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Gati Ltd posted a loss of ₹2.3 crore for the second quarter ended September 30, against a profit of ₹9.2 crore in the corresponding quarter last year, on a standalone basis.
The express logistics and warehouse services provider logged in lower income of ₹104.21 crore (₹123.18 crore).
The company attributed the drop in business performance to an abrupt slowdown in cross-border e-commerce and in the local TV-commerce, coinciding with a low seasonality quarter in domestic e-commerce business.
While the overall economy has remained sluggish, the company has sustained both its topline and bottomline in B2B segment.
The drop in topline is mainly attributed to low seasonality of e-commerce and cold chain verticals in Q2 FY20 with consequent impact in bottom line.
Mahendra Agarwal, Founder & CEO said, “While there is a palpable slowdown in the economy, it is only a question of time before business momentum picks up again in the near term. Gati shall continue to invest in operations and IT capabilities to realize the immense business potential that the country has to offer in the medium to long term.”
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