Allcargo Logistics on Friday reported a nearly five-fold rise in consolidated net profit at Rs 246.85 crore for the quarter ended March 31, 2022. The company had posted a net profit of Rs 53.71 crore for the year-ago period, Allcargo Logistics said in a filing to BSE.

Income went up to Rs 5,786.65 crore in the quarter from Rs 3,360.07 crore in the year-ago period, the filing said. This has been the best ever performance recorded by the company, setting the stage for the next phase of growth on the back of strategic acquisitions and transformational initiatives undertaken by Allcargo, it said in a statement.

According to the company's chairman Shashi Kiran Shetty, Allcargo Logistics' record performance is a result of sustained strategic initiatives over the last few years. “The company's sharp focus on technology has benefitted it in many ways, be it using data science and automation to drive optimisation, or digital platforms to serve customers better,” he said.

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"Alongside, our market-leading operational capabilities have allowed us to generate strong cash flows and profits also, besides exceptional growth in revenue. This approach has attracted business leaders across the world to join our management team, positioning us well to drive the next phase of asset-light growth," he said.

Further, the recently announced demerger will provide strategic independence and financial flexibility to businesses boosting growth in the long term, Shetty added.

Allcargo Logistics, a part of Allcargo Group, is a global leader in multimodal logistics solutions.

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First Published:May 27, 2022 2:58 PM IST