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Gati Ltd has surged around 3.7% to Rs 206.70 on BSE after reporting a 117% increase in its net profit to Rs 12.49 crore for the quarter ended September 2014, as compared with a profit of Rs 5.76 crore in the corresponding quarter previous year. The company's consolidated income has increased by 13 per cent to Rs 414.91 crore from Rs 366.93 crore in the same period.
The company said that it was now delivering six million packages a month across 667 districts in the country. During the quarter under consideration, its cold chain subsidiary, Gati Kausar India Limited, had raised Rs 150 crore from Mandala Capital AG and Mandala Agribusiness Investments II Limited. Of this, Rs 30 crore had been invested in the form of equity shares and compulsory convertible preferential shares, while the remaining Rs 120 crore would be invested in the form of non-convertible bonds.
“The investment in Gati Kausar will give us the impetus to position ourselves as the end-to-end solution provider for the cold chain industry. We are confident that with the expansion in the cold warehouses in the country in the next 3 years, we will emerge leaders in this sector too,” Gati founder and chief executive officer, Mahendra Agarwal, stated in a press release on Wednesday.
Till 10:05 AM, the shares have hit a high of Rs 212.30 after opening at Rs 204 and around 2,87,000 shares have changed hands on BSE and NSE combined.
