The Board of Directors of Allcargo Logistics Ltd, at its meeting held today, approved the unaudited financial results for the third quarter ended December 31, 2021.
Summary of Consolidated results FY 22 – Q3 compared to FY 21 – Q3
(₹ in Crs)
|Particulars||Quarter endedDecember 30, 2021||Quarter endedDecember 30, 2020||% Increase / (Decrease)|
|Revenue from operations||5869||2735||115%|
|Reported Net profit||355||22 (after adding back exceptional losses)||16 times|
Allcargo Logistics reported revenue of ₹ 5,869 Crores for the quarter and EBITDA stood at ₹ 505 Crores. Profit before tax stood at ₹ 439 Crores, including ₹ 30 Crs share of profit from associates and JVs. The record performance has been delivered by success of transformational approach led by exceptional leadership of the management team across businesses. The company has put strong focus on attracting and retaining top talent across the world. Further, the company has demonstrated strong performance on acquisitions. There has been a strong contribution from surge in digital revenue and cost optimisation through automation across end to end processes.
The international supply chain business (MTO segment) witnessed sustained growth on the back of volume growth and expansion in market share in favourable market conditions. Transformation continues to drive sales acceleration and value addition across trade lanes has witnessed increases share of door to door component in business. Digital initiatives with industry-leading platform ECU360 continue to provide superior service experience to customers.
The CFS-ICD business continues to deliver good performance and the acquisition of Speedy Multimodes has further added strength to the business. Volume handled for the quarter stood at 147,433 TEUs as against 81,666 TEUs for the same quarter last year. The express logistics business under Gati’s subsidiary GKEPL reported its highest ever volume and revenue at ₹ 353 Crores for the quarter. It continues to witness growth momentum. The contract logistics business continues to demonstrate resilience with revenue and profit showing significant growth in the quarter. The business is under ACCI, where Allcargo owns near 61% shareholding. ACCI also has customs clearance business. ACCI witnessed a growth of 26% in revenue, and EBITDA increased 25% from ₹ 28.4 Cr in Q3FY21 to ₹ 35.4 Cr in Q3FY22. The company manages nearly 5 million sq ft warehousing area under its operations.
Commenting on the business performance, Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide and Gati Ltd. said, “The Company has managed to deliver strong performance in this quarter driven by digitally-advanced integrated logistics framework. The business has demonstrated strong resilience and growth on the back of value addition across the service offerings. The transformation-led initiatives have strengthened our capabilities. While adopting the asset-light model, we’ll continue to deliver sustainable value to our clients and all stakeholders. Further, the recently announced demerger will help businesses boost growth in the long term”
“We are proud of our continued success with acquisitions across businesses. Our proactive approach has allowed us to target strategic highly value accretive acquisitions and recent acquisitions in Nordics and India and our JV in Korea have outperformed strongly.” He further added.