Allcargo Logistics has reported a consolidated net loss of Rs 7.52 crore for the quarter ended June 30, 2024 as against a profit of Rs 109.95 crore recorded in the corresponding period last fiscal.
The company’s revenue for the April-June quarter increased to Rs 3,812.81 crore as compared to Rs 3,271.06 crore in Q1 FY2024, registering a growth of 16.56 per cent.
“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 end of the year,” Allcargo said in a statement.
The company’s less than container load (LCL) volume for the June quarter stood at 2.25 million CBM, similar on Y-o-Y basis and representing a sequential growth of 6 per cent. Full container load (FCL) volume for the quarter stood at 1,56,000 TEUs, similar to the last quarter and up 9 per cent on year-on-year basis.
Contract Logistics business reported a revenue growth of 13 per cent on a quarter-on-quarter basis and 22 per cent on a Y-o-Y basis on the back of increased wallet share from existing clients.
“Express business operating cost continue to get optimised to bring about future growth in EBITDA. For Q1FY2025 EBITDA stood at Rs 20 crores, up 11 per cent as compared to the same period last year and 33 per cent as compared to the last quarter,” it stated.
During the quarter, ECU Worldwide on-boarded a new leadership team in Argentina, Uruguay and Paraguay as part of growth initiatives in Latin America.
