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." Result PDF
Transportation-logistics company Gati announced Q4FY23 & FY23 results: Q4FY23 vs Q4FY22: Revenue: Rs 356 crore vs 320, up 11% YoY EBITDA: Rs 12 crore vs Rs 4 crore, up 200% YoY Profit before tax: Rs -10 crore down from Rs -6 crore in Q4FY22 FY23 vs FY22: Revenue: Rs 1,469 crore vs Rs 1,242 crore, up 18% YoY EBITDA: Rs 72 crore vs Rs 36 crore, up 103% YoY Profit before tax: Rs 2 crore up from Rs -8 crore in FY22 Commenting on the results Pirojshaw (Phil) Sarkari, Chief Executive Officer of Gati said: “The company has recorded a revenue of Rs 1,469 crore in FY23 for the express business, witnessing a growth of 18% as compared to the last year. This performance reflects the company’s focus on volume growth and operational efficiency. The year saw Gati launching its mega surface transhipment hub at Bhiwandi (Mumbai), in addition to hubs at Nagpur and Guwahati. The Mumbai hub is spread over 1.15 lac square feet with 61 bays and a dock leveller. We also saw 100% implementation of digital e-dockets for retail clients and have started a pilot for MSMEs. The gross margin expansion remains on track, witnessing an improvement of 133 bps over the last year. In the next phase of infrastructure development, we’ll be setting up four surface transhipment hubs in Bengaluru, Hyderabad, Indore and Kolkata.” Result PDF