Flomic plans to touch Rs 500 crore in revenue by FY23-24

Flomic is on an expansion spree and expects its revenue to increase by 33% touching INR 500 CR by FY23-24. The firm has implemented a multi-pronged strategy to drive growth. The 33-year-old BSE Listed company after establishing a network of offices offering Freight forwarding and Custom clearance services all over India, has now established a strong network of warehouses with a capacity touching 47,000 sq ft.

Mr. Lancy Barboza, Managing Director, of Flomic Global Logistics Ltd said," We have firmly established Flomic as a strong logistics player and now plans to focus on top customers and corporates and implement strategies that will enable it in deep selling and cross-selling."

Flomic plans to strengthen its presence in tier II and tier III towns and is actively scouting for talent. In a bid to retain talent and make them a partner in its growth journey, the company is formulating an ESOP policy and is actively adopting best practices to retain talent, he added.

Freight Forwarding is a highly fragmented and unorganized industry and in order to capture greater market share and strengthen its presence, the firm is devising various pricing strategies in collaboration with its overseas counterparts. The firm's focus has been air and ocean logistics and it is seeing good traction in terms of volume handled. The recent forays and focus on the overseas nomination segment have also enabled the company in gaining visibility in the overseas market. With the firm aiming to touch Rs500 cr in topline, the company aims to create a space for itself in the fragmented freight forwarding industry, which will provide the company with the platform for further growth. "India has the highest logistics cost, with the implementation of National Logistics Policy, and development of better infrastructure, Flomic expects the business to be operationally more profitable going forward," added Barboza.

Shares of Flomic Global Logistics Ltd was last trading in BSE at Rs. 129.30 as compared to the previous close of Rs. 129.95. The total number of shares traded during the day was 6599 in over 173 trades.

The stock hit an intraday high of Rs. 133.45 and intraday low of 127.50. The net turnover during the day was Rs. 853533.00.

Source : Equity Bulls

Keywords

FlomicGlobalLogistics INE952M01019 BusinessUpdate