Sharekhan's research report on Gateway Distriparks
Q2FY2025 performance was in-line. Weak rail volumes were compensated by higher operational profitability while CFS business continue to stay muted. Management expects H2FY2025 to be better than H2FY2024 led by benefits accruing from start of double stacking at Faridabad and its focus on market share gains. Jaipur ICD terminal remains delayed on land acquisition issues. Monetisation of CFS is unlikely to conclude in FY2025.
Outlook
We retain a Buy rating on Gateway Distriparks Limited (GDL) with a revised PT of Rs. 105, factoring downwardly revised estimates and expecting a growth revival, led by rise in EXIM growth.
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