Cost rationalisation continues to bear fruits; brokerage continues to maintain Buy

Gujarat Pipavav Port (GPPV IN, INR 164, Buy) Key highlight of Gujarat Pipavav Port’s (GPPV) Q4FY17 result was sustained EBITDA margin improvement (up 370bps YoY) trend, predominantly led by cost tightening measures. Despite ~20% YoY dip in dry bulk volumes and 11% drop in container volumes (158k TEUs versus 177k TEUs last year), revenue grew 8% YoY as realisations (implied) improved 22% YoY on...