Gateway March quarter net up by 20 per cent due to tax gains

MUMBAI: Logistics company Gateway Distriparks posted a 19.8 per cent rise in its March quarter net at Rs 40.3 crore, the company announced here today.

The Navi Mumbai-headquartered company said that this profit growth was partly due to reduction in provisions for deferred taxes, though it did not say what was the exact amount.

For the full fiscal FY14, its post tax profit rose 7.2 per cent to Rs 135.8 crore, even though the pretax profit was down 4.1 per cent.

The company scrip ended the session down 0.42 per cent at Rs 175.75 apiece on the BSE, whose 30-share benchmark was down 0.06 per cent.

During the reporting quarter, the total income from operations dipped marginally to Rs 266.90 crore, from the Rs 267.14 crore in the same period year ago.

Meanwhile, the company also announced that it plans to come out with an IPO of its temperature-controlled logistics subsidiary Snowman Logistics this year.

The draft red herring prospectus was filed with the Securities and Exchange Board last August and the company is expected to be listed by end of 2014, it said.

"The listing of Snowman Logistics will unlock inherent value and the potential of the cold chain operations," group deputy chairman and managing director Prem Kishan Gupta said.