Allcargo Q3 net profit down 14% to Rs 61.51 crore

Allcargo Logistics reported a 14.30 per cent decline in net profit at Rs 61.51 crore for the quarter ended December 2015 due to decline in income.
The company had posted a net profit (after taxes, minority interest and share of profit of associates) of Rs 71.78 crore for the December quarter last fiscal.
It has "plans to raise funds up to Rs 300 crore through permitted securities, for proposed/future CAPEX or acquisitions for business growth," the firm said in a statement.
"Board of directors has given in-principle approval for the acquisition of a controlling stake in CCI Integrated Logistics Pvt Ltd (CCI)," it added.

Total revenue from operations stood at Rs 1,339.2 crore in the quarter under review compared with Rs 1,431.7 crore for the corresponding period, a decline of 6 per cent, hit by low freight rates (which is foreseen for the future) and notional currency impact, the company said.
Global MTO (multi-modal transport operations) business accounted for 81 per cent of the company's revenue.

Total expenses stood at Rs 1,260.63 crore during the quarter under review as against Rs 1,336.41 crore in the year-ago period.
"As on December 31, 2015, the networth stood at Rs 2,142 crore and the net debt was at Rs 293 crore. The net debt to equity ratio of the company stood at 0.14 as on December 31, 2015," it added.

Allcargo operates primarily in three segments -- MTOs, Container Freight Stations Operations and Project & Engineering Solutions. These are consolidated business segments.
"The business clocked total volumes of 1,16,168 TEUs (Twenty-Foot Equivalent Units) for the quarter ended December 31, 2015 as against 1,07,261 TEUs for the corresponding previous period, an increase of 8 per cent, despite reducing freight rates due to excess capacity of shipping lines," it said.