Sharekhan's research report on Gateway Distriparks
Port container volumes grows 11% y-o-y in July outpacing overall port cargo volume growth of 4.3% y-o-y. Port cargo volumes are slated to grow at mid-single digit in FY2024 belying global sluggishness. Rail EXIM container volumes see sharp growth of 25% m-o-m and 11% y-o-y in July outpacing domestic container volume growth and overall rail freight growth. The Company will incur Rs. 300 crore of capex over FY2024-FY2025 on two new terminals, upgradation of existing terminals, Jaipur ICD, replacement in the vehicle fleet and leasing three rakes.
Outlook
We retain Buy on Gateway Distriparks Limited (GDL) with a revised price target of Rs. 105, rolling forward our valuation multiple to FY2026E earnings and considering improving the export-import growth outlook.
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