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Gati standalone profit jumps 85 per cent to Rs 28.94 cr for Sep ended FY17 qtr

Express Distribution and Supply Chain Solutions company,  Gati Limited has posted 85 per cent jump in standalone profit at Rs 28.94 crore for Sep ended 2017 against Rs 15.65 crore standalone profit logged for Sep ended 2016, says a release on 16th Nov. Standalone total income of the company rose to Rs 143.67 crore for the quarter under review against the standalone total income of Rs 133.67 crore recorded during year ago review quarter(Year on Year period). The total expenses of the company dipped to 108.73 crore vis-ŕ-vis the total expense of Rs 119.98 crore during Year on Year period. The company is mainly engaged in e-commerce logistics, integrated freight forwarding, running of fuel stations and overseeing the operations of its subsidiaries.

Other income for the quarter includes dividend received of Rs 10.36 crore from a subsidiary Gati Kintestu Express Pvt Limited against the other income of Rs 13.86 crore generated during second quarter last year. The company has reported other income including foreign currency exchange gain of Rs 8.4 crore on conversion of 7,281 FCCBs and Rs 15.3 crore, the premium part on redemption of FCCBs on the basis of accounting under Ind AS.

IT refund & FCCB conversion

The company has received refund of Rs 28.88 crore from income tax department for the assessment year 2012-13 including interest of Rs 2.4 crore . The IT dept has further gone on appeal to Income tax appellate tribunal. During the quarter, 7,281 Foreign Currency Convertible Bonds were converted into 98,74,726 equity shares of the company as approved by the FCCB committee at their meeting held on 8thAugust 2017. Consequently, the equity shares of the company has increased from 98.3 crore shares to 10.82 crore equity shares. The promoter shareholding stand s reduced by 7 3.04 per cent as of Sept 2017.

Appeal against Air India

As per the order of the high court of New Delhi in an appeal preferred by Air India, an amount of Rs 22 crore was made over to the company by Air India earlier year, pending adjudication of cross appeals before the division bench  High Court at New Delhi.

IDFC Bank’s legal  face off

IDFC bank has invoked the corporate guarantee given by the company for recovery of Rs 23.6 crore due by Gati Infrastructure Pvt Ltd. The matter is pending adjudication before Debt Recovery Appellate Tribunal, New delhi. In the meantime, the principal borrower is taking steps to negotiate and settle the matter.


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