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HDFC Securities Report
Gateway Distriparks Ltd. has completed its fundrais, the proceeds of which will be used to deleverage the balance sheet.
We expect the gearing ratio to reduce to approximately 0.5 times in FY21E (from 0.7 times) as the Company repays Rs 1.15 billion of high-cost non-convertible debentures.
The company is also in the process of simplifying its group structure with plans to merge the rail business and the container freight station (CFS) operations under a single umbrella, which will drive operational synergies.
The much-awaited Dedicated Freight Corridor (DFC) stretch between Haryana (Rewari) to Gujarat (Palanpur) of 650 kilometres is expected to be commissioned by CY20 as trial runs have commenced.
This will lead to a 10% increase in productivity of the operators at a time when export import traffic volumes are improving from trough levels (up 40% QoQ
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