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Gateway Distriparks
Improved performance…
Gateway Distriparks’ (GDL) numbers for Q2FY11 were better than our
estimates, on the back of a healthy performance from the CFS segment.
In Q2FY11, the total income from operations of the GDL group
increased by 4% YoY and 7% QoQ to | 138.3 crore while the net profit
increased by 20% YoY and 46% QoQ to | 20.50 crore. In Q2FY11,
revenues from the CFS segment increased 11% YoY and 15% QoQ
while the PAT from this segment grew by 15% YoY and 33% QoQ.
Highlights of the quarter
On the back of a healthy operational performance, the EBITDA
margin increased by 64 bps YoY and 113 bps QoQ to 25.0%
During the quarter under review, the Blackstone group has infused |
300 crore into Gateway Rail Freight Ltd (GRFL). The losses from the
rail segment have narrowed down from | 4.27 crore in Q1FY11 to |
3.35 crore in Q2FY11
In Q2FY11, the total CFS segment throughput was 83495 TEUs,
which was 5.6% higher YoY and 10.2% higher QoQ. CFS
realisations stood at | 6556 per TEU
Valuation
Capacity expansion planned in the CFS segment (at ports like
Vishakhapatnam, Kochi and Chennai) is expected to result in volume led
growth in FY12E. Furthermore, within rail segment, the management is
planning to raise its focus on the more profitable Exim segment that
augurs well for future. We revise our earning estimate for FY12E and
recommend BUY with a price target of | 129, 14.5x FY12E EPS of | 8.9.
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