Mumbai: Allcargo Logistics‘ net profit surged over three-folds to Rs 106 crore in the June 2021 quarter over the same month a year ago, helped by volume growth and transformation initiatives. The integrated logistics company had posted a net profit of Rs 30 crore in Q1FY21, according to a release.
Revenue from operations rose 66 per cent to Rs 3,449 crore in the quarter under consideration as against Rs 2,077 crore clocked in the June quarter of the previous fiscal.
The multimodal transport operations business witnessed sustained growth on the back of volume expansion and transformation initiatives in favourable market conditions, Allcargo Logistics said.
Also, the digital platform ECU360 continues to gain traction and is increasing share in overall bookings, it added.
“Despite the challenging scenario, we have delivered strong performance in this quarter banking on our digitally-enabled integrated logistics framework and the strong turnaround and transformation journey. Overall, the business has shown resilience during the quarter with volume growth,” said Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide and Gati Ltd.
He added that the company would continue to deliver value to its stakeholders by further enhancing focus across the group on asset-light approach and digitisation to drive growth and profitability.
The CFS-ICD business continues to deliver strong performance despite the challenging economic scenario and reported net income of Rs 34.27 crore for the quarter, it said.
The express logistics operations under Gati have been impacted by the lockdowns imposed in different regions, it said, adding, however, the business is now returning to normalcy.
Express distribution business segment revenue increased from Rs 164 crore in the first quarter last fiscal to Rs 301 crore in Q1FY22.
The contract logistics business, which is under ACCI, in which Allcargo owns around 61 per cent stake, continues to demonstrate resilience with revenue and profit showing significant growth in the quarter, the company said.
ACCI witnessed a growth of 156 per cent in revenue and a 72 per cent spike in EBITDA to Rs 31.45 crore in the reporting quarter compared to Rs 18.23 crore in the June quarter of FY’21. The company manages nearly 5-million sq ft warehousing space under its operations, as per the release.