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Sitics Logistic Solutions, the Palakkad based tech-enabled integrated supply chain company, is expanding its presence to Europe, the US, Canada, Indonesia, and Vietnam.
The idea is to enhance the share of international revenue to 20 per cent of the company's total revenue from the current 5 per cent by FY 2026. The company eyes to have a blend of 50 per cent of its revenue from traditional logistics and the other half from new-age digitally-driven logistics A.M. Sikander, CEO and Founder of Sitics said.
During the height of the pandemic during 2020-21, the company expanded to the North, West, and East of the country, thus transitioning itself from a South India-based player to a pan-India player by expanding its presence from five states to more than 20 States. It has also established a cross border e-commerce solution in India and Malaysia and a global freight forwarding division, he said.
Financial performance
The company had posted impressive revenue of ₹140 crore last year in the middle of the pandemic. In fact, it posted a year-on-year growth of over 25 per cent despite the Covid -19-induced lockdown, which was more than double the rate of the industry. “We are eyeing a revenue to the tune of ₹200 crore by the end of this fiscal, a growth of 40 per cent.
Sitics has also invested close to ₹20 crore in the current fiscal for making three major acquisitions and a strategic investment in another company. “We are planning to acquire another couple of companies; one each in e-commerce and the critical logistics vertical. These acquisitions are in keeping with our goal of transitioning from a solution-based company to the technology-based company”, Sikander said.
Sitics has also set an ambitious target of growing into a ₹1,500 crore entity by 2026 and becoming the top 10 company in the country offering third-party logistics services. It remains confident of getting there banking on a surge in profitability by 400 basis points thanks to its non-linear business model and the technology integration, he added.
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