Gateway Distriparks Q3 profit rises 15 pc to Rs 55.3 crore

NewsDrum Desk
24 Jan 2023

Mumbai, Jan 24 (PTI) Inter-modal logistics firm Gateway Distriparks Ltd (GDL) on Tuesday reported a 15 per cent growth in its profit after tax at Rs 55.3 crore in December quarter over the same period last year.

The company had recorded a PAT (profit after tax) of Rs 47.92 crore in the third quarter of FY22, GDL said in a statement.

The revenue during Q3FY23 stood almost flat at Rs 269.50 crore in comparison to Rs 267.35 crore clocked in the December quarter of the previous fiscal.

Besides, both rail and CFS (container freight station) businesses saw a dip in the volume with rail throughput declining 7.79 per cent at 78,617 TEUs (Twenty-foot Equivalent Unit) and CFS throughput falling 16 per cent at 89,820 TEUs in the third quarter of the current fiscal over Q3FY22, the company said.

The company said the PAT continues to show a healthy growth as it continues to reduce its debt but attributed the fall in the cargo volume to "global macroeconomic situation".

"Due to the global macroeconomic situation, there is a dip in throughput in Q3 particularly in the export direction. Further, track upgradation work was taking place in NCR throughout the month of December, leading to slower running of trains and reduced double stack and hub and spoke operations of the company," said Prem Kishan Gupta, Chairman and managing Director, Gateway Distriparks Ltd.

The revenues appear to be flat as last year due to Punjab Conware CFS numbers being included in Q3 FY22, he added The company also completed its acquisition of Kashipur Infrastructure Freight Terminal (KIFTPL) on December 23 last year and has started regular train services between Kashipur and Mundra, Pipavav and Nhava Sheva.

Currently, KIFTPL was only earning the terminal income but from Q4 onwards Gateway Distriparks will earn the entire revenue for rail and terminal services, Gupta said.

The construction at the proposed inland container depot in Jaipur remains in progress and the terminal is expected to be operational in the third quarter of next fiscal, he said and added that the company is also actively looking to set up two more terminals by FY25. PTI IAS HVA

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