Gateway Distriparks Limited

CORPORATE

Gateway Distriparks Limited (GDL) Consolidated Net Profit in Q-2 down 11 % (YoY) & 15 % (QoQ) to Rs 29.8 Crore H-1 down 2.8 % to Rs 65.0 Crore

Mumbai, 5 Nov 2012: The slow-down in the global business scenario and capacity constraints at JNP (Terminal throughput stagnant at 4 Million TEUs for the last 4 years) have impacted the EXIM trade in India and the profitability of GDL group in Q-2. Consolidated Profit Before Tax (PBT) in Q-2 was Rs 41.8 Cr., taking the PBT in the first half of the year to Rs 91.6 Cr. (Down 4.5 %, YoY). Consolidated Net Profit after tax (PAT) was Rs 29.8 Cr. taking the PAT in the first half year to Rs 65.0 Cr. (Down 2.8 %, YoY).

The overall Balance sheet position remained strong. Cash and equivalent were at Rs. 174 Crores, compared to Rs. 166 Crores as on 31 March 2012. Net worth of the company increased to Rs. 1,110 Crores from Rs 1,044 Crores. Net fixed assets stood at Rs. 1,079 Crores compared to Rs 1,017 Crores at the end of FY 2012.

Interim Dividend: The Board of Directors declared an interim dividend of 40% on the equity capital (Rs 4.0 per Equity Share), which aggregates to Rs 50.4 Crores.  This follows the total dividend of 60 % (Rs 6 per Equity Share) paid for the previous financial year.

Q-2 Vs Q-1

CFS: Throughput declined 10.6 % to 82,652 TEUs. This was mainly at our Navi Mumbai CFSs (JNP). However, our Chennai & Vizag CFSs have improved the performances, resulting in EBITDA going down just 4.2 % to Rs 40.9 Cr. and PBT down 4.6 % to Rs 35.7 Cr. PAT was up 1.3 % to Rs 25.8 Cr.  

Rail: Throughput was down 15.1 % to 51,788 TEUs. This, coupled with imbalance of EXIM trade at the Gateway Ports, has resulted in a 25.8 % drop in EBITDA from Rs 21.4 Cr. to Rs 15.8 Cr. PBT & PAT were down 64 % to Rs 3.1 Cr. & Rs 3 Cr. respectively.

Cold Chain: EBITDA grew 3 % Rs 5.5 Cr. However, due to higher interest & depreciation as a result of rapid addition of capacities, PBT went down 16.6 % to Rs 3 Cr. and PAT – after minority interest - down 19.4 % to Rs 1 Cr. 

Commenting on the results, Mr Gopinath Pillai, Chairman, Gateway Distriparks Limited said “GDL group has performed reasonably well in the challenging environment. It could have been better but for the setbacks in our Rail business due to the general economic slow-down and the imbalance in EXIM trade. Further, the delay in start-up of rail operations at Faridabad had an impact on the profitability. While this business scenario could continue in the medium term, GDL, as a group, is confident of improved performance with the commissioning of warehouses at Navi Mumbai & Kochi CFSs in Q-3 and commencement of rail operations at Faridabad in Q-4. Snowman is on target to more than double the present capacity within the next year”.    

RESULTS AT A GLANCE (Amount - Rs. Crores)

		2011-12				2012-13
Sl.	P B T	Q-1	Q-2	H-1		Q-1	Q-2	H-1
A	CFS	41.58	39.88	81.46		37.44	35.70	73.14
B	Rail	4.66	5.25	9.91		8.71	3.11	11.82
C	Cold Chain	2.25	2.27	4.52		3.62	3.02	6.64
	GDL Group	48.49	47.40	95.89		49.77	41.83	91.60
	PAT
A	CFS	28.05	27.63	55.68		25.41	25.75	51.16
B	Rail	4.55	5.12	9.67		8.50	3.03	11.53
C	Cold Chain	0.77	0.79	1.56		1.29	1.04	2.33
	GDL Group	33.37	33.54	66.91		35.20	29.82	65.02

                                                       

About Gateway Distriparks Limited 

Gateway Distriparks Ltd is a Container logistics company with Pan-India presence providing Container Freight Station (CFS) and Inland Container Depot (ICD) services. GDL operates two large CFSs at JNPT and CFSs at Chennai, Vizag & Kochi. GDL operates cold chain logistics business through its subsidiary, Snowman Logistics Limited (SLL), a JV with Mitsubishi Group and through another subsidiary, Gateway Rail Freight Limited (GRFL) operates own container trains and Rail-ICDs near Gurgaon, Ludhiana & Faridabad.