AgenciesMumbai: Friday said its quarterly net profit soared 4.5 times on robust operating performance, showing the logistics industry is out of the woes of the Covid19 pandemic.
The company posted a net profit of Rs 247 crore in the Jan-March quarter compared to Rs 54 crore, a year earlier. Revenue soared 73% to Rs 5,776 crore.
For the full year, the company posted a net profit of Rs 926 crore, up five times on the year.
Earlier this year, J M Baxi Heavy Pvt Ltd, a wholly-owned unit of J M Baxi Ports & Logistics bought the project forwarding and logistics business of Logistics Ltd for ₹98.64 crore.
The company has been restructuring its businesses, focussing on its core assets and trying to sell non-core.
In December, Allcargo Logistics’ board approved the separation of its asset-heavy and asset-light businesses to unlock shareholder value and increase its valuation.
The company’s container freight station and inland container depot businesses will be demerged into Allcargo Terminals Ltd, while its equipment rental, logistics parks and other real estate assets will be demerged into TransIndia Realty & Logistics Parks Ltd (TransIndia).
The demerger has created three business entities: the main company, Allcargo Logistics, which will house subsidiaries ECU Worldwide, Gati and Avvashya CCI, apart from Allcargo Terminals and TransIndia.
The company posted a net profit of Rs 247 crore in the Jan-March quarter compared to Rs 54 crore, a year earlier. Revenue soared 73% to Rs 5,776 crore.
For the full year, the company posted a net profit of Rs 926 crore, up five times on the year.
Earlier this year, J M Baxi Heavy Pvt Ltd, a wholly-owned unit of J M Baxi Ports & Logistics bought the project forwarding and logistics business of Logistics Ltd for ₹98.64 crore.
The company has been restructuring its businesses, focussing on its core assets and trying to sell non-core.
In December, Allcargo Logistics’ board approved the separation of its asset-heavy and asset-light businesses to unlock shareholder value and increase its valuation.
The company’s container freight station and inland container depot businesses will be demerged into Allcargo Terminals Ltd, while its equipment rental, logistics parks and other real estate assets will be demerged into TransIndia Realty & Logistics Parks Ltd (TransIndia).
The demerger has created three business entities: the main company, Allcargo Logistics, which will house subsidiaries ECU Worldwide, Gati and Avvashya CCI, apart from Allcargo Terminals and TransIndia.
now!Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Pick the best stocks for yourself
Powered by