Analyst Meet / AGM     01-Jun-24
Conference Call
Gateway Distripark
Maintained market share of 16-17% in Q4FY24 in NCR market

Gateway Distripark hosted a conference call on May 31, 2024. In the conference call the company was represented by Prem Kishan Dass Gupta, Chairman & Managing Director.

Key takeaways of the call

Throughput for Q4FY24 stood lower by 3.39% at 176506 TEUs [Rail  86521 TEUs down 7.47%; CFS 89985 TEUs, up 0.88%] and for FY24  it was up 2.55% to 730934 TEUs [Rail  368070 TEUs up 5.76%; CFS 362854 TEUs, down 0.52%]

Q4FY24 performance has been muted primarily on account of the Red Sea crisis which has disrupted supply chains, causing a slowdown in EXIM business in India.  Higher container ship freight rates on account of red sea issue have hit the low value commodities such as scrap paper etc.   

Focus remains on expanding network and sustaining growth.  Continue to explore land for new container terminals and are optimistic that our Faridabad ICD will soon become a double stack location as railway work nears completion.

The company in NCR market has maintained its market share of 16-17% in Q4FY24,  but in Ludhiana  the market share at 22% was downs from 30% same period a year ago. Kashipur 27%  in Q4fy24;    

Volume growth in two NCR terminals including Gadi & Faridabad registered a growth of 5.5%.   Ludhiana degrowth of 30% due to lower imports. 

Double staking in Q4FY24 has declined to 39% from 47% a year ago. Capacity on rail side has gone up. Once EXIM cargo increases the double staking will also improve.

Rail EBITDA 9000-9800/TEUs for Q4fy24 and for full year it is   below 95000/ TEUS

CFS – competitive intensity remains and will remain for foreseeable future. Looking at cost control.  Expect an EBITDA target of Rs 1500/TEUs.

For rail business the EBITDA of Rs 9500/TEU is expected with marginal variance due to EX-IM balance etc. Discounting may increase especially in Ludhiana and Kashipur  with increased competition and the EBITDA guidance of Rs 9500/TEUs factor that in.

General maintenance capex will be Rs 20 crore for FY25.

Looking at monetization of Kochin and Krishnapatnam CFS land.

Jaipur terminal work is getting delayed.

Network advantage along with double stack hubs has helped it to minimize costs

 

 

 

 

 


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