Sharekhan's research report on Gateway Distriparks
Container volumes at ports and railways see growth momentum picking up during January 2021. Merchandise exports and imports trade show an improving trend. Strong volume growth outlook during FY2023 and FY2024 led by improving EXIM trade environment, commissioning of western DFC line, and phase II JNPT expansion. Capex of Rs. 120 crore over the next two years for setting up two satellite rail terminals. Consolidated net debt reduced to Rs. 494 crore from Rs. 681 crore in FY2020.
Outlook
We retain Buy on Gateway Distriparks Limited (GDL) with a revised SOTP-based PT of Rs. 210, as we see further room for upside considering improving growth and profitability outlook for its key verticals.
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