Gujarat Pipavav Port Ltd. handled 1.86 lakh TEUs containers in the September quarter, an increase of 18.5 percent from the September 2021 quarter. However, on a quarter-on-quarter basis, the numbers are flat.
In logistics terms - TEU stands for Twenty-Foot Equivalent Unit, which represents an inexact unit of cargo capacity. TEU is often used for container ships and container ports.
Here are some other highlights from its business update:
Shares of Gujarat Pipavav are trading little changed at Rs 86.50 as of Noon.
In February this year, Gujarat Pipavav's Managing Director Jakob Friis Sorensen said that recovery was taking a lot longer than expected.
“I do think there is light at the end of the tunnel but it is taking a lot longer than we all hope for with the recovery. There is a whole global disruption of international transportation,” Sorensen told CNBC-TV 18.
“The last two quarters (of the previous financial year) were flat on container business, although we have gained 3 new waterfront customers, they are struggling. I think on the waterfront, there is not much that we can do directly but on the land side we are working intensely with all our stakeholders to drive the business and to ease the supply chain,” Sorensen said.
On a year-to-date basis, Gujarat Pipavav shares are down 12 percent.
(Edited by : Rukmani Krishna)
First Published: Oct 12, 2022 12:02 PM IST
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