 "Logistics firm Gateway Distriparks Q1 PAT grows to Rs 63.72 cr")
Logistics operator Gateway Distriparks Ltd (GDL) on Wednesday reported a 9 per cent growth in Profit After Tax (PAT) at Rs 63.72 crore in the June quarter.
The company had posted a PAT of Rs 58.45 crore in the April-June period a year ago.
Total revenue during the quarter under review rose 8 per cent at Rs 374.85 crore against Rs 347.23 crore in the year-ago period, the company said in a statement.
During the June quarter, rail volume stood at 89,939 TEUs, a growth of 4.96 per cent over 85,686 TEUS handled in Q1FY23, it said.
Container Freight Station (CFS) business, however, recorded a 3.42 per cent decline in volume at 89,958 TEUS in the June quarter in comparison to 92,973 TEUS in the June quarter of the last fiscal, GDL said.
"Train running was impacted this quarter by the Biparjoy cyclone when the rail network and port operations were shut for some time in Gujarat, along with some double stack restrictions imposed temporarily by the Indian Railways during the quarter as well," Prem Kishan Gupta, Chairman and Managing Director of GDL, said.
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The volumes, however, have been catching up and the company has started seeing signs of improvement in the export volumes as well, which have been low in the last few quarters due to lesser demand in Western Europe and North America, especially for retail products manufactured in India for those markets, he said.
"As the overall EXIM demand continues to grow, we are now adding three trains to our fleet over the next six months," Gupta said.
On the expansion front, "we are also on track to finalise new locations in the hinterland to expand our container terminal network," he added.