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Allcargo Logistics announces results for the quarter ended June 30, 2017

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Allcargo Logistics Ltd. today announced its unaudited financial results for the quarter ended June 30, 2017.

The performance highlights are:

Consolidated Results – Q1 FY18

 Total revenue from operations at 1,483 crore for the quarter ended June 30, 2017, as compared to Rs. 1,399 crore for the corresponding previous period, an increase of 6%, mainly on account of volume growth in MTO business

    • 86% of revenues are from the global MTO business

 The Gross Profit for the quarter ended June 30, 2017 was Rs 426 crore, as against Rs. 472 crore for the corresponding previous period, a decrease of 10%, mainly on account of higher operating costs in P&E (mainly on account of continual slowdown in project logistics business), notional currency impact arising from consolidation of global MTO business, operating costs of managing Mundra CWC CFS (which was not part of Q1FY17 consolidated financials) and consolidation of relatively lower margin ICD at Kheda

  • EBITDA for the quarter ended June 30, 2017 was 103 crore as against Rs. 133 crore during the corresponding previous period, a decrease of 23%, mainly on account of reasons for decline in gross profit, a conscious decision to move away from lower ROCE business leading to strategic sale of low yielding assets in Q1FY18, increase in provision for doubtful debts in P&E business and lesser number of assets in operation

 PAT for the quarter was maintained at 64 crore for the quarter ended June 30, 2017

  • EPS for the quarter ended June 30, 2017 was Rs 49 for a face value of Rs. 2 per share

Resources and Liquidity:

As on June 30, 2017, the Equity was Rs. 1,900 crore and the Net Debt was Rs. 250 crore.

The capital structure of the Company remains conservative with net debt to equity ratio of 0.13 as on June 30, 2017.

The Return on Capital (ROCE) stands at 13%.

 Business Performance:

 Allcargo operates primarily in three segments, viz., Multimodal Transport Operations, Container Freight Stations Operations and Project & Engineering Solutions. These are consolidated business segments.

 Multimodal Transport Operations (MTO):

 The business clocked total volumes of 1,38,479 TEUs for the quarter ended June 30, 2017 as against 1,20,971 TEUs for the corresponding previous period, an increase of 14%. This growth has come from key markets across the world

  • The total revenue for the quarter ended June 30, 2017 was Rs 1,289 crore as against Rs 1,179 crore for the corresponding previous period, an increase of 9%
  • EBIT was 53 crore for the quarter ended June 30, 2017, as against Rs. 57 crore for the corresponding previous period, a decline of 6%, mainly on account of notional currency impact
  • The Return on Capital (ROCE) employed for this business stands at 29%

 Container Freight Stations (CFS):

 The total volumes increased marginally to 78,732 TEUs for the quarter ended June 30, 2017, mainly on account of growth at CFSs in Mundra and ICD in Kheda

 The total revenue for the quarter ended June 30, 2017 was maintained at Rs 109 crore

  • EBIT was maintained at 30 crore for the quarter ended June 30, 2017,despite increase in expenses arising from managing new CFS in Mundra and consolidation of relatively lower margin business of ICD at Kheda in Q1FY18
  • The Return on Capital (ROCE) employed for this business stands at 26%

 Project & Engineering Solutions (P&E):

 The total revenue for the quarter ended June 30, 2017, was 99 crore as against Rs. 132 crore for the corresponding previous period, a decline of 25%, on account of sale of assets and transfer of similar business to ACCI

 EBIT was breakeven for the quarter, mainly on account of provision for doubtful debts and lesser number of ships in operation in Q1FY18 as compared to Q1FY17

Contract Logistics:

 Allcargo has a strong presence in the business of contract logistics through its approximately 62% stake in joint venture -‘Avvashya CCI’ (ACCI)

  • In line with Ind AS guidelines, the financials of ACCI are consolidated under ‘Share of profits from associates and joint ventures’
  • ACCI financial performance for the quarter has been in line with Allcargo’s expectations

Stock Market Highlights – General Information and Shareholding Pattern as on June 30, 2017:

 

Particulars
Exchange Code BSE: ALLCARGO / NSE: ALLCARGO
No. of Shares Outstanding 24,56,95,524
Closing Market Price (Rs.)1 163.75
Market Capitalization (Rs. Crore)1 4,023

 1BSE stock exchange as on August 9th, 2017            

Particulars No of shares % Holding
Promoters                                          169,806,945 69.1%
Foreign Investors – FIIs, FCs, NRIs and others                                            42,008,380 17.1%
Domestic institutions/ Banks/ Mutual Funds                                            15,410,467 6.3%
Indian Public                                            18,469,732 7.5%
Total  – 31,521 shareholders                                          24,56,95,524 100.0%

 About Allcargo Logistics Limited

Allcargo Logistics Ltd., part of The Avvashya Group, is a global leader in integrated logistics solutions. The company offers specialized logistics services across Multimodal Transport Operations, Container Freight Station Operations and Project & Engineering Solutions. Benchmarked quality standards, standardized processes and operation excellence across all the services and facilities, have enabled Allcargo Logistics Ltd. to emerge as the market leader in all these segments.

The Company currently operates out of 300 plus offices in 164 countries and gets supported by an even larger network of franchisee offices across the world. Allcargo is today one of India’s largest publicly owned logistics companies, listed on the Bombay Stock Exchange (BSE: ALLCARGO) and The National Stock Exchange of India (NSE: ALLCARGO).

Caution Concerning Forward-Looking Statements: This document includes certain forward-looking statements. These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors.  Allcargo Logistics Limited is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT:

Savli Mangle, Managing Director

Bridge Investor Relations

Email: savli@bridge-ir.com

Sharad Jain, Senior Analyst – IR

Allcargo Logistics Ltd

Email: sharad.jain@allcargologistics.com  

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