Axis Direct's research report on Gateway Distriparks
Gateway Distriparks’ (GDPL’s) Q1 was marred by subdued Rail business performance due to (a) operational issues with Railways’ line at Ajmer (one of the key routes for GDPL) – this led to lower volumes as well as higher operating cost and (b) higher share from low-margin 40 ft containers and continued mismatch in EXIM volumes, resulting in higher empty running cost and competitive intensity (paucity of exports).
Outlook
Expect macro recovery to drive operating leverage benefits across Rail and CFS given under-utilized terminal capacity. Maintain BUY with TP of Rs 270 (Rs 85 for CFS, Rs 160 for rail, Rs 25 for Snowman).
For all recommendations report, click here
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