Gati gets nod to raise up to Rs 120 crore

Third quarter net profit zooms 61% to Rs 14 crore

The board of directors of Gati Limited, a Hyderabad-based express distribution and supply chain solutions provider, has approved the company's proposal to raise funds not exceeding Rs 120 crore by way of securities to Indian or foreign investors, qualified institutional buyers, foreign institutional investors or venture capital funds.

In a press release on Tuesday, Gati said it had witnessed a 60.9 per cent increase in its net profit to Rs 14 crore for the third quarter ended December 2014, as against Rs 8.7 crore during the same period a year ago.

The company’s consolidated income stood at Rs 428 crore for the quarter under consideration, when compared with Rs 374 crore in the corresponding quarter of the previous year, reflecting a growth of 14.43 per cent.
 

“In the e-commerce segment, we continue to perform extremely well and remain confident of sustaining these high growth levels in the coming quarters as well. Looking ahead, implementation of GST, gradual improvement in the economy and continued high growth in e-commerce augur well for an excellent FY16,” said Mahendra Agarwal, founder and CEO of Gati.