Gati Q1 net profit rises 20.5% to Rs 9 cr

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Logistics major Gati today reported 20.5 per cent rise in consolidated net profit to Rs 9.44 crore for the quarter ended June 30.

The company had posted a net profit of Rs 7.83 crore in the year-ago period, Gati said in a BSE filing.

The income from operations increased to Rs 425.54 crore over Rs 416.24 crore in the year-ago period.

Muted macroeconomic environment and post-launch stabilisation of new technology in its distribution network restrained growth in express distribution, the company said in a statement.

"E-commerce registers 49 percent in package growth," the statement said.

Company's founder and CEO Mahendra Agarwal said, "We have embarked on an ambitious mission of ramping up Gati's operations towards delivering a million packages a day, while ensuring zero delays and zero damages." "Looking forward, we are excited about the passage of the GST Bill this week. It will be a significant trigger for the Indian industry to migrate from legacy supply chain models designed to optimize current tax considerations, to more efficient supply chain models," Agarwal said.

"For us, it is a tremendous opportunity for providing integrated supply chain solutions to address the end-to-end logistics needs of our vast customer base. We do hope that GST will Significantly ease the interstate movement of goods with reduced procedures and restrictions at state borders," Agarwal added.

Gati Ltd a pioneer and leader in Express Distribution and Supply Chain Solutions in India delivers over 280,000 packages every day.