Gateway Distriparks Profit Falls 18% in Q4 FY24

Mumbai, May 31 (PTI) Multimodal logistics operator Gateway Distriparks Limited (GDL) on Friday said its profit after tax declined 18 per cent to Rs 56.50 crore in the January-March quarter impacted by the Red Sea crisis.

The company had registered a profit after tax (PAT) of Rs 68.62 crore in the fourth quarter of FY23, GDL said in a statement.

The total revenue in the reporting quarter stood at Rs 382.04 crore, down 2.25 per cent from Rs 390.84 crore a year ago.

Of the total topline, revenue from rail business was recorded at Rs 307.17 crore during the latest March quarter as against Rs 309.86 crore in the corresponding quarter of FY23, it stated.

The container freight stations (CFS) revenue dropped 7.54 per cent to Rs 74.87 crore in the fourth quarter of FY24 from Rs 80.98 crore in the year-ago quarter.

The company also said that it handled a total traffic (rail+ CFS verticals) of 1,76,506 TEUs (Twenty-foot Equivalent Units) in the fourth quarter of FY24, which was 3.39 per cent lower compared to 1,82,707 TEUs in the March quarter of FY23, it said.

"The results this quarter have been muted primarily on account of the Red Sea crisis which has disrupted supply chains, causing a slowdown in EXIM business in India," said Prem Kishan Dass Gupta, Chairman and Managing Director of Gateway Distriparks Ltd.

However, the company's network advantage along with double stack hubs helped it minimize costs while it navigated these obstacles, he said.

Gupta also said that GDL continues to explore land for new container terminals and it is optimistic that its Faridabad inland container depot will soon become a double stack location as railway work nears completion.

"Our focus remains on expanding our network and sustaining growth," he added.