HDFC Securities' research report on Gateway Distriparks
While Gateway Distriparks’ (GDL) 2QFY21 EBITDA margin expanded 290bps to 24.9%, its results have been impacted by a higher tax charge, which led to a PAT of Rs 43mn (-75% YoY). We recently upgraded Gateway Distriparks to BUY, given its deleveraging initiative post the fundraise, simplification of group structure, and expectations of incremental volumes & efficiency driven by DFC. Our estimates for FY22/23E are mostly unchanged.
Outlook
Maintain BUY with an SOTP-based target price of Rs 125, at 8.5x Sep-22 EV/EBITDA for the rail business.
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