Global Distriparks Ltd results: Net profit declines 23% to Rs 49 cr

Logistics operator Global Distriparks Ltd (GDL) on Thursday said its net profit declined 23 per cent to Rs 49 crore during the June quarter over the corresponding quarter of last year.

The company had posted a profit of Rs 63.72 crore in the first quarter of FY 24, GDL said.

According to the company, total revenue for the quarter under review stood at Rs 357.65 crore, down 4.59 per cent from Rs 374.85 crore in Q1FY24, it said.

Revenue from rail vertical dropped 2.86 per cent year-on-year to Rs 289.90 crore while CFS (container freight stations) revenue slipped 11.32 per cent year-on-year at Rs 67.75 crore, the company stated. CFS revenue includes an adjustment of reduction of Rs 8.42 crore on account of a change in accounting method for Q1FY25, the company said.

During the June quarter, GDL said, it handled a total container traffic of 171425 TEUs, which was 4.71 per cent lower compared to 170897 TEUs handled in the same quarter of last year.

The rail vertical traffic stood at 82,043 TEUs from 89,939 TEUs in the first quarter of FY24 while CFS business handled 89,382 TEUs during the reporting quarter as compared to 89, 958 TEUs handled year-earlier, GDL said.

"Volumes continue to be impacted by the global Red Sea crisis, which has disrupted supply chains and increased ocean freight rates," said Prem Kishan Dass Gupta, Chairman and Managing Director.

At the same time, due to our network advantage we have been able to maintain our market share despite the challenges and remain focused on providing efficient multimodal solutions for our customers, he said.

GDL, he added, continues to explore opportunities for developing new rail terminals to further expand its network.