Gateway Distriparks (GATEWAY) Q4 24/25 earnings summary

Executive summary

• Snowman Logistics became a subsidiary in December 2024, now fully consolidated and India's largest temperature-controlled logistics provider, impacting reported results and accounting treatments.

• Operates a pan-India multimodal logistics network with 10 container terminals, 5 CFSs, 34 train sets, 560+ trailers, and warehousing capacity of ~162,000 sq. mt.

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

• Several one-off accounting items affected Q4, including a provision for stamp duty (~INR 13 crores/₹1,283.51 lakhs) and a goodwill impairment of INR 258 crores/₹25,879.20 lakhs, offsetting a prior gain.

• Expansion continues with new warehousing capacity in Kolkata and Krishnapatnam, and a second phase planned for Krishnapatnam in FY27.

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; PAT margin at 21.8%.

• Q4 FY25 reported a net loss of ₹191 crore due to a one-time exceptional item.

• Snowman Logistics contributed INR 145 crores in revenue, INR 25 crores in EBITDA, and INR 3.5 crores in PAT for the full year post-consolidation.

• Rail segment FY25 throughput: 360,084 TEUs; revenue: ₹1,292 crore. CFS segment FY25 throughput: 363,597 TEUs; revenue: ₹273 crore.

Outlook and guidance

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

• CapEx for Snowman is planned at INR 100-150 crores per year, funded 80% by debt and 20% by internal accruals.

• Gateway expects INR 30 crores annual CapEx, excluding new terminals.

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

• Adequate land bank and infrastructure to double installed capacity with low capex.