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ICICI Securities Report
Gateway Distriparks Ltd. has reported lower than expected consolidated Ebitda at Rs 874 million. Management highlighted one-time costs related to the merger (Rs 25 million) and delay in pass-through of increased rail haulage charges as the key reasons for the disappointment.
It has chosen to stop the disclosure of separate rail and container freight station details, citing ‘One Gateway' as the entity to look at.
Lack of disclosures will put an end to the differential (high) multiples that rail business was attracting.
Gateway Distriparks continues to guide for maintaining profitable terminals while undertaking organic capex (Rs 2.5 billion over the next two years) to increase two terminals in National capital region. Pursual of inorganic opportunity (if any) will also be in the north west corridor.
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