Tiger Logistics India Ltd reports its Q3 & 9M FY24 financial results

Tiger Logistics (India) Ltd., a BSE-listed international logistics company has shared its unaudited financial performance results for the Q3 & 9M FY24 period which ended on31st December 2023.

Financial Performance & Key Development for Q3 & 9M FY24:

Revenue Performance:

Revenue: The company reported a revenue of ₹5,195 lakhs in Q3FY24, representing a slight decrease of 3.0% from the previous quarter's revenue of ₹5,358 lakhs. However, on a year-on-year basis, there was a significant decline of 37.2% compared to Q3FY23 revenue of ₹8,283 lakhs. For the nine months ended FY24, the company reported revenue of ₹43,335 lakhs, indicating a decline of 1.2% from the corresponding period last year.

Operating Performance:

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): Tiger Logistics reported an EBITDA of ₹398 lakhs in Q3FY24, down by 1.2% from the previous quarter's EBITDA of ₹403 lakhs. However, on a year-on-year basis, there was a notable decrease of 54.1% compared to Q3FY23 EBITDA of ₹884 lakhs. For the nine months ended FY24, the company's EBITDA stood at ₹2,592 lakhs, reflecting a decline of 7.2% from the corresponding period last year.

EBITDA Margin: Despite the challenging environment, Tiger Logistics maintained its EBITDA margin at 7.7% in Q3FY24, a marginal increase of 14 basis points (bps) from the previous quarter's margin of 7.5%. However, on a year-on-year basis, there was a decline of 300 bps compared to Q3FY23's margin of 10.7%. For the nine months ended FY24, the EBITDA margin improved significantly to 7.2%, up by 100 bps from the corresponding period last year.

Profitability:

Profit After Tax (PAT): The company reported a PAT of ₹374 lakhs in Q3FY24, marking a growth of 12.5% from the previous quarter's PAT of ₹333 lakhs. However, there was a substantial decrease of 55.1% compared to Q3FY23 PAT of ₹835 lakhs. For the nine months ended FY24, the company's PAT stood at ₹2,320 lakhs, reflecting a decline of 5.4% from the corresponding period last year.

PAT Margin: Tiger Logistics' PAT margin stood at 7.2% in Q3FY24, representing an improvement of 100 bps from the previous quarter's margin of 6.2%. However, on a year-on-year basis, there was a decline of 390 bps compared to Q3FY23's margin of 10.1%. For the nine months ended FY24, the PAT margin remained stable at 5.4%.

Commenting on the results, Mr. Harpreet Singh Malhotra, CMD of Tiger Logistics (India) Limited said, "Amidst challenges, our journey is one of growth and resilience, fueled by effective decision-making andstrategic prowess. We embrace the opportunity to bridge sectors, partnering with a major private bank and revolutionizing global logistics through Freight Jar Beta Version 2.0. Our dedication is reflected in securingprestigious government projects and fostering strategic alliances with industry leaders likePowerPac Holdings Limited, poised to unlock new frontiers in international trade. With each milestone, weaffirm our commitment to driving economic growth and delivering excellence in logistics.

We extend our gratitude to our valued shareholders for their unwavering trust. Our commitment remains steadfast in delivering value, exemplified by our decision to initiate a 1:10 stock split. This endeavor reflectsour dedication to fostering trust and ensuring mutual success as we move forward together."

Shares of Tiger Logistics (India) Ltd was last trading in BSE at Rs. 795.20 as compared to the previous close of Rs. 801.75. The total number of shares traded during the day was 65494 in over 584 trades.

The stock hit an intraday high of Rs. 808.00 and intraday low of 761.70. The net turnover during the day was Rs. 50930566.00.

Source : Equity Bulls

Keywords

TigerLogisticsIndia INE906O01011 Q3FY24 9MFY24 ResultUpdate