Allcargo Logistics Q1FY2025 net profit drops 96%

Allcargo Logistics reported a 96 percent decline in consolidated net profit at Rs 4.3 crore for the first quarter of financial year 2024-25 as against Rs 119 crore in the first quarter of the last fiscal.

Revenue increased 17 percent to Rs 3,1813 crore from Rs 3,271 crore in the same period last year, says an official release. Expenses increased 18 percent to Rs 3,680 crore.

Key highlights:

*Global events coupled with high demand across trade lanes during the second quarter of 2024 (calendar year) has led to improved volumes and increased freight rates. Demand is expected to continue through the peak season until the end of the year.

*LCL volume for the quarter ended June 2024 stood at 2.25 million CBM, similar on a YoY basis and representing a QoQ growth of six percent. FCL volume for the quarter stood at 156,000 TEUs, similar to the last quarter and up nine percent on a YoY basis.

*ECU Worldwide on-boarded a new leadership team in Argentina, Uruguay and Paraguay as part of growth initiatives in Latin America.

*The Contract Logistics business has reported a revenue growth of 13 percent on a QoQ basis and 22 percent on a YoY basis (Rs 91 crore) on the back of increased wallet share from existing clients.

*Express Business operating costs continue to get optimised to bring about future growth in EBITDA. For Q1FY25, EBITDA stood at ₹20 crore, up 11 percent compared to the same period last year and 33 percent compared to the last quarter.