Transportation-Logistics company Gati announced Q1FY24 results:
- Q1FY24 vs Q1FY23:
- Revenue of Rs 367 crore in Q1FY24 compared to Rs 365 crore in Q1FY23, up 1% YoY
- EBITDA of Rs 18 crore in Q1FY24 compared to Rs 19 crore in Q1FY23, down 8% YoY
- Profit Before Tax of Rs (5) crore in Q1FY24 compared to Rs 5 crore in Q1FY23
- Q1FY24 vs Q4FY23:
- Revenue of Rs 367 crore in Q1FY24 compared to Rs 356 crore in Q4FY23, up 3% QoQ
- EBITDA of Rs 18 crore in Q1FY24 compared to Rs 12 crore in Q4FY23, up 48% QoQ
- Profit Before Tax of Rs (5) crore in Q1FY24 compared to Rs (9.9) crore in Q4FY23
Commenting on the results Pirojshaw (Phil) Sarkari, MD, and CEO, GESCPL said, “Our express business continues to deliver a resilient performance driven by positive momentum in volumes. Q1FY24 volumes were up 5% YoY despite a strong base quarter. The base quarter (Q1FY23) benefitted from exceptional volumes driven by industry consolidation that benefitted a few players. We expect the positive sales momentum to continue in the coming months and to augment our infrastructure buildup efforts, Gati will launch its Bangalore hub in the week of August 15th.
On the technology front as well, Gati continues to take large strides. We recently signed an LoI with a large domestic IT Company to build a best-in-class Gati Enterprise Management System (GEMS 2.0) on a microservices platform.
Continuing our sales acceleration efforts, we appointed Rajesh Gowrinath as Vice President of Sales. Rajesh comes with 20 years of experience across large logistics companies like DHL and BlueDart. We also started a nationwide GA training program to create an image of our Gati Associates as the company's brand ambassador.
With this background, we are happy to report a rebound in our profitability sequentially, clocking an EBITDA of Rs 18 crore for our express business. The volume outlook appears supportive of our growth plans as we saw a pickup in orders from large customers as preparations for the upcoming festive season gather pace."