[vc_row][vc_column][vc_column_text]Allcargo Logistics Ltd. today announced its unaudited financial results for the quarter ended December 31, 2016.
The performance highlights are:
Consolidated Results – Q3 FY17
- Total revenue from operations at Rs. 1,411 crore for the quarter ended December 31, 2016, as compared to Rs. 1,329 crore for the corresponding previous period, an increase of 6%
- 84% of revenues are from the global MTO business
- EBITDA for the quarter ended December 31, 2016 was Rs. 99 crore as against Rs. 114 crore during the corresponding previous period, a decrease of 13%, mainly on account of a conscious decision to move away from lower ROCE business, sale of aged assets, slowdown in project logistics business and transfer of HCL and CL business from Allcargo to ACCI, rentals booked for the CFS in Kolkata and expenses booked in Q3FY17 arising from managing CFS in Mundra
- PAT was Rs. 49 crore for the quarter ended December 31, 2016, as against Rs 54 crore for the corresponding previous period, a decline of 10%; impact of deferred tax on account of new Ind AS guidelines
- EPS for the quarter ended December 31, 2016 was Rs 2.0, for a face value of Rs. 2 per share
Consolidated Results – 9M FY17
- Total revenue from operations at Rs. 4,221 crore for the nine months ended December 31, 2016, as compared to Rs. 4,251 crore for the corresponding previous period, a slight decrease of 1%, mainly on account of muted global growth and falling freight rates
- 84% of revenues are from the global MTO business
- EBITDA for the nine months ended December 31, 2016 was Rs. 359 crore as against Rs. 387 crore during the corresponding previous period, a decrease of 7%, mainly on account of a conscious decision to move away from lower ROCE business, sale of aged assets, slowdown in project logistics business and transfer of HCL and CL business from Allcargo to ACCI, rentals booked for the CFS in Kolkata and expenses arising from managing CFS in Mundra in Q3FY17
- PAT declined to Rs. 175 crore for the nine months ended December 31, 2016, as against Rs 181 crore for the corresponding previous period
- EPS for the nine months ended December 31, 2016 was Rs 6.9, for a face value of Rs. 2 per share
Resources and Liquidity:
As on December 31, 2016, the Networth was Rs. 1,892 crore and the Net Debt was Rs. 259 crore.
The capital structure of the Company remains conservative with net debt to equity ratio of 0.14 as on December 31, 2016.
The Return on Capital (ROCE) stands at 14%.
Business Performance – Q3 FY 17
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):
- MTO segment involves NVOCC (Non Vessel Owning Common Carrier) operations related to LCL (Less than container load) consolidation and FCL (Full container load) forwarding activities in India and across the world through its wholly owned subsidiary ECU Worldwide
- Allcargo is the leading player in global LCL consolidation market with a strong network across 164 countries and 300 plus offices covering over 4,000 port pairs across the world
- The business clocked total volumes of 1,32,806 TEUs for the quarter ended December 31, 2016 as against 1,16,168 TEUs for the corresponding previous period, an increase of 14%, despite muted global trade growth. India, China, UK, Australia and South East Asia contributed to the increase in volumes
- The total revenue for the quarter ended December 31, 2016 was Rs 1,206 crore as against Rs 1,088 crore for the corresponding previous period, an increase of 11%
- EBIT was maintained at Rs. 42 crore for the quarter ended December 31, 2016, as against Rs. 43 crore for the corresponding previous period
- The Return on Capital (ROCE) employed for this business stands at 28%
Container Freight Stations (CFS):
- This segment operations are involved in import / export cargo stuffing, de-stuffing, customs clearance and other related ancillary services to both, importers and exporters the
- CFS facilities are located near JNPT, Chennai and Mundra ports
- The business clocked total volumes at 75,787 TEUs for the quarter ended December 31, 2016 as against 66,233 TEUs for the corresponding previous period, an increase of 14%
- The total revenue for the quarter ended December 31, 2016 was Rs 111 crore as against Rs 110 crore for the corresponding previous period, an increase of 1%
- EBIT was Rs. 32 crore for the quarter ended December 31, 2016, as against Rs. 38 crore the corresponding previous period, a decrease of 17%, mainly on account of rentals of the upcoming CFS at Kolkata and expenses arising from costs of managing CFS in Mundra in Q3FY17
- The Return on Capital (ROCE) employed for this business stands at 32%
Project & Engineering Solutions (P&E):
- Project & Engineering Solutions segment provides integrated end-to-end project, engineering and logistic services through a diverse fleet of owned / rented special equipment like hydraulic axles, cranes, barges, reach-stackers and ships to carry ODC / OWC cargos as well as project engineering solutions across various sectors
- The total revenue for the quarter ended December 31, 2016, was Rs. 111 crore as against Rs. 140 crore for the corresponding previous period, a decline of 21%, mainly on account of a conscious decision to move away from lower ROCE business, sale of aged assets, slowdown in project logistics business and transfer of similar business from P&E to ACCI and one ship under repair
- EBIT was at Rs. 4.5 crore for the quarter ended December 31, 2016, as against Rs. 6.8 crore for the corresponding previous period, mainly on account of the above mentioned reasons
Recent Developments / Awards / Achievements – Q3 FY17
- Dr Shashi Kiran Shetty has been honoured with the Visionary Leadership & Exemplary Contribution to Business award at the Leadership Excellence Awards, 2017
- Allcargo Logistics Limited awarded Sustainable Business of the year at the India Sustainability Leadership awards
Avashya Foundation honoured with the Community outreach innovation award at the India Sustainability
Leadership awards
- ‘LCL CONSOLIDATOR OF THE YEAR (EXPORT)’ award at Northern India Multimodal Logistics Awards, 2017
- Allcargo Logistics voted as the ‘No.1 Import LCL Consolidator at ICD Khodiyar’ ‘at the annual CONCOR Awards function, 2016
- Allcargo’ Logistics’ CFS in Mundra honoured with the ‘Best Container Freight Station Owner of the Year’ at the Gujarat Star Awards, 2016
- Avvashya CCI Logistics awarded ‘BEST LOGISTICS SERVICE PROVIDER’ at the SCM Pro Logistics Service Providers Awards
- Avvashya CCI Logistics awarded the ‘BEST SUPPLY CHAIN PERFORMANCE IMPROVEMENT’ at the SCM Pro Logistics Service Providers Awards
- Completed Buyback of Shares – To Reward Shareholders
o Company completed the buyback in the month of January 2017. The Buyback was priced @ Rs. 195 per share
o The total size of the buyback, by “Tender Route”, was 64,00,000 shares (that translates to ~2.5% of total number of outstanding shares). Total amount spent was Rs. 124.8 crore
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