Patel Integrated Logistics Q3FY24 net profit up 28%
Income from operations up 26% at Rs 90.5 crore; company joins ONDC to capitalise on e-commerce opportunities
Patel Integrated Logistics reported a 28 percent increase in net profit to Rs 1.49 crore for the third quarter of financial year 2024 compared to Rs 1.16 crore in Q3FY2023 due to savings in finance cost.
Income from operations was up 26 percent at Rs 90.5 crore, driven by an increase in sales volume, says an official release.
"Sales volume increased to 1,51,15,401 kg in Q3FY24 from 1,38,73,677 kg in Q2FY24 and 1,31,83,429 kg in Q3FY23."
Mahesh Fogla, Executive Director, Patel Integrated Logistics says: “We achieved a commendable increase in our turnover despite a dip in ATF prices, indicating our single-minded focus to simply driving growth. During the quarter under review, the company successfully monetised non-core assets, exhibiting strategic agility and resource optimisation. Proactively pursuing inorganic expansion through EPS-accretive acquisitions remains our top priority.
"The company also got registered under Open Network Digital Commerce (ONDC) to capitalise on the burgeoning opportunities in digital e-commerce within the country. This strategic step will position us at the forefront of the evolving landscape. Furthermore, our emphasis on the quality of trade receivables highlights our dedication to robust risk mitigation measures. We remain steadfast in delivering value to stakeholders and navigating market dynamics, setting up ourselves for sustained growth and success."
