Gateway Distriparks rose 2.59% to Rs 82.04 after receiving a tax refund of Rs 12.47 crore from the Income Tax Department, reversing an earlier demand of Rs 9.48 crore.
Gateway Distriparks announced that it has received a significant income tax refund for the financial year 2020-21. The company had previously received a demand notice from the Income Tax Department for a sum of Rs 9,47,54,253/- for that year, which was disclosed to the stock exchanges on 13 July 2024.
Following this, Gateway Distriparks applied Section 156 of the Income Tax Act. The Income Tax Department has now agreed with the company’s contentions and rectified the computation, resulting in a refund of Rs 12,46,82,031. This amount includes interest of Rs 2,24,83,645.
Gateway Distriparks is an integrated inter-modal logistics service provider. It has a network of 10 inland container depots and container freight stations strategically located across the country, operating a fleet of 34 trainsets along with 550+ trailers for transportation between its facilities and maritime ports, as well as first & last mile connectivity to provide end to end solutions to the EXIM industry. The company offers general & bonded warehousing, rail & road transportation, container handling services and other value-added services. Through Snowman Logistics, the group also operates India’s largest temperature-controlled logistics network.
On a consolidated basis, the net profit of Gateway Distriparks declined 17.93% to Rs 59.91 crore while net sales declined 2.14% to Rs 389.99 crore in Q2 September 2024 over Q2 September 2023.