Stock Report

Ritco Logistics announces Q1FY23 results

Posted On : 2022-08-16 10:59:11( TIMEZONE : IST )

Ritco Logistics Ltd. , a market leader in logistics & distribution in India, has announced its financial results for the first quarter ending June 30, 2022.

Performance Highlights: Q1 FY2023 vs. Q1 FY2022

- Total Income of Rs.168 Crores, growth of 47% y-o-y
- EBITDA of Rs.11.97 Crores, growth of 43% y-o-y
- EBITDA margin at 7.06% compared to 7.32%
- PAT of Rs.5.64 Crores compared to Rs.2.06 Crores, growth of 173% y-o-y
- PAT margin at 3.33% compared to 1.80%, growth of 85% y-o-y

Commenting on the performance, Mr. Manmohan Pal Singh Chadha, Chairman, said: "We recorded a relatively strong performance in QIFY23 with Revenue of Rs.168 crores, a growth of 47% on year-on-year basis. This growth was led by continued uptick in the economic activity and pick up in industrial production which was subdued in the comparative period due to second wave of Covid-19. With this, our teams were able to expand wallet share with existing clients and also onboarded marquee labels, which should reflect in the ensuing quarters."

Our EBITDA for the quarter stood at Rs. 11.97 crores, a growth of 43% y-o-y with margins of 7.06%. The margins were slightly lower compared to Q1 2021 due to increase in employee costs as we are building team for our newly launched services and on account of lower depreciation. However, we expect margins to improve in the coming quarters with pick up in utilization levels. Profit after Tax stood at Rs.5.64 crores, a growth of 173% y-o-y.

Given the robust demand environment and increasing enquiries from our clients, we have added 6 new strategic branches during Q1 in West, North & East regions and we expect to add another 10 branches during the balance of the fiscal year. We have also taken up leased infrastructure to set up dedicated logistics cum distribution centers for few of our blue-chip customers in East. We have recently launched a "Control Tower" at Gurgaon which is now operational 24x7. This is expected to reduce turnaround time, enhance operational efficiencies in the long run resulting into reduction of direct costs.

Ritco has increased its foray in the Warehousing business in Q1 by adding 4 new Warehouses in North and East India, totaling to 1.60 lakh sq. feet, which will add to our topline and margins.

Shares of Ritco Logistics Ltd was last trading in BSE at Rs. 154.45 as compared to the previous close of Rs. 155.75. The total number of shares traded during the day was 14933 in over 278 trades.

The stock hit an intraday high of Rs. 160.25 and intraday low of 147.60. The net turnover during the day was Rs. 2324476.00.