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Gateway Distriparks -Improved performance…
Gateway Distripark’s (GDL) numbers for Q3FY11 were better than our
estimates, on the back of more than expected improvement in EBITDA
margins and profit from the rail business at the net level. In Q3FY11, the
total income from operations of the GDL group increased 23.0% YoY
and 14.1% QoQ to | 157.8 crore while the net profit increased by 40%
YoY and 36.6% QoQ to | 28.0 crore. The rail business continued to show
improvement and in Q3FY11 reported profit at the net level to the tune
of | 0.30 crore.
Highlights of the quarter
ƒ On the back of a healthy operational performance, the EBITDA
margin increased by 309 bps YoY to 28.1%
ƒ The total CFS segment throughput was 86636 TEUs, which was
12.1% higher YoY and 3.8% higher QoQ. Realisations stood at |
7620 per TEU
ƒ The rail segment throughput was 34494 TEUs, which was 20.2%
higher YoY and 9.3% higher QoQ. Realisations stood at | 23924 per
TEU. The rail business reported profit at the net level to the tune of |
0.30 crore
Valuation
In Q3FY11, GDL reported a healthy performance in the CFS segment,
especially in the highly competitive Mumbai CFS (1 & 2). Furthermore, the
company was able to report the turnaround of the rail segment. Going
forward, within the rail segment, the company is planning to increase its
share in the more profitable Exim segment (in Q3FY11, Exim share was
65%), which augurs well for the future. We believe GDL will register
growth of 14.0% and 12.2% CAGR in topline and bottomline, respectively,
during FY10-FY12E. We have maintained BUY recommendation on the
stock with a price target of | 120, 13.0x FY12E EPS of | 9.2.
Performance highlights of CFS segment for Q3FY11
ƒ Volumes at the Mumbai (CFS 1 and 2) stood at 61,743 TEUs, higher
by 15.4% YoY and 9.6% QoQ
ƒ Chennai CFS volumes stood at 17,691 TEUs, higher by 5.6% YoY but
declined 10.4% QoQ. The Vishakhapatnam/Kochi CFS volumes stood
at 7,206 TEUs, higher by 2.5% YoY but lower by 2.8% QoQ
ƒ The realisation stood at | 7,620 per TEU, an increase of 10.9% YoY
and 16.2% QoQ. This has led to an increase in the EBITDA margin of
this segment by 10 bps YoY and 280 bps QoQ to 49.7% in Q3FY11
Performance highlights of rail/ICD segment
ƒ During Q3FY11, the throughput from the ICD/rail segment stood at
34,494 TEUs, which was 20.2% higher YoY and 9.3% higher QoQ.
Realisations for this segment stood at | 23294 per TEU, which was
lower by 0.1% YoY and 0.1% QoQ
ƒ Income from operations from this segment stood at | 80.4 crore,
which was higher by 20.1% YoY and 9.2% QoQ. The EBITDA of this
segment stood at | 10.5 crore, which was higher by 25.3% YoY and
11.2% QoQ
ƒ EBITDA margin of this segment stood at 13.1%, which was higher by
50 bps YoY and 20 bps QoQ
Valuation
In Q3FY11, GDL reported a healthy performance in the CFS segment,
especially in the highly competitive Mumbai CFS (1 & 2). Furthermore, the
company was able to report a turnaround in the rail segment. Going
forward, within the rail segment, the company is planning to increase its
share in the more profitable Exim segment (in Q3FY11, Exim share was
65%), which augurs well for the future. We believe GDL will register
growth of 14.0% and 12.2% CAGR in topline and bottomline, respectively,
during FY10-FY12E. We have maintained our BUY recommendation on
the stock with a price target of | 120, 13.0x FY12E EPS of | 9.2.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Gateway Distriparks -Improved performance…
Gateway Distripark’s (GDL) numbers for Q3FY11 were better than our
estimates, on the back of more than expected improvement in EBITDA
margins and profit from the rail business at the net level. In Q3FY11, the
total income from operations of the GDL group increased 23.0% YoY
and 14.1% QoQ to | 157.8 crore while the net profit increased by 40%
YoY and 36.6% QoQ to | 28.0 crore. The rail business continued to show
improvement and in Q3FY11 reported profit at the net level to the tune
of | 0.30 crore.
Highlights of the quarter
ƒ On the back of a healthy operational performance, the EBITDA
margin increased by 309 bps YoY to 28.1%
ƒ The total CFS segment throughput was 86636 TEUs, which was
12.1% higher YoY and 3.8% higher QoQ. Realisations stood at |
7620 per TEU
ƒ The rail segment throughput was 34494 TEUs, which was 20.2%
higher YoY and 9.3% higher QoQ. Realisations stood at | 23924 per
TEU. The rail business reported profit at the net level to the tune of |
0.30 crore
Valuation
In Q3FY11, GDL reported a healthy performance in the CFS segment,
especially in the highly competitive Mumbai CFS (1 & 2). Furthermore, the
company was able to report the turnaround of the rail segment. Going
forward, within the rail segment, the company is planning to increase its
share in the more profitable Exim segment (in Q3FY11, Exim share was
65%), which augurs well for the future. We believe GDL will register
growth of 14.0% and 12.2% CAGR in topline and bottomline, respectively,
during FY10-FY12E. We have maintained BUY recommendation on the
stock with a price target of | 120, 13.0x FY12E EPS of | 9.2.
Performance highlights of CFS segment for Q3FY11
ƒ Volumes at the Mumbai (CFS 1 and 2) stood at 61,743 TEUs, higher
by 15.4% YoY and 9.6% QoQ
ƒ Chennai CFS volumes stood at 17,691 TEUs, higher by 5.6% YoY but
declined 10.4% QoQ. The Vishakhapatnam/Kochi CFS volumes stood
at 7,206 TEUs, higher by 2.5% YoY but lower by 2.8% QoQ
ƒ The realisation stood at | 7,620 per TEU, an increase of 10.9% YoY
and 16.2% QoQ. This has led to an increase in the EBITDA margin of
this segment by 10 bps YoY and 280 bps QoQ to 49.7% in Q3FY11
Performance highlights of rail/ICD segment
ƒ During Q3FY11, the throughput from the ICD/rail segment stood at
34,494 TEUs, which was 20.2% higher YoY and 9.3% higher QoQ.
Realisations for this segment stood at | 23294 per TEU, which was
lower by 0.1% YoY and 0.1% QoQ
ƒ Income from operations from this segment stood at | 80.4 crore,
which was higher by 20.1% YoY and 9.2% QoQ. The EBITDA of this
segment stood at | 10.5 crore, which was higher by 25.3% YoY and
11.2% QoQ
ƒ EBITDA margin of this segment stood at 13.1%, which was higher by
50 bps YoY and 20 bps QoQ
Valuation
In Q3FY11, GDL reported a healthy performance in the CFS segment,
especially in the highly competitive Mumbai CFS (1 & 2). Furthermore, the
company was able to report a turnaround in the rail segment. Going
forward, within the rail segment, the company is planning to increase its
share in the more profitable Exim segment (in Q3FY11, Exim share was
65%), which augurs well for the future. We believe GDL will register
growth of 14.0% and 12.2% CAGR in topline and bottomline, respectively,
during FY10-FY12E. We have maintained our BUY recommendation on
the stock with a price target of | 120, 13.0x FY12E EPS of | 9.2.
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