Gati Q1 profit jumps over 2-fold to Rs 15 crore

Logistics firm Gati Ltd today reported a whopping 111% jump in its consolidated net profit to Rs 15 crore in the quarter ended June 30, 2014.

The company had posted a net profit of Rs 7.2 crore in the April-June quarter a year ago, Gati said in a statement.

Total sales during the period also rose by a healthy 23% to Rs 400 crore as against Rs 326 crore in Q1 FY14, it said.

"We at Gati are dedicated to provide value-added and quality services which once again have rewarded us with a good set of numbers. The boom in the e-commerce sector has brought a wave of transformation in the retail space," Gati Ltd founder and chief executive Mahindra Agarwal said.

"With a wide range of services offered by Gati's E-connect, our aim is to reach every nook and corner of the country to enhance the experience of online shopping," he said.

The new government's proposed investment to boost the logistics and infrastructure sector and the re-location of Gati's office to a new state-of-art space will act as a catalyst to uphold the quality of the processes and end results delivered by Gati, he added.

The company also said it has sold its one more loss-making ship and further divested stake in Gati Ship, which now stands at 48%.

Gati also said that Bala Aghoramurthy has joined as president and director of Gati-KWE.