Latest News | Allcargo Logistics Q3 Profit Soars Multi-fold to Rs 354 Cr

Mumbai, Feb 11 (PTI) Allcargo Logistics on Friday reported a multi-fold jump in consolidated net profit to Rs 354.16 in the October-December quarter compared to Rs 22 crore (after adding back exceptional losses) in the same quarter last year.

Income from operations rose 114 per cent to Rs 5,869 crore for the quarter in comparison to Rs 2,734.68 crore in the third quarter of 2020-21, Allcargo said in a release.

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Allcargo said it has put strong focus on attracting and retaining top talent across the world. Further, the company has demonstrated strong performance on acquisitions. There has been a strong contribution from surge in digital revenue and cost optimisation through automation across end to end processes.

The company said its CFS-ICD business continues to deliver good performance and the acquisition of Speedy Multimodes has further added strength to the business.

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Volume handled for the quarter stood at 147,433 TEUs as against 81,666 TEUs for the same quarter last year, Allcargo said, adding, the express logistics business under Gati's subsidiary GKEPL reported its highest ever volume and revenue at Rs 353 crores for the quarter, and it continues to witness growth momentum.

According to the company, the contract logistics business, which is under ACCI and in which Allcargo holds 61 per cent stake, continues to demonstrate resilience with revenue and profit showing significant growth in the quarter.

The ACCI, which also has customs clearance business under it, witnessed 26 per cent growth in revenue during the quarter under review, it said.

The company manages nearly 5 million sq ft warehousing area under its operations.

"The Company has managed to deliver strong performance in this quarter driven by a digitally-advanced integrated logistics framework. The business has demonstrated strong resilience and growth on the back of value addition across the service offerings. The transformation-led initiatives have strengthened our capabilities.

"While adopting the asset-light model, we'll continue to deliver sustainable value to our clients and all stakeholders. Further, the recently announced demerger will help businesses boost growth in the long-term," said Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide and Gati Ltd.

The international supply chain business (MTO segment) witnessed sustained growth on the back of volume growth and expansion in market share in favourable market conditions, said the release, adding, transformation continues to drive sales acceleration and value addition across trade lanes has witnessed increased share of door-to-door components in business.

“We are proud of our continued success with acquisitions across businesses. Our proactive approach has allowed us to target strategic highly valuable accretive acquisitions and recent acquisitions in Nordics and India and our JV in Korea have outperformed strongly,'' added Shetty.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)