Integrated logistics solutions provider Allcargo Logistics saw a decline both in sales and in net profit in the October-December 2022 quarter.
The company's sales dropped 26.80 percent on-year to Rs 4,099.02 crore, while its net profit decreased 53.27 percent to Rs 155.92 crore from Rs 333.66 crore a year back.
Net profit includes Rs 32.47 crore from "discontinuing operations" like container freight station operations and other related businesses, which will be demerged into a separate entity.
From "continuing operations", the segment revenue of the international supply chain saw a decline of 29.4 percent to Rs 3671 crore, while the express distribution segment's revenue increased 5.26 percent to Rs 435 crore.
The poor Q3 results led to a significant drop in Allcargo stock price, which fell by 18 percent to Rs 331 at 10:30 am on February 14. Trading volumes were also higher than usual, with 2,188,681 shares traded, compared to the 20-day average volume of 369,382.
Speaking to CNBC-TV18, chief strategy officer Ravi Jakhar said, "Volumes are flat on a yearly basis but we saw an expansion in our market share. Revenue has a pass-through component of ocean freight. Q1 FY24 should see a rebound in growth."
Allcargo Logistics has announced the re-appointment of Martin Müller as a non-executive independent director for a second term of three years.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
