Gateway Distriparks posted a 19.8 per cent rise in net profit at Rs 40.3 crore for the quarter ended March, 2014.
The Navi Mumbai-headquartered logistics company announced in Mumbai on Friday that the profit growth was partly due to a reduction in provisions for deferred taxes, though it did not say what the exact amount was.
For the full fiscal year 2013-14, its post-tax profit rose 7.2 per cent to Rs 135.8 crore, even though the pre-tax profit was down 4.1 per cent.
Shares in Gateway Distriparks, on Friday, ended at Rs 175.75 apiece on the BSE, down 0.42 per cent from the previous close.
During the quarter under review, total income from operations dipped marginally to Rs 266.90 crore, from Rs 267.14 crore in the same period a year ago.
Meanwhile, the company also announced that it plans to come out with an IPO of its temperature-controlled logistics subsidiary Snowman Logistics this year.
A draft red herring prospectus was filed with capital market regulator Securities and Exchange Board of India (Sebi) last August and the company is expected to be listed by the end of 2014, it said.
"The listing of Snowman Logistics will unlock inherent value and the potential of the cold chain operations," group deputy chairman and managing director Prem Kishan Gupta said.
RESULT
Gateway Distriparks posted a 19.8 per cent rise in net profit at Rs 40.3 crore for the quarter ended March, 2014.
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