GATI rallies over 6% as Q2 net profit doubles at Rs 12.49 crore

NEW DELHI: GATI Ltd surged as much as 6.4 per cent in trade on Thursday, after the logistics player reported over two-fold jump in its September quarter net profit at Rs 12.49 crore on a consolidated basis.

At 09:50 a.m.; GATI pared some of the morning gains but was still trading 3.9 per cent higher at Rs 207.25. It hit a low of Rs 203.90 and a high of Rs 212.30 in trade today.

The company had posted a post tax profit of Rs 5.76 crore in the same period last fiscal.

Its total income rose to Rs 411 crore as against Rs 363.30 crore in the year-ago period.

The Hyderabad-based company said its cold chain arm, Gati Kausar India has raised Rs 30 crore by the sale of equity shares and issuing compulsory convertible preferential shares (CCPS) to private equity fund Mandala Capital AG, PTI reported.

Apart from that, it has also raised Rs 120 crore through the issue of non-convertible bonds to the fund, it said in a statement, added the report.