Gati's Q1FY20 revenues remained flat YoY, mainly as 2% de-growth in Express distribution and supply chain segment (~78% of the revenues) was negated by 5% and 27% growth in the fuel (16%) and other segment (6%). EBITDA margins declined 17 bps to 4.6% (I-direct estimate: 5.5%). Subsequently, EBITDA de-grew 69% to | 21 crore (I-direct estimate: | 26 crore). PAT de-grew 83% to | 1 crore (I-direct estimate: | 8 crore), mainly due to weak operational performance further compounded by high tax rate (58% vs. 33% in Q1FY19). Other than the weak operational performance an...