Gati has announced increased revenues in its 2016-2017 fiscal year results. Revenues grew 1.3% to INR17.0bn. EBITDA also improved by 6.6% to INR597m, but net profit after minority interests dropped by 19.9% to INR295m.
In Q4, Gati saw negative revenue growth, which decreased 3.4% year-over-year to INR4.2bn. Net profits after minority interests dropped by 40% year-over-year to INR93m.
Founder and CEO of Gati, Mahendra Agarwal, commented on the results, “The post festive slowdown in the e-commerce 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 GatiFulfilment Services and end-to-end Supply Chain Solutions.”