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  1. Allcargo Logistics’s Q4FY16 PAT up 25%

Allcargo Logistics’s Q4FY16 PAT up 25%

Allcargo Logistics Ltd. today announced its audited financial results for the quarter and year ended March 31, 2016.

By: | Published: May 23, 2016 11:15 PM

Allcargo Logistics Ltd. today announced its audited financial results for the quarter and year ended March 31, 2016.

The performance highlights are:

Consolidated Results ndash; Q4 FY16

  • Total revenue from operations at Rs. 1,402.0 crore for the quarter ended March 31, 2016, as compared to Rs. 1,413.1 crore for the corresponding previous period, a decrease of 1%, mainly on account of lowering freight rates
    • 82% of the revenues are from the global MTO business
  • The Gross Profit for the quarter ended March 31, 2016 was Rs 482.8 crore, as against Rs. 419.1 crore for the corresponding previous period, year on year growth of 15%, mainly on account of higher operating efficiencies and economies of scale
  • The Gross Profit margin for the quarter was at 34%, an increase of over 475 basis points
  • The EBITDA was at Rs. 125.4 crore for the quarter ended March 31, 2016, as against Rs. 106.7 crore for the corresponding previous period, an increase of 18%, mainly on account of increase in capacity utilization and higher operating efficiencies
  • PAT at Rs. 69.1 crore for the quarter ended March 31, 2016, as against Rs 55.5 crore for the corresponding previous period, an increase of 25%
  • EPS for the quarter ended March 31, 2016 was Rs 2.7, for a face value of Rs. 2 per share, an increase of 25%

Consolidated Results ndash;FY16

  • Total revenue from operations at Rs. 5,687.9 crore for the year ended March 31, 2016, as against Rs. 5,628.8 crore for the corresponding previous period, an increase of 1%, mainly on account of increase in volumes, despite continued lowering freight rates and notional currency impact
  • The Gross Profit for the year ended March 31, 2016 was Rs 1,875.6 crore, as against Rs. 1,690.8 crore for the corresponding previous period, year on year growth of 11%, mainly on account of better productivity, improved efficiencies and process excellence
  • The Gross Profit margin for the quarter at 33%, an increase of over 290 basis points
  • The Normalized EBITDA, adjusting for onetime expenses, was at Rs. 536.0 crore for the year ended March 31, 2016, as against Rs. 475.4 for the corresponding previous period, an increase of 13%. All the businesses have contributed to the growth in EBIDTA
  • The Normalized EBITDA margin for the year at 9.4%, an increase of over 95 basis points
  • PAT at Rs. 278.3 crore for the year ended March 31, 2016, as against Rs. 239.9 crore for the corresponding previous period, an increase of 16%, mainly on account of decrease in interest cost
  • The Consolidated Return on Capital Employed (ROCE), without goodwill, was to 21%, as compared to 19% in FY15, an increase of 175 basis points
  • EPS for the year ended March 31, 2016 was Rs 11.0, for a face value of Rs. 2 per share, an increase of 16%

Resources and Liquidity:

As on March 31, 2016, the Networth increased by 16% to Rs. 2,206 crore and the Net Debt decreased by 36% to Rs. 269 crore.

The net debt to equity ratio of the Company decreased to 0.12 as on March 31, 2016, as compared to 0.22 as on March 31, 2015.

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)

  • 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 Line
  • Allcargo is the leading players in the 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 1,12,593 TEUs for the quarter ended March 31, 2016 as against 1,04,128 TEUs for the corresponding previous period, an increase of 8%, despite reducing freight rates due to excess capacity of shipping lines and continued decline in global trade. China, India, parts of South East Asia and Europe contributed to the increase in volumes
  • The total revenue for the quarter ended March 31, 2016 was Rs 1,191 crore as against Rs 1,183 crore for the corresponding previous period, an increase of 1%, mainly on account of increase in volumes, despite lowering freight and notional currency impact arising from consolidation of accounts
  • EBIT was Rs. 62 crore for the quarter ended March 31, 2016, as against Rs. 22 crore for the corresponding previous period, an increase of 175%, mainly on account of higher operating efficiencies and better procurement
  • The Return on Capital (ROCE) employed for this business (excluding goodwill) increased to 61%, as compared to 49% in FY15

Container Freight Stations (CFS) / Inland Container Depot (ICD) Operations:

  • 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 total capacity of the CFSs and ICDs at the end of March 31, 2016 is 5,73,000 TEUs per annum
  • The business clocked total volumes of 74,751 TEUs for the quarter ended March 31, 2016 as against 72,664 TEUs for the corresponding previous period, an increase of 3%, growth driven mainly by the Mundra CFS
  • The total revenue for the quarter ended March 31, 2016 was Rs 107 crore as against Rs 105 crore for the corresponding previous period, an increase of 2%
  • EBIT was Rs. 30 crore for the quarter ended March 31, 2016, as against Rs. 29 crore the corresponding previous period, an increase of 4%
  • The Return on Capital (ROCE) employed for this business increased to 38%, from 30% in FY15

Project Engineering Solutions (PE):

  • 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 March 31, 2016, was Rs. 128 crore as against Rs. 152 crore for the corresponding previous period, a decline of 16%
  • EBIT was Rs. 19 crore for the quarter ended March 31, 2016, as against Rs. 30 crore for the corresponding previous period, a decline of 37%
  • The Return on Capital (ROCE) employed for this business was at 9%

Recent Developments ndash; Q4 FY16

  • In view of interim dividend declared on March 14, 2016, the Board of Directors have not recommended any final dividend to the shareholders for the financial year 2015-16
  • Further to their meeting held on February 13, 2016, the Board at its meeting held today granted its approval to sale and transfer its Contract Logistics Business to Avvashya CCI Logistics Private Limited (ACCI) (formerly known as CCI Integrated Logistics Private Limited) as a going concern on a slump sale basis for a total consideration of Rs.19.62 crore, as determined by the independent valuer. The sales consideration shall be discharged by ACCI by issue of equity shares resulting to the extent of to 6.63% of the expanded capital
    • The Board of Hindustan Cargo Limited, a wholly owned subsidiary of the Company, at its meeting held on May 19, 2016 granted its approval to sale and transfer its Freight Forwarding Business to Avvashya CCI Logistics Private Limited (ACCI) as a going concern on a slump sale basis for a total consideration of Rs.31.29 Crore, as determined by the independent valuer
    • The sales consideration shall be discharged by ACCI by issue of further equity shares resulting to 10.57% of the expanded capital
    • In order to gain controlling stake of ACCI, the Board of Directors further approved acquisition of additional 43.93% stake from the Promoter Shareholders of ACCI for an aggregate consideration of Rs.130 Crore, as determined by the independent valuer
    • Post acquisition, the Company will hold 61.13% stake in ACCI
  • The Shareholders of the Company approved raising of fund upto Rs.300 crore by issue of Secured Non-Convertible Redeemable Debentures on private placement basis

Stock Market Highlights ndash; General Information and Shareholding Pattern as on March 31, 2016:

Particulars
Exchange Code BSE: ALLCARGO / NSE: ALLCARGO
No. of Shares Outstanding 12,60,47,762
Closing Market Price (Rs.)1 153.25
Market Capitalization (Rs. Crore)1 3,863

1BSE stock exchange as on May 19, 2016, market capitalization adjusted for bonus shares

 

Particulars No of shares % Holding
Promoters 17,62,68,640 69.9%
Foreign Investors ndash; FIIs, FCs, NRIs and others 6,41,58,094 25.4%
Domestic institutions/ Banks/ Mutual Funds 3,10,477 0.1%
Indian Public 1,13,58,313 4.5%
Total – 20,819 shareholders 25,20,95,524 100.0%

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 Indias 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 managements 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.

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