Gateway Distriparks’ (GDL) Q4FY23 EBITDA performance (excluding written-back provision) was slightly (~1-2%) below our and street expectations. Key takeaways: 1) throughput in rail segment was up 3.5% YoY and 18.9% QoQ while throughput in CFS/ICS declined 6.9% YoY and 0.7% in QoQ (due to slowdown in EXIM volumes and imbalances).