Shreyas Shipping posts net profit of Rs 12.78 cr

Our Bureau Mumbai | Updated on May 27, 2011 Published on May 27, 2011

Shreyas Shipping and Logistics Ltd on Thursday announced a consolidated net profit of Rs 12.78 crore for the financial year 2010-11. The company has turned around its performance from a net loss of Rs 15.71 crore in the previous fiscal.

Commenting on the annual performance of the company, Mr S. Ramakrishnan, Chairman and Managing Director, Shreyas Shipping & Logistics Ltd, said, “During the year, we have been bullish on making investments and strategic decisions that can drive us to achieve the desired positioning of being an integrated logistics solutions provider. Re-alignment of our business strategy has helped us get better equipped to offer gamut of services in logistics segment; thereby creating turnaround in our annual performance.”

Shreyas consolidated revenue increased by 28.6 per cent to Rs 192.96 crore from Rs 150.05 crore in the previous financial year.

Growth Strategy

Shreyas in FY11 repositioned itself as an integrated logistics player, focusing on land-sea-land model with its own vessels and through the support of its wholly-owned subsidiary arm, Shreyas Relay Systems (SRS).

The capacity utilisation of Shreyas-owned vessels increased to 90-95 percent in FY11, compared to 70-75 percent in the previous year.

The company deployed its vessel M.V. Unity into the Indian coastal trade, reemphasising its commitment to offer integrated logistic solutions and further strengthening its land-sea-land model. Through this, the company has forayed in bulk coastal shipping in domestic market.

Expansion plans

In 2011-12, the company plans to strengthen its positioning of being a multi-modal Logistics and Shipping Services Company.

SRS is now venturing into various segments of logistics like warehousing, road and railway transportation. All these verticals are jointly expected to increase the current SRS top line by 100 per cent.

Shreyas plans to venture in bulk cargo movement in 2011-12. The company will hire vessels for the mentioned division to get better margins.

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Published on May 27, 2011
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