Gati Q1 net up 29 per cent

Hyderabad-based Gati Limited, a leading cargo and logistics company, registered 29 per cent growth in its profit after tax (PAT) to Rs 5.62 crore for the first quarter ended September 30, 2006, as compared with Rs 4.37 crore in the corresponding quarter last year.

Its profit before tax (PBT) was Rs 7.79 crore as compared with Rs 5.87 crore in the corresponding period last year, registering a growth of 33 per cent.

Its revenues stood at Rs 133.53 crore as compared with Rs 100.36 crore in the corresponding period of last year, reflecting a growth of 33 per cent. Post its rights issue and private equity placement, the company's market capitalisation has grown to Rs 650 crore, as compared with Rs 263 crore last year.

"We intend to become a Rs 1,000-crore company, and to achieve this ambitious growth, we have planned to invest Rs 450 crore in the next three years," the company's managing director and chief executive, Mahendra Agarwal, stated in a press release on Wednesday.

The company has already raised funds to the tune of Rs 90 crore by way of a rights issue and private equity placement with The Infrastructure Fund of India (TIFOI).

It plans to raise funds to the tune of Rs 130 crore by allotting fresh convertible warrants to promoters and TIFOI and previously placed convertible warrants.