Allcargo Logistics Q1 net profit plummets 97% to Rs 3.36 crore

Mumbai: Allcargo Logistics standalone net profit nosedived 97 per cent to Rs 3.36 crore in the June quarter of the current fiscal.

The company's net profit was Rs 198.26 crore in the corresponding period of last year, according to a regulatory filing.

Income from operations for the quarter under review, however, rose 46 per cent year-on-year to Rs 526.47 crore from Rs 360.26 crore in Q1 FY24, as per the filing.

Global events coupled with high demand across trade lanes during the second quarter of 2024 (calendar year) have led to improved volumes and increased freight rates, the company said.

The demand is expected to continue through the peak season until the end of the year, the company said in a statement.

The LCL (less-than-container load) volume for the June quarter stood similar to the same quarter last year at 2.25 million CBM (cubic meter) while FCL (full container load) volume stood at 1,56,000 TEUs, up 9 per cent on a y-o-y basis, it said.

The company said its contract logistics business revenue grew 22 per cent on a Y-o-Y basis in the quarter on the back of increased wallet share from existing clients, it said.

Operating costs for Express Business continue to be optimised to drive future growth in EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization).

EBITDA for Q1 was reported at Rs 20 crore, 11 per cent higher as compared to the same period last year.

Allcargo also said its international supply chain business ECU Worldwide brought in a new leadership team in Argentina, Uruguay and Paraguay as part of growth initiatives in Latin America.