Shadowfax Tech swings to profit in FY24 with adjusted PAT at Rs 2 crore

Third-party logistics provider Shadowfax Technologies on Tuesday said it has recorded an adjusted PAT (profit after tax) of Rs 2 crore in FY24, against a loss of Rs 123.8 crore in the preceding fiscal.

Adjusted PAT includes costs related to Employee Stock Ownership Plans (ESOPs).

Revenue grew 33 per cent from Rs 1,415 crore in FY23 to Rs 1,885 crore in FY24, according to a company statement.

The Bengaluru-headquartered firm said it has "significantly diversified" its revenue streams and a major contributions now come from value-added services (VAS).

"These services include Prime solutions (same day and next day delivery), reverse logistics, hand-to-hand exchange, and the rapidly expanding quick commerce (10-minute delivery). Shadowfax holds a leadership position or controls upwards of 50 per cent market share in each of these services, establishing itself as one of the most diversified 3PL (third-party logistics) players in the market today," the statement said.

It further said Shadowfax has accelerated its outlay in the middle-mile network over the past few years, with investments of over Rs 200 crore to automate its 40 sort centres.

Last year, Shadowfax launched Prime Delivery, which provides same-day and next-day delivery services to more than 200 companies across the nation's top 50 metro areas.

The Prime category now accounts for about 10 per cent of the company's total orders, the statement said.

"The company recently crossed 250K daily orders in this segment and has experienced more than a five-fold growth here in the past year," it said.