Gateway Distriparks
BSE SENSEX
24,223
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
7,362
GDPL IN
108.7
29.7 / 0.4
454 / 266
-8/-9/-12
98
67.1
3 February 2016
Q3FY16 Results Update | Sector: Logistics
CMP: INR273
TP: INR453(+66%)
Buy
Financials & Valuations (INR b)
Y/E Mar
2015 2016E 2017E
Net Sales
11.1
10.9
13.3
EBITDA
3.3
2.7
3.3
PAT
1.9
1.3
1.7
EPS (INR)
17.3
12.1
15.7
Gr. (%)
38.1 -29.7
29.4
BV/Sh (INR)
112.1 118.1 126.6
RoE (%)
16.0
10.5
12.8
RoCE (%)
17.6
14.1
16.7
P/E (x)
15.8
22.5
17.4
P/BV (x)
2.4
2.3
2.2
Estimate change
TP change
Rating change
EBITDA below est., PAT in-line led by lower tax; macro headwinds to keep near-term
volumes subdued
GDPL’s reported EBITDA at INR619m was below our est. of INR657m (-28% YoY, -4% QoQ)
driven largely due to lower than expected volumes and profitability of rail business.
Reported PAT stood at INR309m (est. INR314m; -43% YoY, +1% QoQ) led by lower than
expected tax rate at 30% (est. 33%).
Rail volumes up 10% QoQ; but profitability impacted by EXIM imbalance
Rail division reported EBITDA at INR382m (est. INR413m; -22% YoY, +4% QoQ),
implying a 61% contribution to overall EBITDA.
Rail container volumes at 51,140 TEU (est. 52,710; -20% YoY, +10% QoQ) were
sequentially up sans flood related disruptions in Gujarat.
Rail realizations stood at INR37,034/TEU (+29% YoY, -3% QoQ). EBITDA/TEU came in at
INR7,464 (est. 7,840; -2% YoY, -5% QoQ), declining due to waiving off of terminal
charges at Ludhiana and increased EXIM imbalance leading to higher empties.
Completion of Viramgam terminal (in Gujarat) will increase double stacking and result
in 5-7% savings in rail haulage charges, well ahead of DFC completion.
GDPL is well placed to benefit from economic recovery as its current ICD capacity can
handle 4x volume increase without significant capex. We model 15% EBITDA CAGR
through FY18.
CFS division impacted by Chennai floods and weak macro environment
Consolidated CFS EBITDA stood at INR246m (est. INR244m; -33% YoY, -15% QoQ),
implying a 39% contribution to overall.
Consolidated volumes stood at 86.6K (est. 84.2K; -10% YoY, -9% QoQ).
Realizations stood at INR9,030/TEU (est. 7,588; -2% YoY, +5% QoQ), while EBITDA/TEU
stood at INR2,843 (-25% YoY, -6% QoQ).
The Chandra CFS in Chennai has recommenced operations in Jan 2016.
Valuation and view
Our FY15-18 volume CAGR assumptions in rail and CFS stands at 6%/10%. We value
Gateway Distriparks on SOTP-based fair value of INR453/sh, which includes INR425/sh
for core business on DCF basis (WACC: 12.2%, TGR: 4%) and INR28/sh for Snowman,
post 25% discount.
On FY17E, the stock trades at 17.4x FY17E EPS and at 23.1x FY17E (adjusted for Rail JV
interest, assumed 49%). On FY18E, the stock trades at 11.4x FY18E EPS and at 15.8x
FY18E adj. EPS; it has a dividend yield of ~3%. Maintain
Buy.
Harshad Borawake
(HarshadBorawake@MotilalOswal.com); +91 22 3982 5432
Rajat Agarwal
(Rajat.Agarwal@MotilalOswal.com); +91 22 3982 5558
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Gateway Distriparks
Key Takeaways from earnings concall
Update on Gateway rail JV
Management has indicated that it will continue to negotiate buyback of stake
from the Blackstone in its rail business JV.
Rail Division takeaways
3QFY16 operations:
Overall the market was impacted due to decline in exports
due to weakness in global trade. Rail double stacking index stood at around
63%. On average, the company is incurring INR10m/month as empty haulage
costs.
Viramgam terminal
is expected to commence operations by August 2016. The
management expects 5-7% savings in rail haulage charges due to double
stacking benefits provided by the terminal. We believe this will be a significant
margin booster well ahead of dedicated freight corridor (DFC) commissioning.
At Faridabad ICD,
the management expects to exit the current fiscal year with
four digit volumes.
Ludhiana market
declined by 18%, led by 25% decline on the export side and
11% decline on the import side. The management highlighted that there were
pricing pressures in the region due to entry of competition.
The management stated that while overall margins and market share in
Ludhiana have improved, the overall market declined impacted the
performance. Market share in Ludhiana stands at ~45%, while market share in
NCR is 11%.
Rail business income tax rate will reduce
from FY18 as the company will start
receiving 80-IA benefits.
CFS business takeaways
3QFY16 operations:
Overall the volumes declined due to weaker macro
environment and volumes loss due to Chennai floods. Volumes have returned to
normal levels in January.
Chandra CFS in Chennai resumed operations after a period of almost one year.
The company had incurred about INR50m in expenses since the CFS closure.
CFS business growth will be driven by new ports.
GDPL had acquired new 48.5
acres land at Krishnapatanam to build a new CFS. GDPL will also provide
warehousing services at this CFS. The first phase of warehousing is expected to
commence by September 2016, and the CFS businesss by the end of the year.
The management expects to reach more than 10,000 TEU in the first year.
Container capacity of this port is estimated to increase from 1.2m TEU to 6m
TEU in the next five years. Some volumes will also shift from Chennai port which
is over congested.
Other Key Highlights
Total debt on the balance sheet stood at INR1.9b (v/s INR1.8b in March 31,
2015).
Cash and equivalents stood at INR2.2b (vs INR1.6b in March-15).
Dividend:
The company declared an interim dividend of INR4/sh.
3 February 2016
2

Gateway Distriparks
Exhibit 1: Gateway’s rail division profitability marginally decline QoQ on a per teu basis
Throughput (TEU)
Revenues (INRm)
Realizations (INR/TEU)
EBITDA (INRm)
EBITDA margin (%)
EBITDA (INR/TEU)
EBIT (INRm)
EBIT (INR/TEU)
PAT (INRm)
PAT (INR/TEU)
2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 YoY(%) QoQ(%)
50,936 51,581 58,176 57,380 67,706 63,952 59,329 54,741 46,631 51,140 -20%
10%
1,388
1,362
1,492
1,508
1,713
1,835
1,857
1,766
1,784
1,894
3%
6%
27,250 26,411 25,645 26,288 25,298 28,697 31,297 32,263 38,247 37,034
29%
-3%
227
255
321
323
403
490
484
397
366
382 -22%
4%
16%
19%
21%
21%
24%
27%
26%
22%
20%
20% -24%
-2%
4,459
4,942
5,511
5,620
5,949
7,654
8,158
7,249
7,840
7,464
-2%
-5%
123
154
225
204
285
370
365
273
239
256 -31%
7%
2,415
2,986
3,869
3,559
4,208
5,786
6,152
4,982
5,123
5,012 -13%
-2%
94
111
229
193
263
326
250
163
143
163 -50%
14%
1,840
2,161
3,933
3,360
3,886
5,091
4,209
2,979
3,064
3,189 -37%
4%
Source: Company, MOSL
Exhibit 2: Rail container volumes stood at 51K; -20% YoY, +10% QoQ.
Volumes were impacted YoY by lower port volumes
Rail throughput ('000 TEUs)
61
52
60
61
52
51
52
68
58
57
64
59
55
47
51
Source: Company, MOSL
Exhibit 3: CFS profitability remained under strain due to Chennai floods, JNPT capacity addition to drive Mumbai CFS volumes
2QFY14 3QFY14 4QFY14 1QFY15 2QFY15
Consolidated CFS
Utilization (%)
Throughput (TEU)
Revenues (INRm)
Realizations (INR/TEU)
EBITDA (INRm)
EBITDA margin (%)
EBITDA (INR/TEU)
EBIT (INRm)
EBIT (INR/TEU)
PAT (INRm)
PAT (INR/TEU)
56%
54%
57%
62%
66%
84,207 83,510 88,070 96,552 102,58
778
717
738
795
919
9,234 8,589 8,380 8,236 8,957
341
285
239
314
414
44%
40%
32%
39%
45%
4,054 3,413 2,714 3,251 4,034
279
222
176
239
331
3,307 2,662 1,997 2,471 3,225
208
191
143
163
208
2,468 2,290 1,621 1,689 2,023
3QFY15 4QFY15 1QFY16
62%
96,612
893
9,245
366
41%
3,790
286
2,961
195
2,017
59%
91,387
820
8,977
328
40%
3,592
247
2,705
185
2,019
60%
93,662
871
9,297
307
35%
3,281
230
2,456
173
1,848
2QFY16
61%
95,574
820
8,584
289
35%
3,028
214
2,238
151
1,581
3QFY16 YoY(%) QoQ(%)
56%
86,604
782
9,030
246
31%
2,843
170
1,963
128
1,479
-10%
-12%
-2%
-33%
-23%
-25%
-41%
-34%
-34%
-27%
-9%
-5%
5%
-15%
-11%
-6%
-21%
-12%
-15%
-6%
Source: Company, MOSL
3 February 2016
3

Gateway Distriparks
Exhibit 4: CFS volume at 87K were down 10% YoY and down 9% QoQ
CFS volumes (‘000 TEUs)
83
7
18
91
8
23
87
10
19
92
79
9
19
51
77
9
17
51
10
17
Mumbai
83
11
19
53
Chennai
90
11
21
84
11
19
52
Vizag
84
13
20
51
Kochi
84
14
18
51
88
12
17
55
Total
97
15
22
103
17
25
97
14
23
91
15
18
54
94
15
21
96
15
23
87
14
16
53
76
6
16
54
78
11
19
48
58
59
58
65
57
57
57
56
54
54
Source: Company, MOSL
3 February 2016
4

Gateway Distriparks
Valuation and view
GDPL is a direct play on India’s EXIM growth and beneficiary of increasing
containerization which will be boosted by DFCs completion. Management’s
focus on reinvesting in the core business along with upgrading to value-added
services has ensured continual margin improvement.
Blackstone has ~49% stake in Gateway Rail. GDPL management is currently
negotiating with Blackstone for purchase of its stake in rail JV.
Key events to watch out are (a) EXIM growth, (b) margin improvement from
Viramgam terminal, (c) DFCs completion timelines and (d) GST implementation.
Key risks include (a) delay in JNPT expansion, (b) delay in DFCs completion and
(c) competition in CFS and rail segment.
We value Gateway Distriparks on SOTP-based fair value of INR453/sh, which
includes INR425/sh for core business on DCF basis (WACC: 12.2%, TGR: 4%) and
INR28/sh for Snowman, post 25% discount.
On FY17E, the stock trades at 17.4x FY17E EPS and at 23.1x FY17E (adjusted for
Rail JV interest, assumed 49%). On FY18E, the stock trades at 11.4x FY18E EPS
and at 15.8x FY18E adj. EPS; it has a dividend yield of ~3%. Maintain
Buy
Exhibit 5: Gateway Distriparks - Key Assumptions
FY12
Consolidated CFS
Utilization (%)
Throughput (TEU)
Revenues (INRm)
Realizations (INR/TEU)
EBITDA (INRm)
EBITDA margin (%)
EBITDA (INR/TEU)
EBIT (INRm)
EBIT (INR/TEU)
PAT (INRm)
PAT (INR/TEU)
Rail Division
Throughput (TEU)
Revenues (INRm)
Realizations (INR/TEU)
EBITDA (INRm)
EBITDA margin (%)
EBITDA (INR/TEU)
EBIT (INRm)
EBIT (INR/TEU)
PAT (INRm)
PAT (INR/TEU)
65%
334,088
3,102
9,284
1,654
53%
4,949
1,452
4,346
1,065
3,189
180,473
4,496
24,910
717
18%
3,971
336
1,860
222
1,230
FY13
62%
342,661
3,052
8,908
1,412
46%
4,120
1,205
3,518
890
2,598
233,566
5,376
23,017
820
15%
3,510
419
1,792
275
1,178
FY14
56%
340,004
2,960
8,705
1,168
39%
3,436
917
2,696
726
2,135
212,317
5,671
26,710
1,023
18%
4,819
623
2,935
513
2,416
FY15
61%
387,138
3,428
8,854
1,430
42%
3,674
1,103
2,848
750
1,937
248,367
6,913
27,835
1,699
25%
6,840
1,224
4,929
1,031
4,152
FY16E
60%
369,462
3,297
8,923
1,108
34%
2,998
777
2,102
579
1,567
211,620
7,584
36,161
1,577
21%
7,513
1,056
4,992
642
3,033
FY17E
70%
428,800
3,934
9,174
1,327
34%
3,094
990
2,309
705
1,645
249,600
9,360
37,500
1,972
21%
7,900
1,352
5,416
859
3,442
FY18E
80%
481,300
4,552
9,457
1,705
37%
3,543
1,363
2,831
971
2,018
286,200
10,733
37,500
2,576
24%
9,000
1,865
6,516
1,491
5,210
Source: Company, MOSL
3 February 2016
5

Gateway Distriparks
Story in charts
Exhibit 6: Upcoming Dedicated Freight Corridors (DFC) in
railways to significantly multiply freight train capacity
Exhibit 7: DFC features to significantly boost Container Train
operators efficiencies
Source: PTI, PMO, MOSL
Source: DFCCIL, MOSL
Exhibit 8: GDPL’s strategically located ICDs (Inland Container
Depot) to benefit from Western DFC
Exhibit 9: GDPL’s CFS are located at Mumbai, Chennai, Vizag
and Kochi
Source: Company, MOSL
Source: Company, MOSL
3 February 2016
6

Gateway Distriparks
Story in charts
Exhibit 10: Model 5% Rail volume CAGR thr’ FY18E led by
Faridabad ramp-up and expansion at Garhi and Ludhiana
Rail throughput ('000 TEUs)
248
250
286
4,819
3,510
820
1,023
1,699 1,577 1,972
Exhibit 11: Expect 15% Rail EBITDA CAGR thr’ FY18E led by
volume growth and likely improvement in profitability
Rail EBITDA (INRm)
EBITDA (INR/teu)
9,000
7,513 7,900
6,840
2,576
234
180
112
131
212
212
2,687
302
3,333
3,971
438
717
FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E
Source: Company, MOSL
FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E
Source: Company, MOSL
Exhibit 12: Model consolidated CFS volume CAGR at 8% thr’
FY18E helped by JNPT port capacity expansion
In '000 TEU
Mumbai
Chennai
Vizag
Kochi
Total
481
Exhibit 13: Expect 6% CFS EBITDA CAGR thr’ FY18E led by
volume growth and improvement
CFS EBITDA (INRm)
4,949
4,120
3,273 3,408
1,654
995
1,136
1,412
3,436 3,674
2,998 3,094
1,327
3,543
1,705
CFS EBITDA (INR/teu)
304
-
24
64
215
333
29-
74
230
334
-
37
78
219
343
431
76
223
340
6
51
74
209
429
24
387 369
22 63
16
16 60
102
60
58
92
88
78
223
218
256
293
1,168
1,422
1,108
FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E
Source: Company, MOSL
FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E
Source: Company, MOSL
Exhibit 14: Gateway market share in container rail business
has more than doubled in the last few years (%)
Concor
3
12
5
17
5
20
Others
6
18
Gateway
8
15
7
14
8
12
Exhibit 15: Expect GDPL’s RoE and RoCE to move towards
20% and above (%)
25
20
15
10
RoE
RoCE
85
78
75
76
77
79
81
FY09
FY10
FY11
FY12
FY13
FY14E
FY15E
5
FY11
FY12
FY13
FY14
FY15 FY16E FY17E FY18E
Source: Company, MOSL
Source: Company, MOSL
3 February 2016
7

Gateway Distriparks
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2011
6,025
16.6
1,648
27.3
502
1,145
199
95
0
1,041
44
4.2
30
968
968
22.3
2011
1,080
2,958
5,799
9,837
610
1,327
140
11,914
9,021
310
380
130
3,004
624
1,377
1,003
932
498
434
2,072
11,914
2012
8,215
36.3
2,498
30.4
628
1,870
149
144
0
1,865
508
27.3
36
1,320
1,320
36.5
2012
1,083
2,958
6,395
10,436
663
1,270
140
12,509
9,290
310
565
0
3,320
664
1,600
1,056
976
519
458
2,344
12,509
2013
9,541
16.1
2,464
25.8
699
1,766
187
155
0
1,734
373
21.5
93
1,267
1,267
-4.0
2013
1,085
2,958
6,802
10,845
806
2,520
88
14,259
11,194
511
565
1
2,852
964
927
961
863
779
84
1,989
14,259
2014
10,128
6.2
2,587
25.5
801
1,786
294
171
0
1,662
190
11.4
114
1,358
1,358
7.2
2014
1,086
2,958
7,280
11,324
1,257
3,241
40
15,862
12,028
553
760
340
3,481
1,136
1,149
1,196
1,300
833
467
2,181
15,862
2015
11,113
9.7
3,281
29.5
889
2,392
254
128
0
2,266
441
19.4
37
1,878
1,878
38.2
2015
1,087
2,958
8,146
12,191
259
1,820
150
14,420
9,647
317
299
2,253
3,077
1,064
744
1,270
1,173
695
478
1,904
14,420
2016E
10,881
-2.1
2,684
24.7
827
1,857
192
186
0
1,851
710
38.3
16
1,199
1,320
-29.7
2016E
1,087
2,958
8,798
12,843
259
2,220
150
15,472
11,395
317
-96
2,253
2,701
1,042
416
1,243
1,097
704
393
1,604
15,472
2017E
13,294
22.2
3,299
24.8
933
2,366
191
209
0
2,384
740
31.0
36
1,708
1,708
29.4
2017E
1,087
2,958
9,718
13,763
259
2,020
150
16,192
11,497
317
19
2,253
3,362
1,273
570
1,519
1,255
859
396
2,107
16,192
(INR Million)
2018E
15,284
15.0
4,281
28.0
1,029
3,252
182
282
0
3,351
803
24.0
62
2,611
2,611
52.9
Balance Sheet
Y/E Mar
Share Capital
Preference Capital
Reserves
Net Worth
Minority Interest
Debt
Deferred Tax
Total Capital Employed
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Investments
Current Assets
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
2018E
1,087
2,958
11,108
15,153
259
2,020
150
17,582
11,568
317
19
2,253
4,791
1,463
1,582
1,746
1,365
966
399
3,426
17,582
3 February 2016
8

Gateway Distriparks
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
EPS (excl. 49% Rail JV share)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
P/E (excl. 49% Rail JV share)
Cash P/E
Price / Book Value
Adj. EV/EBITDA
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Working Cap. Turnover (Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2011
9.0
0.0
13.6
91.1
6.0
78.1
2012
12.2
11.2
18.0
96.4
6.0
57.2
2013
11.7
10.4
18.1
100.0
7.0
69.6
2014
12.5
10.1
19.9
104.3
7.0
65.5
21.8
27.0
13.7
2.6
15.2
12.3
2.6
12.3
14.0
0.6
37
0.3
2014
2,587
56
-133
-405
-7
2,098
-1,964
134
-340
519
-1,785
10
675
-269
-508
-92
222
927
1,149
2015
17.3
12.6
25.4
112.1
7.0
47.9
15.8
21.6
10.7
2.4
12.6
9.4
2.6
16.0
17.6
0.8
38
0.1
2015
3,281
64
-304
-615
-52
2,375
-1,554
820
-437
-89
-2,080
12
428
-238
-902
-700
-405
1,149
744
2016E
12.1
9.2
19.8
118.1
4.3
45.6
22.5
29.5
13.8
2.3
16.5
11.7
1.6
10.5
14.1
0.7
40
0.2
2016E
2,684
0
-27
-710
0
1,947
-2,180
-233
0
186
-1,994
0
400
-192
-489
-281
-328
744
416
2017E
15.7
11.8
24.3
126.6
6.1
46.1
17.4
23.1
11.2
2.2
13.3
9.4
2.2
12.8
16.7
0.8
42
0.1
2017E
3,299
0
-349
-740
0
2,210
-1,150
1,060
0
209
-941
0
-200
-191
-724
-1,115
154
416
570
2018E
24.0
17.3
33.5
139.4
9.5
46.8
11.4
15.8
8.2
2.0
10.0
7.0
3.5
18.1
21.4
0.9
44
0.0
2.2
11.7
12.5
0.5
42
0.1
2011
1,648
13
-1,169
-230
73
335
-1,631
-1,296
23
636
-971
0
-947
-185
2,351
1,219
582
795
1,377
2.2
13.0
17.6
0.6
33
0.0
2012
2,498
23
-84
-436
71
2,073
-1,116
957
147
60
-909
28
-79
-135
-754
-940
223
1,377
1,600
2.6
11.9
15.3
0.6
41
0.2
2013
2,464
14
-264
-285
3
1,933
-2,383
-450
0
-77
-2,460
22
1,240
-148
-1,260
-146
-673
1,600
927
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
(INR Million)
2018E
4,281
0
-308
-803
0
3,170
-1,100
2,070
0
282
-818
0
0
-182
-1,159
-1,341
1,011
570
1,582
3 February 2016
9

Gateway Distriparks
Corporate profile
Company description
Exhibit 1: Sensex rebased
Incorporated in 1994, GDPL is the logistics facilitator with
presence in three synergistic verticals – Container Freight
Stations (CFS), Inland Container Depots (ICD) with rail
movement of containers to major ports, and cold chain
storage logistics.
GDPL operates five CFS at Mumbai, Chennai, Vizag and
Kochi. Its rail subsidiary Gateway Rail operates rail linked
ICDs located at Gurgaon, Ludhiana, Mumbai and
Faridabad.
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Promoter
DII
FII
Others
Sep-15
32.9
25.4
31.4
10.4
Jun-15
32.9
25.6
29.8
11.7
Sep-14
36.7
25.3
22.1
16.0
Exhibit 3: Top holders
Holder Name
ICICI Prudential Value Discovery F
Franklin Templeton Mutual Fund
Franklin India Prima
Amansa Holdings Pvt Ltd
L & T Mutual Fund Trustee Ltd -
Morgan Stanley Investment Manag
% Holding
6.2
A/c
4.6
4.2
3.5
3.3
Source: Capitaline
Note: FII Includes depository receipts
Source: Capitaline
Exhibit 4: Top management
Name
Prem Kishan Gupta
R Kumar
Designation
Chairman
&
Managing
Director
Company Secretary
Exhibit 5: Directors
Name
Arun Agarwal
Ishaan Gupta
Saroosh Dinshaw
Bhaskar Reddy
Name
Chitra Gouri Lal
M P Pinto
Shabbir Hassanbhai
Mamta Gupta
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Price Waterhouse
Varma & Varma
Type
Statutory
Internal
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
FY18
MOSL
forecast
12.1
15.7
24.0
Consensus
forecast
13.7
17.4
22.3
Variation
(%)
-11.6
-10.0
7.4
Source: Bloomberg
Source: Capitaline
3 February 2016
10

Gateway Distriparks
NOTES
3 February 2016
11

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