Gateway Distriparks (GATEWAY) Q4 24/25 earnings summary

Executive summary

• Snowman Logistics became a subsidiary in December, leading to full consolidation of its financials and the addition of a new cold-chain logistics segment.

• Operates a pan-India multimodal logistics network with 10 container terminals, 5 CFSs, and a strong asset base including 34 train sets and 560+ trailers.

• Audited standalone and consolidated financial results for FY25 were approved, with a qualified opinion from auditors regarding advances for land acquisition under regulatory proceedings.

• Appointment of M/s Neeraj Arora & Associates as Secretarial Auditor for five years, subject to shareholder approval.

Financial highlights

• FY25 consolidated revenue was ₹1,71,172.46 lakhs, up from ₹1,55,318.61 lakhs in FY24; consolidated net profit was ₹37,375.60 lakhs, up from ₹25,826.52 lakhs in FY24.

• FY25 total income rose 10% year-over-year to ₹1,711.7 crore; EBITDA up 5% to ₹417 crore.

• Q4 FY25 reported a net loss of ₹191 crore due to a one-time exceptional item, including a fair valuation loss of ₹258.8 crore and a gain of ₹132 crore related to Snowman Logistics acquisition.

• CFS revenue appeared negative due to a change in accounting method; adjusted, FY25 CFS revenue is higher than FY24 by INR 46 crores.

• Standalone revenue for FY25 was ₹1,54,924.63 lakhs, up from ₹1,51,987.19 lakhs in FY24; net profit was ₹23,864.93 lakhs, compared to ₹24,536.47 lakhs in FY24.

Outlook and guidance

• CapEx for FY26–27 is planned at INR 30 crores per year for Gateway and INR 100–150 crores per year for Snowman, excluding new ICDs.

• CapEx will follow an 80/20 debt-to-internal accruals model.

• Focus on organic and inorganic growth in rail business, leveraging the Dedicated Freight Corridor for improved transit times and capacity utilization.

• Management believes MAT credit entitlement of ₹19,927.02 lakhs (standalone) and ₹20,228.12 lakhs (consolidated) is fully recoverable.

• No material adjustments are expected from ongoing regulatory and tax proceedings, based on legal opinions.