Logistics company Gati's quarterly net profit falls 32%

MUMBAI: Logistics company Gati Thursday said its quarterly net profit fell 32% as higher operating expenses offet a rise in core revenue, other income and a fall in tax expenses.

The company posted a net profit of Rs 7.83 crore in the April-June quarter compared to Rs 11.50 crore a year earlier. Sales grew 7% to Rs 356.15 crore, other income grew 67% to Rs 4.12 crore and tax expenses fell 53% to Rs 3.77 crore. But operating expenses rose 8% to Rs 395.36 crore.

The company’s founder and CEO Mahendra Agarwal however spoke of positive signs saying “the infrastructure push by the government, and the positive signals emanating from businesses across sectors” will accelerate growth for the logistics industry.