Gateway Distriparks full year (2013-14) net profit up 7.2 %
MUMBAI, 02 May 2014: Strong performance of the Rail Division resulted in improvement of GDL Group’s profits in the quarter and year ended 31 March 2014 – offsetting the decline in the CFS business due to slow-down in global trade in a difficult year.
Consolidated Results (Q-4): EBITDA went up 4.3% to Rs 70 Cr., PBT was up 1.2% to 42.7 Cr. and Profit After Tax (PAT) was up 19.8 % Rs 40.3 Cr. (Y-o-Y). This was partly due to reduction in provision for deferred taxes.
Consolidated Results (2013-14): EBITDA went up 5.7% to Rs 274.3 Cr, PBT was down 4.1% to 166.3 Cr. However Profit After Tax (PAT) was up 7.2 % to Rs 135.8 Cr.
Balance sheet remains strong. Cash and equivalents at the end of the year were at Rs 149 Cr., compared to Rs 93 Cr. at the beginning of the financial year. Net worth of the group increased to Rs 1,132 Cr. from Rs 1,085 Cr. Net fixed assets increased from Rs 1,227 Cr. to Rs 1,334 Cr.
Second Interim Dividend: The Board of Directors has declared a Second interim dividend of 30% on the equity capital (Rs 3.0 per Equity Share) for FY 2013-14, which together with dividend tax amounts to Rs 38.12 Crores. This follows the earlier dividend of 40% (Rs 4 per Equity Share) already paid. The total dividend paid for FY 2013-14 will come to Rs 7 per Share.
Segment-wise Performance (2013-14)
CFS: Throughput was down 1% to 340,000 TEUs and PAT down 18% to Rs 73 Cr.
Rail: Throughput was down 9% to 212,317 TEUs. However, significant improvement in operations – together with reduction in provision for deferred taxes mentioned above – has resulted in PAT increasing by 86.4% to Rs 51.3 Cr.
Cold Chain: EBITDA improved by 54% to Rs 39.8 Cr. and PAT (both before minority interest) improved 18% to Rs 22.5 Cr. This was after providing for additional depreciation & Interest costs on expansion and netting it against tax benefits.
Our new facility at Kochi handled 3,500 TEUs and achieved break-even in Q-4. It is expected to further improve utilization of its capacity in 2014-15.
Our Second CFS at Chennai was renovated at a cost of about Rs 12 Cr. increasing the existing capacity at Chennai by 50% WEF February 2014. We expect positive contribution from this unit going forward.
Listing of Snowman: The Company’s subsidiary, Snowman Logistics Limited filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) end-August 2013. The IPO/listing of equity shares on BSE and NSE is expected in calendar year 2014.
Commenting on the results, Mr Prem Kishan Gupta, Deputy Chairman & Managing Director of Gateway Distriparks Limited said, “We are positive on the future outlook of the various businesses we are in. The listing of Snowman Logistics will unlock inherent value and the potential of the cold chain operations. The coming on stream of the Faridabad facility will further enhance the performance of the rail operations. The better expectations in global trade and an improved economic scenario should have a positive impact on the CFS operations. Overall, GDL group is expected to improve its performance further in the current financial year (2014-15)”.