On Friday it was reported Allcargo Logistics had a multiple jump in the net profit which was around to be Rs. 354.16 during October to December quarter to Rs. 22 crores compared to past exceptional losses in the same quarter from the last year.
From the operation the income increased 114 percent to Rs. 5,869 crores for the quarter in comparison to Rs 2,734.68 crore, in the third quarter in the year of 2020-21, Allcargo said in a press release.
Allcargo mentioned it has put a strong focus on attracting and retaining top talent across the world. Additionally, the company even demonstrated strong performance on acquisitions. It has been leading to a strong contribution from surge in digital revenue, and cost optimisation through the automation for across end to end processes.
Allcargo Logistics net profitÂ around to be Rs. 354.16, during October to December.
Allcargo logistics business performance in the logistics industry
The CFS-ICD business continues to provide delivery at good performance and the acquisition of Speedy Multi-modes will be promoted to add strength to the business, said by the company.
The volume handled for the quarter that stood at 147,433 TEUs as against 81,666 TEUs for the same quarter for the last year. Allcargo mentioned adding the express logistics business under the Gatiâ€™s subsidiary GKEPL reporter to be its highest volume and it is at the revenue at Rs. 353 crores for the quarter, and it proceeded to witness growth momentum.
The contract logistics business which is under ACCI and in which Allcargo holds 61 percent stake, continues to demonstrate resilience and flexibility with the revenue; profit showing significant growth in the quarter, according to the company. ACCI also has the customs clearance business under it, which is observed to be at the growth revenue rate of 26 percent, at the quarter under review. The company under its operation managed a warehousing area which is nearly around 5 million sq. ft.
The contract logistics business continues to display resilience with revenue and profits showing significant growth in the quarter. ACCI comes under the business logistics where Allcargo Logistics owned nearly 61% shareholding. ACCI has the custom clearance business and witnessed a growth of 26% in their revenue, EBITDA increased by 25% from Rs. 28.4 crore in quarter 3 FY21 to Q3 FY22 in Rs. 35.4crore.
Allcargo logistics chairman, Shashi kiran Shetty.
The company has maintained their delivery strong performance in this quarter driven by the digitally-advanced integrated logistics framework. The business has displayed strong solid resilience and growth on the back of value addition across the service offerings. This transformation has led the initiative to strengthen our capabilities.
Allcargo logistics chairman Shashi kiran Shetty mentioned while adopting the new asset-light model, the delivery will continue to be of sustainable value to our clients and all stakeholders. The recent announcement demerger will provide help and boost the business growth in the longest period.
Supply chain business is globalised, (MTO segment) witnessed sustained growth on the back of volume growth and development in market share in favourable market conditions. Added transformation continues to drive sales boosting and value addition across trade lanes has been observed to increase the share of components in business.