Capitaline

Results 27-Apr-22

Analysis

Gateway Distriparks

Net up 85% thanks to higher OI, EO income and lower tax

Consolidated net sales (including other operating income) of Gateway Distriparks has increased 3% to Rs 359.05 crore. Operating profit margin has declined by 80 bps to 26.4%, leading to 0.40% decline in operating profit to Rs 94.90 crore. Employee cost decreased from 5.96% to 5.52%. Other expenses rose from 66.84% to 68.05%. Other direct service cost rose from 60.21% to 60.78%.

Other income excluding Rs 12 crore of one off Income, more than doubled (up 109%) to Rs 5.98 crore. Provision for interest fell 6.57% to Rs 16.21 crore. PBDT rose 19.66% to Rs 96.67 crore. Provision for depreciation fell 10.32% to Rs 28.85 crore due to surrender of PunjabConware CFS. Profit before tax grew 15% to Rs 55.82 crore. EO income of Rs 12 crore for Q4FY22 on account of profit from sale of land (small parcel of land acquired by Haryana government in Garhi Harsaru for a road project). PBT after EO was up 39% to Rs 67.82 crore.

Provision for tax was credit of Rs 17.43 crore, compared to debit of Rs 2.18 crore. Effective tax rate was negative 25.72% compared to 4.50%. Thus PAT was up 84% to Rs 85.25 crore. Share of profit/loss was 81.82% higher at Rs -0.04 crore. Minority interest decreased 38.71% to Rs 0.19 crore. Net profit attributable to owners of the company increased 85% to Rs 85.02 crore.

Yearly performance

Consolidated net sales (including other operating income) of Gateway Distriparks has increased 16% to Rs 1373.66 crore. Operating profit margin has jumped from 26.54% to 26.83%, leading to 17.76% rise in operating profit to Rs 368.54 crore. Employee cost decreased from 5.73% to 4.79%. Other expenses rose from 67.73% to 68.38%. Other direct service cost rose from 60.22% to 61.39%.

Other income rose 87% to Rs 21.16 crore. PBIDT rose 23.87% to Rs 401.7 crore. Provision for interest fell 18.60% to Rs 64.7 crore. PBDT rose 37.65% to Rs 337 crore. Provision for depreciation fell 2.85% to Rs 127.67 crore. PBT before EO was up 74% to Rs 197.33 crore. EO income of Rs 12 crore for Q4FY22 on account of profit from sale of land (small parcel of land acquired by Haryana government in Garhi Harsaru for a road project). Profit before tax grew 84.59% to Rs 209.33 crore. Provision for tax was credit of Rs 13.7 crore, compared to debit of Rs 18.98 crore. Effective tax rate was negative 6.52% compared to 16.73%. PAT was up 136% to Rs 223.03 crore. Share of profit/loss was 1,216.67% higher at Rs 0.79 crore. Net profit attributable to owners of the company increased 136.94% to Rs 223.79 crore.

Other developments

CFS throughput for Q4FY22 was down by 6% to 87487 TEUs and that for FY22 was up 17% to 373906 TEUs.

Rail business throughput was up 16% (to 90385 TEUs) and 34% (333270 TEUs) respectively for Q4FY22 and FY22.

Equity capital stood at Rs 49,964.38 crore as of 31 March 2022 to Rs 49,964.38 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 32.12% as of 31 March 2022.

Pursuant to the approval by the Board of Directors in their meeting held on April 26, 2022, the Company has declared first interim dividend for the financial year 2022- 23 of 12.50% (INR 1.25 per equity share) on the equity share capital aggregating INR 6,245.55 lakhs, subject to deduction of tax at source.

Loan funds declined from Rs 71,789.29 crore as of 31 March 2021 to Rs 61,943.42 crore as of 31 March 2022. Sundry debtors were lower at Rs 11,848.64 crore as of 31 March 2022 compared to Rs 12,994.87 crore as of 31 March 2021. Cash and bank balance rose to Rs 19,032.20 crore as of 31 March 2022 from Rs 11,296.07 crore as of 31 March 2021. Investments rose to Rs 14,108.11 crore as of 31 March 2022 from Rs 14,030.77 crore as of 31 March 2021. Fixed assets declined from Rs 1,57,104.45 crore as of 31 March 2021 to Rs 1,49,675.69 crore as of 31 March 2022. Intangible assets stood at Rs 30,315.42 crore.

Cash flow from operating activities increased to Rs 363.40 crore for year ended March 2022 from Rs 307.63 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 59.34 crore, compared to Rs 38.82 crore during the year ended March 2021.

Gateway Distripark(formerly Gateway Rail Freight): Consolidated Results
	2203 (3)	2103 (3)	Var. (%)	2203 (12)	2103 (12)	Var. (%)
Sales	359.05	350.25	3	1373.66	1179.32	16
OPM (%)	26.4	27.2		26.8	26.5
OP	94.90	95.28	0	368.54	312.97	18
Other inc.	5.98	2.86	109	21.16	11.33	87
PBIDT	100.88	98.14	3	389.70	324.31	20
Interest	16.21	17.35	-7	64.70	79.48	-19
PBDT	84.67	80.80	5	325.00	244.83	33
Dep.	28.85	32.17	-10	127.67	131.42	-3
PBT before EO	55.82	48.62	15	197.33	113.41	74
EO Income	12.00	0.00		12.00	0.00
PBT after EO	67.82	48.62	39	209.33	113.41	85
Taxation	-17.43	2.18	LP	-13.70	18.98	LP
PAT	85.25	46.44	84	223.03	94.43	136
Share of P/L from associate	-0.04	-0.22	-81	0.79	0.06	999
Net profit	85.21	46.23	84	223.82	94.49	137
Minority Interest (MI)	0.19	0.31	-39	0.03	0.03
Net profti (After MI)	85.02	45.91	85	223.79	94.45	137
EPS (Rs)*	#	#		4.2	1.9
* EPS is on Post merger expanded equity of Rs 499.64 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business, PL: Profit to Loss
^ Financials of erstwhile Gateway Distriparks figures as reported to stock exchanges
Figures in Rs crore
Source: Capitaline Database

Previous News

Gateway Distriparks to hold board meeting
( Corporate News - 22-Jul-22 15:08 )

Gateway Distriparks fixes record date for 2nd interim dividend
( Market Beat - Reports 06-Feb-23 14:13 )

Gateway Distriparks director resigns
( Corporate News - 09-Apr-24 16:03 )

Gateway Distriparks
( Results - Analysis 27-Apr-22 12:13 )

Gateway Distriparks fixes record date for 1st interim dividend
( Market Beat - Reports 02-Aug-23 14:07 )

Gateway Distriparks schedules AGM
( Corporate News - 24-Aug-23 18:07 )

Gateway Distriparks expands its container train fleet
( Corporate News - 15-Dec-23 10:28 )

Gateway Distriparks
( Results - Analysis 25-Jan-23 12:31 )

CTO throughput up 5.2%yoy in Q1FY20
( CSS News - 11-Jul-19 17:33 )

Gateway Distriparks successfully connects ICD Faridabad to Mundra Port
( Corporate News - 06-Jun-23 12:13 )

Gateway Distriparks to acquire a rail connected inland container depot
( Corporate News - 01-Nov-22 08:55 )