Allcargo Logistics Q2FY2024 net profit drops 92%
Revenue from operations declined 35 percent to Rs 3,307 crore in Q2FY2024, board announces 3:1 bonus shares
Allcargo Logistics reported a 92 percent decline in net profit at Rs 16 crore for the second quarter ended September 30, 2023 compared to Rs 195 crore in Q2FY2023.
Revenue from operations declined 35 percent to Rs 3,307 crore, says an official release.
"The board has approved the issuance of three bonus shares for each share held by the shareholders. The decision is aimed at improving the liquidity and allowing for broader base participation of shareholders in the company. This shall also facilitate the strategic restructuring plans."
The express logistics business under Gati posted record volumes in the past quarter, driven by strong pickup in festive demand, the release added. "Contract logistics business under Allcargo Supply Chain continues to demonstrate robust growth in revenue and EBITDA for the numbers reported for Q2FY24."