EBITDA/PAT below estimates; volumes appear bottoming out; awaiting EXIM revival Gateway Distriparks' (GDPL) reported EBITDA* (RAIL + CFS) of INR555m came in below our estimate of INR600m (-20% YoY, -2% QoQ), primarily due to lower-than-estimated EBITDA in the rail division. PAT (before associate/minority interests) of INR225m (+13% YoY, -7% QoQ) missed our estimate of INR274m. Difference at the PAT level increased due to higherthan-estimated tax rate of 35.6% (due to one-off). Rail volumes subdued, profitability impacted by continued EXIM imbalance Rail division reported EBITDA of INR323m (est. of INR358m; -19% YoY, -8% QoQ). Container volumes stood at 52,024TEU (est. of 52,300TEU; -5% YoY, +3% QoQ)....