Gateway Distriparks Clocks 190% Growth In Q3 Total Income
Gateway Rail Freight Ltd recorded total income of Rs 214 crore for the quarter as against Rs 193 crore for the same period in the previous year.
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Logistics major Gateway Distriparks Ltd (GDL) on Wednesday reported consolidated total income of Rs 305 crore in the October to December quarter as against Rs 105 crore in the same period of last year, marking a growth of 190 per cent.
The earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 210 per cent to Rs 66 crores for the Q3 current year from Rs 21 crores in Q3 previous year. The increase was due to the consolidation of results as GDL increased its shareholding in Gateway Rail. GDL's consolidated profit before tax reduced by 26 per cent to Rs 14.4 crore from Rs 19.5 crore while profit after tax before minority increased to Rs 16.4 crore from Rs 16.3 crore in the corresponding quarter of the previous year.
Meanwhile, Gateway Rail Freight Ltd recorded total income of Rs 214 crore for the quarter as against Rs 193 crore for the same period in the previous year.
EBITDA increased to Rs 45 crore from Rs 36 crore and profit before tax increased to Rs 20 crore from Rs 17.7 crore while profit after tax increased to Rs 19 crore from Rs 16 crore in the corresponding quarter of previous year.
Chairman and Managing Director Prem Kishan Gupta said the company is on track towards debt reduction strategy by completing the transaction for sale of Chandra CFS and entering into a share purchase agreement for sale of our entire stake in Snowman Logistics, which is expected to be closed during the financial year.
"Now GDL will focus on unifying its operations between the container freight stations, inland container depots and rail businesses. This will bring efficiencies by leveraging our combined assets and management, as well as allow us to offer solutions to our customers on a single platform," he said in a statement.
Gateway Rail is India's largest private intermodal operator providing rail transport service through four inland container depots at Gurgaon, Faridabad, Ludhiana, Ahmedabad and a domestic container terminal at Navi Mumbai.
GDL and Gateway Rail together have a capacity to handle over two million TEUs (twenty-foot equivalents) per annum with 31 train sets and 500-plus trailers across 11 container terminals.