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G o o d p e r f o r m a n c e …
Gateway Distriparks’ (GDL) numbers for Q2FY12 were better than our
estimates, on the back of a sharp increase in realisations in the CFS
business YoY and better than expected improvement in EBITDA margins
(31.3% in Q2FY12, 628 bps YoY). In Q2FY12, the total income from
operations of the GDL group increased by 41.2% YoY and 6.0% QoQ to |
195.3 crore while the net profit increased by 63.4% YoY to | 33.5 crore. In
Q2FY12, the CFS business reported profit at the net level to the tune of |
27.6 crore registering growth of 18.5% YoY. The rail segment showed an
improved performance with PAT of | 5.1 crore in Q2FY12.
Highlights for the quarter
ƒ The higher EBITDA margin is attributable to higher realisations in the
CFS segment, which increased on the back of rationalisation of
tariffs YoY and profitability in the rail/ICD segment
ƒ The total CFS segment throughput was 86,890 TEUs, which was
4.1% higher YoY and 4.4% lower QoQ. Realisations stood at |
9452/TEU
ƒ The rail segment throughput was 43057 TEUs, which was 36.4%
higher YoY and 10% higher QoQ. Realisations stood at | 22291/TEU
V a l u a t i o n
In Q2FY12, GDL reported a healthy performance on the back of higher
realisations in the CFS segment and better then expected EBITDA
margins. Going forward, within the rail segment, the company is further
planning to increase its share in the more profitable Exim segment, which
augurs well for the future. The company remains confident about better
profitability in the rail/ICD segment, going forward. GDL is trading at 11.2x
FY13E EPS. We have a HOLD recommendation on the stock with a price
target of | 155, 12.0x FY13E EPS of | 12.9.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
G o o d p e r f o r m a n c e …
Gateway Distriparks’ (GDL) numbers for Q2FY12 were better than our
estimates, on the back of a sharp increase in realisations in the CFS
business YoY and better than expected improvement in EBITDA margins
(31.3% in Q2FY12, 628 bps YoY). In Q2FY12, the total income from
operations of the GDL group increased by 41.2% YoY and 6.0% QoQ to |
195.3 crore while the net profit increased by 63.4% YoY to | 33.5 crore. In
Q2FY12, the CFS business reported profit at the net level to the tune of |
27.6 crore registering growth of 18.5% YoY. The rail segment showed an
improved performance with PAT of | 5.1 crore in Q2FY12.
Highlights for the quarter
ƒ The higher EBITDA margin is attributable to higher realisations in the
CFS segment, which increased on the back of rationalisation of
tariffs YoY and profitability in the rail/ICD segment
ƒ The total CFS segment throughput was 86,890 TEUs, which was
4.1% higher YoY and 4.4% lower QoQ. Realisations stood at |
9452/TEU
ƒ The rail segment throughput was 43057 TEUs, which was 36.4%
higher YoY and 10% higher QoQ. Realisations stood at | 22291/TEU
V a l u a t i o n
In Q2FY12, GDL reported a healthy performance on the back of higher
realisations in the CFS segment and better then expected EBITDA
margins. Going forward, within the rail segment, the company is further
planning to increase its share in the more profitable Exim segment, which
augurs well for the future. The company remains confident about better
profitability in the rail/ICD segment, going forward. GDL is trading at 11.2x
FY13E EPS. We have a HOLD recommendation on the stock with a price
target of | 155, 12.0x FY13E EPS of | 12.9.
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