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ICICI Securities Report
GATI Ltd.'s Q2 FY23 performance stayed steady and we see in it evidence of the management's turnaround strategy founded on the twin pillars of sales acceleration and infrastructure, taking shape. Key points:
monthly tonnage touched the milestone of 100 thousand tonne;
two new hubs (Nagpur and Guwahati) got operational in Sep-22 with two new super-hubs at Mumbai and Bengaluru expected to come up by FY23-end; and
sharpened focus on air express led to 55% YoY volume growth.
As a result of cost efficiencies and higher volumes, we expect GATI's Ebitda margin to expand to 6.7% / 9% by the end of FY23E / FY24E (Q2 FY23: 4.6%).
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