AllCargo reports 19% rise in Q1 profit
Volumes for the quarter grew by 6% at 1,84,342 TEUs (twenty foot equivalent units).
By Vatsala Gaur, ET Bureau|Aug 07, 2019, 09.00 PM ISTGetty Images
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Mumbai: Logistics firms AllCargo reported a 19% increase in consolidated net profit for the April-June quarter at Rs 64 crore with net sales clocking a rise of 11.6% at Rs 1,815 crore on the back of rising volumes from the MTO and CFS business, the company announced on Wednesday.
Consolidated Ebitda increased by 37% at Rs 141 crore. Finance costs increased by 49% at Rs 12 crore on account of the adoption of the new Ind AS 116 accounting standard.
Volumes for the quarter grew by 6% at 1,84,342 TEUs (twenty foot equivalent units).
As on June 30, the company had total net debt of Rs 475 crore and a net debt to equity ratio of 0.23x.
The company operates four business segments- Multimodal Transport Operations, Container Freight Stations Operations/Inland Container Depot Operations, Project & Engineering Solutions and Logistics Parks.
The global MTO (multimodal transport operations) business made for 86% of the total revenues. "This segment continued gaining global market share and volumes from allied and FCL services continued to grow," a release by by the company said.
In its project and engineering services the current executable order book stands at Rs 130 crore. It also bagged its first project in Africa and will continue to look for projects in East African countries, it said.
In its logistics park business, the company invested Rs 115 crore in the first quarter and is working on its target to build a warehousing network of 5 million sq ft by 2021.
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