Gateway Distriparks Q1 Review – Rail Continues To Drive Earnings Higher: ICICI Securities

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Gateway Distriparks Ltd.’s Q1 FY22 result witnessed higher than expected topline and Ebitda.

Rail segment volumes surprised with 24% growth over Q1 FY20.

Increase in rail share for export-import transportation continues to help players like Gateway Distriparks.

Large part of the deleveraging benefits is behind us with net debt at 13% of market cap; net debt increased QoQ.

Management reiterated its plans to spend ~Rs 1.2 billion of capex for satellite terminals around national capital region to help increase the company’s market share.

Advent of dedicated freight corridor (Rewari – Palanpur to Mundra and Pipavav ports) is commissioning progressively and is set to allow increased volume and operational tailwinds.

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ICICI Securities Gateway Q1FY22 Results Update.pdf


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