Logistics

Allcargo Logistics Q2 net up at ₹228 crore

Our Bureau | | | Updated on: Nov 02, 2021
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Profit surged on the back of ₹42.65 crore gain on sale of Gati Kausar

The consolidated net profit of Allcargo Logistics Ltd rose to ₹228.01 crore during the July-September quarter from ₹57.25 crore a year earlier, the company said in a filing to the stock exchange.

The net profit was boosted by a ₹42.65 crore gain on sale of Gati Limited’s subsidiary Gati Kausar.

The firm’s revenue from operations more than doubled to ₹4,977.85 crore during the second quarter from ₹2,336.58 crore in the same period last year.

The international supply chain business saw sustained growth on the back of volume increase and expansion in market share.

Allcargo said the CFS-ICD business continues to deliver good performance and the economic environment was constantly improving with month-on- month improvements in business.

During the quarter, the CFS-ICD business handled 79,794 twenty-foot eqivalent units (TEUs) as against 59,031 TEUs for the same quarter last year.

“We expect the tail winds from liner business to sustain. The industry went through pain with low rates over several years and has now turned around post consolidation and we do not see freight rates going back to earlier levels in near future,” said Shashi Kiran Shetty, Chairman, Allcargo Logistics.

Published on November 02, 2021

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