This stock under ₹10 gains 4% after strong financial performance in FY24

Shares of East West Freight Carriers Ltd gained over 4% to trade at an intraday high of ₹7.08 apiece on the BSE on September 10, after the company reported strong financial figures for the financial year 2023-24 in its annual report.

East West Freight Carriers released its annual report for FY24 on Monday, September 9. The company said in the report that it has delivered strong financial results and exceeded expectations in key areas in FY24. The logistics services provider claimed that the robust revenue growth was led by increased volumes and strategic pricing initiatives.

The company’s consolidated revenue from operations for the fiscal year ended March 31, 2024, dropped over 16% to ₹208.42 crore, compared to ₹250 crore in the preceding financial year. The company turned profitable in FY24 as it posted a net profit of ₹6.72 crore compared to a net loss of ₹1.07 crore in FY23.

The company said in its annual report that it continues to invest in its operational capabilities to ensure the highest quality service for its customers. The firm also added that it expanded its network and upgraded its fleet while optimising processes, as a part of the growth strategy. The recent investments have led to improved delivery times and cost savings for the company, East West Freight Carriers informed the stock exchanges.

The smallcap company noted that it is well-positioned to capitalise on new trends such as the rise of e-commerce, expansion of global trade and increasing demand for efficient logistics solutions.

Shares of East West Freight Carriers have gained more than 20% in the last one year and over 11% in the past six months. However, the stock has declined more than 17% year-to-date (YTD).

East West Freight Carriers shares closed at ₹6.75 apiece, down 0.74%, on the BSE.