Allcargo Logistics Profit Plunges 97% in June Quarter

Mumbai, Aug 14 (PTI) Allcargo Logistics' standalone net profit plunged 97 per cent to Rs 3.36 crore in the June 2024 quarter, according to a regulatory filing on Wednesday.

The company's standalone net profit was Rs 198.26 crore a year ago, it stated.

However, its income from operations for the quarter under review rose 46 per cent 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 in a statement.

The demand is likely to continue through the peak season until the year-end, it added.

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 metre), while FCL (full container load) volume stood at 1,56,000 TEUs, up 9 per cent on a year-on-year basis, it said.

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

Also, express business operating cost continues to get optimised to bring about future growth in EBITDA (earnings before interest, tax, depreciation and amortization).

Its EBITDA for Q1 was reported at 20 crore, up 11 per cent 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.