The slowdown in the global business scenario has impacted the export-import trade in India and, as a result, the profitability of the Gateway Distriparks Ltd (GDL) group in Q2. Consolidated profit before tax (PBT) in the quarter was Rs. 41.8 crore, taking the PBT in the first half of the year to Rs. 91.6 crore (down 4.5 per cent year-on-year (y-o-y)]. Consolidated net profit after tax (PAT) was Rs. 29.8 crore, taking the PAT in the first half year to Rs. 65 crore (down 2.8 per cent y-o-y).The overall balance sheet position remained strong. Cash and equivalent were at Rs. 174 crore, compared to Rs. 166 crore as on March 31. Net worth of the company increased to Rs. 1,110 crore from Rs. 1,044 crore. Net fixed assets stood at Rs. 1,079 crore compared to Rs. 1,017 crore at the end of FY 2012.
Interim dividend: The Board of Directors declared an interim dividend of 40 per cent on the equity capital (Rs. 4 per equity share), which aggregates to Rs. 50.4 crore. This follows the total dividend of 60 per cent (Rs. 6 per equity share) paid for the previous financial year.
CFS: Throughput declined 10.6 per cent to 82,652 TEUs. This was mainly at the Navi Mumbai CFSs (JNP). However, the company’s Chennai and Vizag CFSs showed improved performance, resulting in EBITDA going down just 4.2 per cent to Rs. 40.9 crore and PBT down 4.6 per cent to Rs. 35.7 crore. PAT was up 1.3 per cent to Rs. 25.8 crore.
Rail: Throughput was down 15.1 per cent to 51,788 TEUs. This, coupled with imbalance of ex-im trade at the gateway ports, resulted in a 25.8 per cent drop in EBITDA from Rs. 21.4 crore to Rs. 15.8 crore. PBT and PAT were down 64 per cent to Rs. 3.1 crore and Rs. 3 crore respectively.
Cold chain: EBITDA grew 3 per cent Rs. 5.5 crore. However, due to higher interest and depreciation as a result of rapid addition of capacities, PBT went down 16.6 per cent to Rs. 3 crore and PAT, after minority interest was down 19.4 per cent to Rs. 1 crore.
Commenting on the results, Mr. Gopinath Pillai, Chairman of Gateway Distriparks Ltd, said: “GDL group has performed reasonably well in the challenging environment. It could have been better but for the set-backs in our rail business due to the general economic slowdown and the imbalance in ex-im trade. Further, the delay in start-up of rail operations at Faridabad had an impact on the profitability. While this business scenario could continue in the medium term, GDL, as a group, is confident of improved performance with the commissioning of warehouses at Navi Mumbai and Kochi CFSs in Q3 and commencement of rail operations at Faridabad in Q4. Snowman is on target to more than double the present capacity within the next year.”
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