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Ritco Logistics has closed a contract with a Gujarat-based Tiles and Synthetic Marbles manufacturer to cater to the logistic movement of their depots and end users.

The company informed the bourses that a green energy manufacturer, with a capacity of over 1,200 MW, has also signed a contract with Ritco to carry solar panels to their warehouses across India along with project movements.

In addition, Ritco has also started logistics services from multiple locations for its top-tier new customers, which have been added to its existing portfolio of paints, beverages, ceramics, and plastics.

In a monthly business update, Ritco said that it implemented online vehicle tracking in collaboration with a service provider in November. Further, it has implemented automated message services for Pan-India vehicle movements.

Ritco reported a profit after tax (PAT) of Rs 6.4 crore for the September quarter, a growth of 48.4 percent year-on-year. The company's EBITDA for the quarter stood at Rs 13.44 crore, a growth of 19.5 percent, with margins of 7.03 percent.

The margins were slightly lower compared to the year-ago period due to an increase in employee costs. However, the company expects margins to improve in the coming quarters with a pick up in utilisation levels.

Ritco caters to the Indian market by providing end-to-end supply chain services including logistics and warehousing and has a presence in all major locations across the country.

As on September 30, 2022, Ritco has a fleet size of 176 owned trucks and about 2,500 leased trucks.

Shares of Ritco ended at Rs 196.50, up 0.64 percent on Wednesday.

(Edited by : Rukmani Krishna)