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Last Updated : Aug 07, 2019 09:34 PM IST | Source: PTI

Allcargo Logistics Q1 net profit up 19% on higher revenues

Its total revenues for the April-June quarter stood at Rs 1,815 crore as against Rs 1,626 crore in Q1 FY19, registering a growth of 12 percent.

Representative image
Representative image

Allcargo Logistics on August 7 reported a 19 percent increase in consolidated net profit for the quarter ended June 30 at Rs 64 crore on the back of higher revenues.

The company had reported a net profit of Rs 54 crore in the corresponding quarter last fiscal.

Its total revenues for the April-June quarter stood at Rs 1,815 crore as against Rs 1,626 crore in Q1 FY19, registering a growth of 12 percent.

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During the quarter, its multimodal transport operations business clocked total volumes of 1,84,342 TEUs as against 1,74,043 TEUs for the corresponding previous period, while its total revenue rose to Rs 1,599 crore from Rs 1,455 crore in Q1 FY19.

Its container freight stations (CFS) and inland container depot (ICD) business clocked total revenue of Rs 119 crore during the quarter as against Rs 110 crore for the corresponding previous period.

Similarly, the company's project and engineering solutions segment reported total revenue was at Rs 117 crore for the quarter ended June 30 as against Rs 72 crore.

During the quarter, it project logistics business secured its first project in Africa and is in discussion for multiple projects in East African countries.

"As part of the logistics park offering, the company plans to build a nationwide warehousing footprint of 5 million sqft by 2021 through strong connectivity to industrial hubs and transport routes," the company said in a statement issued here.

Allcargo has a strong presence in the business of contract logistics through its nearly 61.13 percent stake in joint venture Avvashya CCI Logistics (ACCI), which manages a total space of 4 million sqft.

As on June 30, 2019, the company's net debt was Rs 475 crore, while the net debt to equity ratio is 0.23.

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First Published on Aug 7, 2019 09:20 pm
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