GATI profit rises 29%

CORPORATE SCORECARD

Domestic cargo firm Gati Ltd has reported 29 per cent increase in quarterly profits at Rs 5.62 crore against Rs 4.37 crore posted a year ago.

Total revenues stood at Rs 133.53 crore, up 33 per cent compared with Rs 100.36 crore in the corresponding period registered during the same period in the previous fiscal.

"Gati envisions to become a Rs 1000 crore company by 2009 and to achieve this ambitious growth the company plans to invest Rs 450 crore in the next three years," company MD and CEO Mahendra Agarwal told reporters here.

"In the last 15 months we have reworked our value chain to make it surpass global standards. In supply chain and distribution services, we will now deliver high quality in every customer sensitive touch point," he added.

The market capitalisation of Gati has grown to Rs 650 crore, post rights issue and private equity placement, compared to Rs 263 crore last year, Agarwal said.

Gati has already raised funds to the tune of Rs 90 crore through a rights issue and private equity placement and plans to raise another Rs 130 crore fresh convertible warrants.