are the so let’s say with the pipeline coming in with the customer being there, how strong is our mode to kind of keep on doing the CapExes beyond this one, the liquid?

Girish, Managing Director, Gujaratpur Pao Port Limited: Sorry. I didn’t understand. How’s I didn’t understand the question.

Mongia, Analyst: Maybe Given that the pipeline is coming in, the customer is a a growth customer over here, how do you see through CapExes happening on the liquid side beyond this this this level of CapEx?

Girish, Managing Director, Gujaratpur Pao Port Limited: Liquid. Specific to liquid? Your question is very specific to liquid? It is specific to liquid. Yeah.

No. So I think our capacity would be about 5.2, which I think in the near term or medium term is good enough. We may have to I mean, one jetty will be fully VLGC compliant, the new one. The other one is partial VLGC compliant. What we we may have to do is that ensure that we have two jetties which are both fully VLGC compliant.

So that’s what we will need to do. So my expectation is, at least in the medium term, we will have two jetties of liquid of about 6,400,000 metric tons capacity for fully VLGC compliant. That’s how I see it.

Mongia, Analyst: Understood. And will the real

Girish, Managing Director, Gujaratpur Pao Port Limited: Sorry. Go ahead.

Mongia, Analyst: That that answers. Thanks. Just a clarification. On the new CapEx and on the new capacity, would would the realization for your value addition be any different, or should one just extrapolate the 600 to 650 rupees realization currently?

Girish, Managing Director, Gujaratpur Pao Port Limited: I think the realization is is is also basis our mix. I would argue that as we move forward, our LPG will grow vis a vis as a percentage vis a vis the others. So the expectation is that our realization will also grow beyond 600 to $6.50.

Mongia, Analyst: Those are my questions. Thank you for your answers, sir.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you, Aditya. Mister Ripul Kumar Shah, you have some question? Mister Paramahamikani, please go ahead.

Peruno, Analyst: Yeah. Hello?

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Yeah.

Peruno, Analyst: Can you hear me?

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Yes, sir.

Peruno, Analyst: Just want to understand the conduct of pipelines. At what stage it’s currently and when do you see the exact benefits going to us as well as the DMCC, sir, the dedicated credit corridor, how do you see that helping out going forward?

Girish, Managing Director, Gujaratpur Pao Port Limited: So your first question is about KGB. Right? Yeah, sir. Yeah, sir. So, yeah, I expect, you know, at least what we we hear from NHP is around q three of this this this financial year.

In terms of impact, I mean, it it helps in evacuation, right, and opens up also other some other markets, especially Central India. So so we do expect growth of the LPG volume, and that’s one of the big basis why we are coming up with this new liquid check here.

Peruno, Analyst: Okay. And so with the dedicated trade counter, are we is it would it benefit us going in terms of margin wise since it’s coming near completion?

Girish, Managing Director, Gujaratpur Pao Port Limited: No. No. For us, DFC has been completed long time back. We’ve been on DFC. We were the first time on DFC.

So there’s no no additional DFC coming. That’s the DFC that we are we are on.

Peruno, Analyst: Okay. And so you maintain the dividend guidelines, right, which is you will payout?

Girish, Managing Director, Gujaratpur Pao Port Limited: Yeah. Yeah. We maintain. We’ve already last in the last call, I told you about the board’s recommendation. We have our AGM on Fourth.

Fourth September, and that’s when, you know, we hopefully, it’s it’s approved by the AGM and we’ll be announced.

Peruno, Analyst: Okay. Thank you. Thank you. And all the best, sir. Thank you.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you. Achin, please go ahead with your question.

Achal, Analyst: Yeah. Thank you once again, sir, for the follow-up. Sir, just wanted to check, you know, in terms of our port area, how much is already utilized by us as well as the lease what you have given?

Girish, Managing Director, Gujaratpur Pao Port Limited: It’s a good question, Achal. I I don’t have it handy.

Achal, Analyst: No problem, sir. The second I have, you know, in terms of our total revenue, how much will be dollar denominated or dollar linked? Would that be 65%?

Girish, Managing Director, Gujaratpur Pao Port Limited: That’s right. That’s right. Because the country business is dollar linked and, you know, marine services for 65% of that.

Achal, Analyst: Understood. Understood. And there is no further price hike or tariff hike we have taken since January. Right? I mean, January was the last one, if I remember right?

Ketan, Analyst: You’re right.

Achal, Analyst: Got it. So whatever realization increase, what we are seeing is largely stable, actually, on a quarter or quarter q o q basis. Understood. Alright, sir. That those were my two questions.

Thank you so much, sir.

Manish Agnihotri, Company Secretary, Gujaratpur Pao Port Limited: Thank you, Achal. Anybody has any other questions? Doesn’t seem to be the case. So thank you very much, and have a good day. Thank you, everyone.

You.

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