Allcargo Logistics announced Q1FY24 results: Combined EBITDA for Q1FY24 stood at Rs 161 crore which represents the sum of three business segments namely International Supply Chain, Express, and Contract logistics. Consolidated revenue for Q1FY24 stood at Rs 3,271 crore as compared to Rs 5,474 crore for Q1FY23. Reported PAT for Q1FY24 was Rs 119 crore. Weak macroeconomic outlook reflected in subdued global trade activity for the industry. China’s overall exports for July declined 14.5% YoY while the imports are down 12.4% YoY. Similarly, India’s total merchandise trade is down 14% YoY in Q1FY24. Our strategy is to focus on market share and volume growth amidst higher competitive intensity. International Supply Chain (ISC) business EBITDA margin of 4% in Q1FY24 compares with 6.5% in FY23 and 4.7% in FY19, reflecting normalization of trade. Balance sheet remains healthy with current net debt of Rs 12 crore after accounting for Rs 406 crore paid towards the acquisition of a 30% stake in GESCPL (earlier Gati KWE). The express business is now at par with the best the in industry on key service parameters. Result PDF
Conference Call with Allcargo Logistics Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.
Transportation - Logistics company Allcargo Logistics announced Q4FY23 & FY23 results: Resilient business performance over the last two years has enabled the company to reduce debt. As of 31st March 2023, the company has a consolidated net cash of Rs 604 crore Revenue for FY23 declined 5.3% YoY from 19,062 crore to 18,051 crore. However, the Gross Profit over the same period increased by 7.7% from 3,476 crore to 3,744 crore. Ourstandalone numbers represent the India ISC business. During Q4FY23, the standalone revenue has declined by 55% YoY from Rs 950 crore in Q4FY22 to Rs 428 crore in Q4FY23, while the Gross Profit over the same period has declined by just 2% YoY The company intends to revive profitability in the international supply chain business by increasing volumes and reducing SG&A; Company intends to offset the Gross Profit impact on account of FCL, which contributes to 30% of the total, by way of volume growth once the trade environment is normalised. Shashi Kiran Shetty, Founder and Chairman, Allcargo Group said, “Our focus on technology continues to drive our long-term strategy. In the short term, we remain confident about our resilience in a poor macroeconomic environment for international trade. We are satisfied with the business management of the company in spite of severe headwinds in the last two quarters. The volumes are likely to improve & as this happens the performance of the company should improve. On the domestic front, Gati continues to improve its service levels, growth in revenue & EBIDTA numbers. contract logistics business has had another stellar year. It is now jointly managed with GATI and ASCPL management. I am happy to announce the appointment of Adarsh Hegde who is a veteran in the logistics industry & long-time leader within the group, as Managing Director. The company is poised well for growth in years to come. Most importantly we are looking closely at the future prospects to leverage the opportunities a market leader has.” Result PDF