Allcargo Logistics Q1 net down 8% at Rs 61 crore

The company's stock ended at Rs 189.40, down 3.02% on BSE

Allcargo Logistics on Tuesday reported an 8 per cent decline in consolidated net profit at Rs 61.02 crore for the quarter ended June 30.

The firm had clocked a net profit of Rs 66.55 crore in the first quarter of the previous financial year, it said in a regulatory filing.

The decline in PAT was "a result of impact of deferred tax and MAT credit reversal in Q1 FY16," the company said in a statement.

Total consolidated income fell to Rs 1,398.92 crore as against Rs 1,465.24 crore in the same quarter in 2015-16.

The firm's total expenses were however lower at Rs 1,309.30 crore as against Rs 1,376.77 crore a year ago.

The company attributed 5 per cent decline in revenue "mainly on account of lowering freight rates, exit from lower margin business and no chartering income from P&E (project and engineering) segment."

The company said as on June 30 its networth was Rs 1,806 crore and the net debt was Rs 295 crore.

Allcargo operates primarily in three segments, Multimodal Transport Operations, Container Freight Stations Operations and Project & Engineering Solutions.

Its said Multimodal Transport Operations business clocked total volumes of 1,20,971 TEUs for the quarter ended June 30, 2016 as against 1,13,410 TEUs for the corresponding previous period, an increase of 7 per cent, despite reducing freight rates due to excess capacity of shipping lines and continued decline in global trade.

Container Freight Stations (CFS) business clocked total volumes of 75,118 TEUs for the quarter under review as against 72,086 TEUs for the corresponding previous period, an increase of 4 per cent.

Project & Engineering Solutions segment's total revenue for the quarter was Rs 132 crore as against Rs 141 crore for the corresponding previous period.

It said it is strengthening its business and has elevated Adarsh Hegde to Joint Managing Director. It said Hegde has been with the Group since its inception in 1993 and played a pivotal role in Allcargo's growth story.

Also Amol Patel has been appointed as Chief Digital Officer.

The stock Allcargo Logistics ended at Rs 189.40, down 3.02 per cent on BSE.