Allcargo Logistics reports 5% jump in LCL volumes in August 2024, shares trade 2% lower

Ocean freight rates have now stabilized but are significantly higher as compared to last year. An increase in volume was witnessed in Latin America, Europe and Middle East. A marginal decline was witnessed in USA, Asia Pacific, and India. Container utilization has improved on the back of increase in volumes.

Its Full Container Load (FCL) volume for the month of August 2024 stood at 56’000 TEUs registering its highest ever monthly volume. This represents a growth of 10% as compared to the last year and 4% as compared to previous month. The growth in FCL volumes is driven by higher volumes in Latin America, Middle East and Asia Pacific.

Coming to the latest quarterly result, the sales moved up 46.14% YoY to ₹526 crore for the June 2024 quarter as compared to ₹360.2 crore during the year-ago period. The net profit was down at ₹3 crore against ₹198.2 crore recorded in the corresponding quarter a year ago..Operating profit for the quarter ended June 2024 decreased to ₹19.5 crore as compared to ₹ 223 crore of corresponding quarter ended June 2023.

Allcargo Logistics is an India-based holding Company. The company is engaged in providing integrated logistics solutions. It offers logistics services across multimodal transport operations, inland container depot, container freight station operations, contract logistics operations etc.

Following the announcement, shares of Allcargo Logistics are trading 2% lower amid a broader market selloff. The shares have fallen nearly 20% on a YTD basis in 2024, giving poor returns to its shareholders.