Allcargo Logistics quarterly revenue grows 113% to Rs. 4978 Cr, reported EBITDA Rs. 363 Cr for Q2FY22

The Board of Directors of Allcargo Logistics Ltd, at its meeting held yesterday, approved the unaudited financial results for the second quarter ended September 30, 2021.

Allcargo Logistics reported revenue of ₹ 4,978 Crores for the quarter and EBITDA stood at ₹ 363 Crores. Profit before tax stood at ₹ 319 Crores, including ₹ 43 Cr exceptional income and ₹ 24 crs share of profit from associates and JVs. Exceptional income is largely driven by gains on sale of Gati Limited's subsidiary Gati Kausar. The record performance has been delivered by exceptional leadership of the management team across businesses. The company has put strong focus on attracting and retaining top talent. Allcargo and its subsidiaries ECU Worldwide, and Gati over the last 12 months have hired nearly 20 CXO level resources and brought nearly 100 critical leaders and managers across the globe to drive growth and digital aspirations. In addition, there have been significant additions in data science, strategy and analytics teams.

The international supply chain business (MTO segment) witnessed sustained growth on the back of volume growth and expansion in market share in favorable market conditions. Transformation continues to drive sales acceleration and digital initiatives include data projects, automation, ECU EDI, ECU click and other apps to improve customer experience and service delivery. ECU360 is now a mature digital platform with front end deployed on cloud.

The CFS-ICD business continues to deliver good performance and the economic environment is constantly improving with month on month improvements in business. Volume handled for the quarter stood at 79,794 TEUs as against 59,031 TEUs for the same quarter last year. The express logistics business under Gati reported its highest ever revenue and volume for GKEPL and continues to witness positive momentum. The contract logistics business continues to demonstrate resilience with revenue and profit showing significant growth in the quarter. The business is under ACCI, where Allcargo owns near 61% shareholding. ACCI also has customs clearance business. ACCI witnessed a growth of 156% in revenue and EBITDA increased 72% from ₹ 21.3 Cr in Q2FY21 to ₹ 39.1 Crin Q2FY22. The company manages nearly 5 million sq ft warehousing area under its operations.

Commenting on the performance, Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide and Gati Ltd.said, "The company is proud of its leadership and the collective vision and commitment, which has allowed us to record historic performance in this quarter. The sharp focus on transformation and digital initiatives is reinvigorating the entire team to work with a start-up mindset, while benefiting from capabilities built over decades. We shall continue to work with our asset light approach and deliver value to our stakeholders with continued growth and profitability."

"We expect the tail winds from liner business to sustain. The industry went through pain with low rates over several years and has now turned around post consolidation and we do not see freight rates going back to earlier levels in near future." He further added.

Shares of Allcargo Logistics Limited was last trading in BSE at Rs. 274.15 as compared to the previous close of Rs. 268.90. The total number of shares traded during the day was 74326 in over 1888 trades.

The stock hit an intraday high of Rs. 284.30 and intraday low of 263.90. The net turnover during the day was Rs. 20698298.00.

Source : Equity Bulls

Keywords

AllcargoLogisticsLimited INE418H01029 Transportation Logistics Q2FY22 ResultUpdate