Research Report
Gateway Distriparks Ltd.
Initiating Coverage
Industry
Target Price FY12E (Rs.)
CMP (Rs.)
52 Week H/L (Rs)
Volumes (BSE+NSE)*
Shares O/S (in mn)
Market Cap (Rs. mn)
Free Float (%)
Bloomberg
Reuters
*Three months average
Transport-Rail
147.0
114.1
147.4/82.1
261,624
107.9
12,311.9
55.4
GDPL IN
GATE.BO
Share Holding Pattern as on March 31,
2010
Particulars
Promoters
Public & Others
Institutions
Corporate
Foreign
Total
Shares (in mn)
% Holding
48.1
13.7
17.5
2.1
26.3
107.9
44.6
12.7
16.3
2.0
24.4
100.0
Date: July 09, 2010
Analyst: Jignesh Makwana
Tel: 91-22-66321300 jignesh@qsmail.com Financial Highlights
Particulars
Income(Rs.mn)
Growth
EBITDA(Rs.mn)
Net Profit (Rs.mn)
Growth
EPS (Rs.)
Outperformer
FY09
FY10
FY11E
FY12E
4,509.8
66.2%
1,461.2
795.7
8.1%
7.4
5,265.7
16.8%
1,432.5
790.5
-0.7%
7.3
6,567.4
24.7%
1,872.5
1,003.3
26.9%
9.3
8,793.7
33.9%
2,507.5
1,291.6
28.73%
12.0
Source: Company, QS Research
Investment Positives
Largest private player in container rail segment
Since obtaining license for operating container rails in 2007, GDL has emerged as the largest private player in India only after state run Container Corporation of India (CONCOR). GDL is doing container rail operations under its subsidiary Gateway Rail Freight
Ltd. As of now GRFL is having largest container rail infrastructure among the private players. Its infrastructure portfolio includes 21 rakes, 3 operational ICDs (Garhi, Ludhiana and Kalamboli-Navi
Mumbai), 700+ wagons, 1500+ containers. GDL is among the very few private players in India which has operational ICDs/rail terminals which certainly put it ahead of other private players in the container rail operations.
Strategically located CFSs gives edge
GDL is one of the largest CFS operators in India. It currently operates 4 CFS (two at Navi Mumbai and one each at Chennai and Vizag). Beside four
Initiating Coverage
Industry
Target Price FY12E (Rs.)
CMP (Rs.)
52 Week H/L (Rs)
Volumes (BSE+NSE)*
Shares O/S (in mn)
Market Cap (Rs. mn)
Free Float (%)
Bloomberg
Reuters
*Three months average
Transport-Rail
147.0
114.1
147.4/82.1
261,624
107.9
12,311.9
55.4
GDPL IN
GATE.BO
Share Holding Pattern as on March 31,
2010
Particulars
Promoters
Public & Others
Institutions
Corporate
Foreign
Total
Shares (in mn)
% Holding
48.1
13.7
17.5
2.1
26.3
107.9
44.6
12.7
16.3
2.0
24.4
100.0
Date: July 09, 2010
Analyst: Jignesh Makwana
Tel: 91-22-66321300 jignesh@qsmail.com Financial Highlights
Particulars
Income(Rs.mn)
Growth
EBITDA(Rs.mn)
Net Profit (Rs.mn)
Growth
EPS (Rs.)
Outperformer
FY09
FY10
FY11E
FY12E
4,509.8
66.2%
1,461.2
795.7
8.1%
7.4
5,265.7
16.8%
1,432.5
790.5
-0.7%
7.3
6,567.4
24.7%
1,872.5
1,003.3
26.9%
9.3
8,793.7
33.9%
2,507.5
1,291.6
28.73%
12.0
Source: Company, QS Research
Investment Positives
Largest private player in container rail segment
Since obtaining license for operating container rails in 2007, GDL has emerged as the largest private player in India only after state run Container Corporation of India (CONCOR). GDL is doing container rail operations under its subsidiary Gateway Rail Freight
Ltd. As of now GRFL is having largest container rail infrastructure among the private players. Its infrastructure portfolio includes 21 rakes, 3 operational ICDs (Garhi, Ludhiana and Kalamboli-Navi
Mumbai), 700+ wagons, 1500+ containers. GDL is among the very few private players in India which has operational ICDs/rail terminals which certainly put it ahead of other private players in the container rail operations.
Strategically located CFSs gives edge
GDL is one of the largest CFS operators in India. It currently operates 4 CFS (two at Navi Mumbai and one each at Chennai and Vizag). Beside four