Gateway Distriparks on Wednesday said that its container freight station (CFS) business is at almost 95 percent of the pre-COVID period level.
“On CFS in the last quarter, we have done about more than 30,000 TEUs (twenty-foot equivalent unit) in Q3. It is almost 95 percent of what we were doing earlier,” Prem Kishan Gupta, Chairman & Managing Director of the company told.
Gateway Distriparks reported a strong performance led by rail business in Q3. The EBITDA was up by 36 percent, while the net profit was up 83 percent.
“In the quarter starting from October, the numbers started increasing, the throughput of export-import business at all our terminals increased and December was at its highest that the company has ever done. It crossed more than 25,000 TEUs for the first time,” Gupta said.
“Slowly the business is coming back and we can see traction both in exports and imports which has come in during this quarter in Q3 and the trend is continuing in January,” he said.
On the railway business, he said, “This year we have cut down on expenses and tariff has also been tweaked and the utilisation not only of the rail movement but also on the warehousing facilities we have all over India. All these added up to the revenue and it continues like that and going forward, we see at least it will remain at the same level.”
“We will continue debt reduction, specially the NCDs. We have paid the NCDs before time and there is another Rs 20 crore which is due in April 2021. We already have the cash to pay that,” Gupta said.
On vaccine storage, he said, “As far as vaccine is concerned, the first round has been completed and Serum Institute and Bharat Biotech have mostly lifted by air, but going forward we have some understanding with them that the business will be done rather for storage or transportation through us. It will not be a very high margin, because we don’t want to make profit on it.”