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S t r o n g r e a l i s a t i o n s d r i v e e a r n i n g g r o w t h …
Gateway Distriparks (GDL) reported its Q3FY12 results with a 23.9% YoY
increase in net sales and 18.2% YoY increase in PAT. The EBITDA grew
by 40% YoY to | 62.2 crore and EBITDA margins expanded by 365 bps
YoY to 31.8%. Revenues from the CFS segment grew 19.2% YoY to
| 78.7 crore, on the back of strong realisations, which made up for the
drop in the volumes. The revenue from the rail business was | 100.2
crore, an increase of 24.2% YoY, on the back of volume growth and
sustained realisations. The cold chain business registered revenue growth
and will continue to do so on the back of expansion.
Highlights for the quarter
ƒ EBITDA margins expanded by 365 bps on a YoY basis and
contracted by 62 bps on a QoQ basis, mainly on account of
contraction of margins in the CFS and rail segment, which
contribute ~ 91% of GDL’s revenues
ƒ The total CFS segment throughput of 79347 TEUs dropped by 8.4%
on a YoY basis on account of a fall in volumes at JNPT. The
realisations at | 9920 per TEU exhibited YoY and QoQ growth,
mainly due to an increase in dwell time
ƒ The rail segment throughput of 42687 grew 23.8% YoY. The
realisations stood at | 23465 per TEU
V a l u a t i o n
The company has given a capex guidance of ~ | 250 crore (| 50 crore in
CFS, | 130 crore and | 80 crore in the cold chain business) in the next 15
months (end of FY13). We believe CFS volumes have bottomed out and,
going ahead, we expect a stable performance in the CFS business. We
estimate a CAGR (FY11-13E) of 19.6% and 20.1% in revenues and PAT,
respectively. We have a BUY 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 �� ��
S t r o n g r e a l i s a t i o n s d r i v e e a r n i n g g r o w t h …
Gateway Distriparks (GDL) reported its Q3FY12 results with a 23.9% YoY
increase in net sales and 18.2% YoY increase in PAT. The EBITDA grew
by 40% YoY to | 62.2 crore and EBITDA margins expanded by 365 bps
YoY to 31.8%. Revenues from the CFS segment grew 19.2% YoY to
| 78.7 crore, on the back of strong realisations, which made up for the
drop in the volumes. The revenue from the rail business was | 100.2
crore, an increase of 24.2% YoY, on the back of volume growth and
sustained realisations. The cold chain business registered revenue growth
and will continue to do so on the back of expansion.
Highlights for the quarter
ƒ EBITDA margins expanded by 365 bps on a YoY basis and
contracted by 62 bps on a QoQ basis, mainly on account of
contraction of margins in the CFS and rail segment, which
contribute ~ 91% of GDL’s revenues
ƒ The total CFS segment throughput of 79347 TEUs dropped by 8.4%
on a YoY basis on account of a fall in volumes at JNPT. The
realisations at | 9920 per TEU exhibited YoY and QoQ growth,
mainly due to an increase in dwell time
ƒ The rail segment throughput of 42687 grew 23.8% YoY. The
realisations stood at | 23465 per TEU
V a l u a t i o n
The company has given a capex guidance of ~ | 250 crore (| 50 crore in
CFS, | 130 crore and | 80 crore in the cold chain business) in the next 15
months (end of FY13). We believe CFS volumes have bottomed out and,
going ahead, we expect a stable performance in the CFS business. We
estimate a CAGR (FY11-13E) of 19.6% and 20.1% in revenues and PAT,
respectively. We have a BUY recommendation on the stock with a price
target of | 155, 12.0x FY13E EPS of | 12.9.
Very nice blog
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