Capitaline

Results 10-Nov-22

Analysis

Gateway Distriparks

Net up 26% largely driven by lower interest and depreciation

Consolidated net sales (including other operating income) of Gateway Distriparks for the quarter ended Sep 2022 has increased 6.97% to Rs 359.13 crore. For Q2FY23, while the CFS volume was down 13% to 92767 TEUs and the Rail volume was up 10% to 90208 TEUs. Operating profit margin has declined from 27.10% to 26.70%, leading to 5.36% rise in operating profit to Rs 95.88 crore. Employee cost decreased from 4.49% to 4.37%. Other expenses rose from 68.41% to 68.93%. Other direct service cost rose from 61.08% to 62.53%. Other income fell 51.74% to Rs 2.78 crore. PBIDT rose 1.96% to Rs 98.66 crore. Provision for interest fell 31.32% to Rs 11.27 crore. PBDT rose 8.76% to Rs 87.39 crore. Provision for depreciation fell 18.99% to Rs 26.66 crore. Profit before tax grew 28.01% to Rs 60.73 crore. Share of profit/loss was 414.29% higher at Rs 1.08 crore. Provision for tax was expense of Rs 2.28 crore, compared to Rs 0.74 crore. Effective tax rate was 3.69% compared to 1.55%. Net profit attributable to owners of the company increased 25.79% to Rs 59.06 crore.

Half yearly performance

Consolidated net sales (including other operating income) has increased 5.64% to Rs 702.88 crore. For H1FY23 the CFS volume was down 13% and the rail volume was up 12%.

Operating profit margin has declined from 27.08% to 26.08%, leading to 1.73% rise in operating profit to Rs 183.29 crore. Employee cost decreased from 4.63% to 4.62%. Other expenses rose from 68.29% to 69.31%. Other direct service cost rose from 61.38% to 62.41%.

Other income fell 25.68% to Rs 6.25 crore. PBIDT rose 0.51% to Rs 189.54 crore. Provision for interest fell 28.81% to Rs 23.05 crore. Loan funds remained nil.

PBDT rose 6.59% to Rs 166.49 crore. Provision for depreciation fell 20.22% to Rs 52.17 crore.

Profit before tax grew 25.89% to Rs 114.32 crore. Share of profit/loss was 287.23% higher at Rs 1.82 crore. Provision for tax was credit of Rs 1.84 crore, compared to debit of Rs 0.78 crore. Effective tax rate was negative 1.58% compared to 0.85%.

Net profit attributable to owners of the company increased 28.87% to Rs 116.64 crore.

Management Comments :
Mr. Prem Kishan Dass Gupta, Chairman & Managing Director, commented, “The rail vertical has shown a growth of 11.6% in volume and 8.4% in revenue for H1 FY23 against H1 FY22 and continues to be the driver for the company. On a consolidated basis, the revenue has increased but volumes are lower on account of the company’s O&M term expiring at Punjab Conware CFS in January 2022. He also updated on the expansion plans of the company, “In September 2022, the company had acquired 30 acres of land for a greenfield ICD at Jaipur, for which the construction has already started. The company has also signed a Share Purchase Agreement for acquisition of an ICD in Kashipur, which is expected to close by December 2022. With these two new terminals, our presence will grow to 11 locations across India and will lead to an increase in our volumes and profitability. We will also continue to grow at our existing locations.”

Gateway Distriparks : Consolidated Results

	Quarter ended			Year to Date			Year ended
Particulars	202209	202109	Var.(%)	202209	202109	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	359.13	335.74	6.97	702.88	665.33	5.64	1,373.66	1,179.32	16.48
OPM (%)	26.70	27.10	-41 bps	26.08	27.08	-100 bps	26.83	26.54	29 bps
OP	95.88	91.00	5.36	183.29	180.17	1.73	368.54	312.97	17.76
Other Inc.	2.78	5.76	-51.74	6.25	8.41	-25.68	33.16	11.33	192.67
PBIDT	98.66	96.76	1.96	189.54	188.58	0.51	401.70	324.30	23.87
Interest	11.27	16.41	-31.32	23.05	32.38	-28.81	64.70	79.48	-18.60
PBDT	87.39	80.35	8.76	166.49	156.20	6.59	337.00	244.82	37.65
Depreciation	26.66	32.91	-18.99	52.17	65.39	-20.22	127.67	131.42	-2.85
PBT	60.73	47.44	28.01	114.32	90.81	25.89	209.33	113.4	84.59
Share of Profit/(Loss) from Associates	1.08	0.21	414.29	1.82	0.47	287.23	0.79	0.06	1,216.67
PBT before EO	61.81	47.65	29.72	116.14	91.28	27.23	210.12	113.46	85.19
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	61.81	47.65	29.72	116.14	91.28	27.23	210.12	113.46	85.19
Taxation	2.28	0.74	208.11	-1.84	0.78	LP	-13.7	18.98	LP
PAT	59.53	46.91	26.90	117.98	90.5	30.36	223.82	94.48	136.90
Minority Interest (MI)	0.47	-0.04	PL	1.34	-0.01	PL	0.03	0.03	0
Net profit	59.06	46.95	25.79	116.64	90.51	28.87	223.79	94.45	136.94
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	59.06	46.95	25.79	116.64	90.51	28.87	223.79	94.45	136.94
EPS (Rs)*	1.18	0.94	25.79	2.30	1.81	26.86	4.20	1.89	122.44

* EPS is on current equity of Rs 499.64 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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