Sharekhan's research report on Gateway Distriparks
For Q1FY2024, GDL reported largely in-line operational performance, while a lower effective tax rate led to a PAT beat. CFS business remained weak as per expectation. For FY2024, the management expects 10-15% y-o-y volume growth in Rail led by improving EXIM balance. It plans to add three new rakes in the balance fiscal year and targets to add three rakes per annum. 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. 90, increasing our valuation multiple considering improving export-import growth outlook.
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