Changes in segmental reporting impairs business clarity for GDLGATEWAY - 103 Change: 1.30 (1.28 %)
News: GDL's revenues grew mere 4% YoY (4.4% growth in throughput volumes), impacted mainly due to delays in supply chain led by Chinese lockdown. EBITDA per TeU on the other hand declined 6% to Rs 4891 (margins at 25.4% vs 27.1% in base quarter), mainly due to one-time staff expenses, expenses related to merger and delay in payment of haulage charges. However, PAT grew 36% to Rs 59 crore (lower depreciation and interest expense).
Views: Capex guidance has been upgraded to Rs 250 crore (earlier Rs 200 crore), as GDL plans to add two ICDs in North. Train turnaround time has been consistently improving on partially operational DFC (under 24 hours when fully operational vs. current 35-40 hours). The management expects the rail business to drive revenue growth, going forward vs. a flat CFS performance.