Revenue from operations grew by 6.9% year on year to Rs 234.73 crore in the quarter ended 31 March 2023.

Profit before exceptional items and tax was at Rs 129.75 crore in Q4 FY23, registering a growth of 21.56% as against Rs 106.74 crore posted in Q4 FY22. The company reported an exceptional item of Rs 49.77 crore during the March quarter due to losses from cyclone Tauktae.

On full year basis, the company's consolidated net profit jumped 58.7% to Rs 313.14 crore on 23.7% rise in revenue from operations to Rs 916.95 crore in FY23 over FY22.

Meanwhile, the company's board has recommended a final dividend of Rs 3.40 per equity share for FY23, subject to the approval by the shareholders.

Gujarat Pipavav Port has been operating the Pipavav port in Saurashtra, Gujarat, since 1998. It has exclusive rights to develop and operate facilities of APM Terminals in Pipavav until September 2028, according to a concession agreement with Gujarat Maritime Board and the government of Gujarat. The company handles four cargo types: container, dry bulk, liquid bulk, and RoRo.

Shares of Gujarat Pipavav Port slipped 4.14% to Rs 110 on the BSE.