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Performs well…
Gateway Distriparks’ (GDL) numbers for Q4FY11 were higher than our
estimates, on the back of a better-than-expected improvement in EBITDA
margins, higher volumes and notable profit at the net level from the rail
business. In Q4FY11, total income from operations of the GDL group
increased by 24.7% YoY and 7.0% QoQ to | 168.8 crore while the net
profit increased by 38.2% YoY and 25.0% QoQ to | 35.0 crore. In
Q4FY11, the rail business reported profit at the net level to the tune of |
3.80 crore.
Highlights for the quarter
๔ On the back of a healthy operational performance and improved
volumes, the EBITDA margin increased by 350 bps QoQ and 525
bps YoY to 31.6%
๔ The total CFS segment throughput was 87,522 TEUs, which was
18.6% higher YoY and 1.0% higher QoQ. Realisations stood at |
8068 per TEU
๔ The rail segment throughput was 36,822 TEUs, which was 16.3%
higher YoY and 6.7% higher QoQ. Realisations stood at | 22,872 per
TEU
Valuation
In Q4FY11, GDL reported a healthy performance on the back of higher
volumes and better then expected EBITDA margins. Going forward,
within the rail segment, the company is planning to increase its share in
the more profitable Exim segment (in Q4FY11, Exim share was 70%). This
augurs well for the future. However, the overall tax rate is expected to
increase in FY12E and FY13E as the standalone business is expected to
come under the full tax rate (with the tax holiday period getting over in
FY11). This is expected to result in a decline in the PAT margin. We have
a HOLD recommendation on the stock with a price target of | 127, 13.0x
FY13E EPS of | 9.8.
Performance highlights of CFS segment for Q4FY11
a. Volumes at the Mumbai (CFS 1 and 2) stood at 60,797 TEUs, higher
by 21.8% YoY but lower by 1.5% QoQ
b. Chennai CFS volumes stood at 18,477 TEUs, higher by 8.5% YoY and
4.4% QoQ. The Vishakhapatnam/Kochi CFS volumes stood at 8248
TEUs, higher by 21.1% YoY and 14.5% QoQ
c. The realisation stood at | 8,068 per TEU, an increase of 15.1% YoY
and 5.9% QoQ. This led to an increase in the EBITDA margin of this
segment by 130 bps YoY and 340 bps QoQ to 53.1% in Q4FY11
Performance highlights of rail/ICD segment
a. During Q4FY11, the throughput from the ICD/rail segment stood at
36,822 TEUs, which is 16.3% higher YoY and 6.7% higher QoQ.
Realisations for this segment stood at | 22872 per TEU, which was
lower by 6.7% YoY and 1.8% QoQ
b. Income from operations from this segment stood at | 84.2 crore,
which was higher by 8.5% YoY and by 4.8% QoQ. The EBITDA of this
segment stood at | 15.0 crore, which was higher by 34.1% YoY and
42.2% QoQ
c. The EBITDA margin of this segment stood at 17.8%, which was
higher by 340 bps YoY and 470 bps QoQ
Valuation
In Q4FY11, GDL reported a healthy performance on the back of higher
volumes and better then expected EBITDA margins. Going forward,
within the rail segment, the company is planning to increase its share in
the more profitable Exim segment (in Q4FY11, Exim share was 70%),
which augurs well for the future. However the overall tax rate is expected
to increase in FY12E and FY13E as the standalone business is expected to
come under the full tax rate (with tax holiday period getting over in FY11).
This is expected result in a decline in the PAT margin. We have a HOLD
recommendation on the stock with a price target of | 127, 13.0x FY13E
EPS of | 9.8.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Performs well…
Gateway Distriparks’ (GDL) numbers for Q4FY11 were higher than our
estimates, on the back of a better-than-expected improvement in EBITDA
margins, higher volumes and notable profit at the net level from the rail
business. In Q4FY11, total income from operations of the GDL group
increased by 24.7% YoY and 7.0% QoQ to | 168.8 crore while the net
profit increased by 38.2% YoY and 25.0% QoQ to | 35.0 crore. In
Q4FY11, the rail business reported profit at the net level to the tune of |
3.80 crore.
Highlights for the quarter
๔ On the back of a healthy operational performance and improved
volumes, the EBITDA margin increased by 350 bps QoQ and 525
bps YoY to 31.6%
๔ The total CFS segment throughput was 87,522 TEUs, which was
18.6% higher YoY and 1.0% higher QoQ. Realisations stood at |
8068 per TEU
๔ The rail segment throughput was 36,822 TEUs, which was 16.3%
higher YoY and 6.7% higher QoQ. Realisations stood at | 22,872 per
TEU
Valuation
In Q4FY11, GDL reported a healthy performance on the back of higher
volumes and better then expected EBITDA margins. Going forward,
within the rail segment, the company is planning to increase its share in
the more profitable Exim segment (in Q4FY11, Exim share was 70%). This
augurs well for the future. However, the overall tax rate is expected to
increase in FY12E and FY13E as the standalone business is expected to
come under the full tax rate (with the tax holiday period getting over in
FY11). This is expected to result in a decline in the PAT margin. We have
a HOLD recommendation on the stock with a price target of | 127, 13.0x
FY13E EPS of | 9.8.
Performance highlights of CFS segment for Q4FY11
a. Volumes at the Mumbai (CFS 1 and 2) stood at 60,797 TEUs, higher
by 21.8% YoY but lower by 1.5% QoQ
b. Chennai CFS volumes stood at 18,477 TEUs, higher by 8.5% YoY and
4.4% QoQ. The Vishakhapatnam/Kochi CFS volumes stood at 8248
TEUs, higher by 21.1% YoY and 14.5% QoQ
c. The realisation stood at | 8,068 per TEU, an increase of 15.1% YoY
and 5.9% QoQ. This led to an increase in the EBITDA margin of this
segment by 130 bps YoY and 340 bps QoQ to 53.1% in Q4FY11
Performance highlights of rail/ICD segment
a. During Q4FY11, the throughput from the ICD/rail segment stood at
36,822 TEUs, which is 16.3% higher YoY and 6.7% higher QoQ.
Realisations for this segment stood at | 22872 per TEU, which was
lower by 6.7% YoY and 1.8% QoQ
b. Income from operations from this segment stood at | 84.2 crore,
which was higher by 8.5% YoY and by 4.8% QoQ. The EBITDA of this
segment stood at | 15.0 crore, which was higher by 34.1% YoY and
42.2% QoQ
c. The EBITDA margin of this segment stood at 17.8%, which was
higher by 340 bps YoY and 470 bps QoQ
Valuation
In Q4FY11, GDL reported a healthy performance on the back of higher
volumes and better then expected EBITDA margins. Going forward,
within the rail segment, the company is planning to increase its share in
the more profitable Exim segment (in Q4FY11, Exim share was 70%),
which augurs well for the future. However the overall tax rate is expected
to increase in FY12E and FY13E as the standalone business is expected to
come under the full tax rate (with tax holiday period getting over in FY11).
This is expected result in a decline in the PAT margin. We have a HOLD
recommendation on the stock with a price target of | 127, 13.0x FY13E
EPS of | 9.8.
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