** Shares of Gujarat Pipavav Port NSE:GPPL fall 2% to 154.2 rupees
** Port operator posts nearly 5% y/y decline in Q1 consol net profit; consol rev from ops rises nearly 2% y/y
** HSBC downgrades to "reduce" from "hold"; cuts PT to 135 rupees from 140 rupees, implying 14% downside from last close
** Cites container recovery dented by 50% U.S. tariff on Indian goods
** Jefferies says EBITDA missed estimates
** Flags uncertainty on concession period and potential market share losses to western ports
** GPPL rated "hold" by 10 analysts on average; median PT is 154 rupees – data compiled by LSEG
** Stock down 15.4% YTD