Shares of Patel Integrated Logistics, a domestic cargo transportation agency, jumped on February 7, a day after the company reported its December quarter numbers.
As of 9.45am, the stock shot up nearly 8 percent on the BSE to trade at Rs 23.75.
The company said its revenue from operations grew by 25.6 percent year-on-year (YoY) to Rs 90.51 crore from Rs 72.04 crore, primarily driven by a surge in sales volume to 15,115 tonnes from 13,874 tonnes in the previous quarter and 13,183 tonnes last year.
Consequently, its profit after tax (PAT) zoomed 28 percent to Rs 1.49 crore from Rs 1.16 crore in Q3FY23. Saving on the finance cost also helped the company push up its bottomline.
“We achieved a commendable increase in our turnover, despite a dip in ATF prices, indicating our single-minded focus to simply-driven growth. During the quarter under review, the company successfully monetised non-core assets, exhibiting strategic agility and resource optimisation,” said Mahesh Fogla, executive director at Patel Integrated Logistics.
The firm said it has got registered under Open Network Digital Commerce (ONDC) to capitalise on the opportunities in digital e-commerce within the country. This strategic step, the firm believes, will position it to take advantage of the emerging landscape.
Fogla said the company is “proactively” pursuing inorganic expansion through EPS-accretive acquisitions.
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