Gati Ltd posted a profit of Rs 7.7 crore for the fourth quarter ended March 31, 2017 as against a profit of Rs 5.99 crore for the corresponding quarter last year on a standalone basis.
The express distribution and supply chain solutions company net sales was at Rs 126.07 crore for the fourth quarter as against Rs 131.38 crore for the same period previous fiscal.
The company closed the financial year ended March 2017 with income of Rs 526.33 crore and profit of Rs 29.77 crore as against income of Rs 498 crore and profit of Rs 19.83 crore for the previous fiscal.
The Board of Directors recommended a dividend of 40 per cent (Rs 0.80 paise) per equity share of Rs 2 each.
Consolidated
During the fourth quarter, Gati registered consolidated revenue of Rs 418.4 crore, down 3.4 per cent over Q4 FY15-16. The consolidated net profit dropped by 40 per cent to Rs 9.3 crore in Q4 FY16-17 over last year.
The consolidated full year revenue was up 1.3 per cent at Rs 1,704.1 crore and net profit dropped by 19.9 per cent to Rs 29.5 crore.
The full year growth was chiefly affected by e-Commerce growth stagnation and lingering effects of demonetization in select industry verticals
During 2016-17, the total income for Gati Kintetsu Express Private Ltd joint venture posted income of Rs 1,111.7 crore, down 2.6 per cent.
Mahendra Agarwal, Founder and CEO, Gati, in a statement said, “The post festive slowdown in ecommerce industry and the slow tapering down of the after effect of demonetization on both B2B and B2C segments had a material impact on the company’s performance.”
“We expect a substantial momentum built up in FY17-18 in the GST context further aided by our recent portfolio enhancement including Gati Fulfilment Services and end-to-end Supply Chain Solutions,” he said.