Q1 concall notes, growth will remain muted until their LPG unit commercializes in FY27.
FY25Q1
- Reason for revenue decline (but profits being maintained): EPC and wharfage business declined, these are not very profitable. Wharfage collection is offered as a service to customers and is done on pass through basis
- Chemicals: expect growth from Q3 and FY25 sales to grow by 8-10%, 8-9% EBITDA and 6% PAT margin. Exploring new products (methyl benzoate, derivatives of lube oil additives)
- Operating at full utilizations across ports, growth will be 7-8% based on rental price increase (taken in April). Expect approval in JNPT to build new tanks
- JNPT LPG: Expected commercialization in October 2026 (capacity: 64,000 MTPA) at one go (and not in phases) and will cost 700-750 cr.
Disclosure: Not invested (no transactions in last-30 days)
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