AVG Logistics Q3 FY24 Net Profit Up By 256 per cent
Feb 16, 2024
PNN
Mumbai (Maharashtra) [India], February 16: AVG Logistics Limited, (BSE - 543910, NSE - AVG), a leading multimodal logistics solutions provider has announced its Unaudited Financial Results for the Q3 and 9M FY24.
Key Operational Highlights
- The Company forms a strategic JV, secures a INR 150 Cr Indian Railways contract, expands cold chain fleet, and garners CII's prestigious award, showcasing commitment to excellence and innovation in logistics.
- During the quarter fleet size increased to 550 vehicles.
Commenting on recent update, Sanjay Gupta Managing Director & CEO, AVG Logistics Limited said, "We are delighted to report impressive financial performance for the reported quarter. With a substantial YoY growth in Revenue, EBITDA, and net profit, AVG Logistics reaffirms its commitment to excellence.
Award of significant Indian Railways contract underscores our strategic vision. The recent acquisition of a fleet of cold chain vehicles further amplifies our capabilities. Winning the National Award for Supply Chain and Logistics Excellence is a testament to our industry leadership.
Positioned for continued financial success, we remain dedicated to innovation, strategic partnerships, and an unwavering focus on customer satisfaction"
Highlights for Q3 FY24 (October 2023 - December 2023)
-The Company clinches a significant contract, valued at ~INR 150 Cr over 6 years, leasing the Parcel Cargo Express Train (PCET) from Indian Railways. This specialized train, linking Bangalore to Ludhiana (Punjab), will conduct weekly round trips for the next 6 years, totalling 313 journeys. Covering the distance in ~72 hours, the Express Service ensures swift, seamless connectivity between crucial locations. Ludhiana's inclusion in our railway network opens avenues to an expansive textile market, encompassing the largest hosiery manufacturing, cotton textiles, cycle manufacturing, among other key industries.
- In a strategic move, AVG Logistics bolsters its fleet with 50+ cold chain vehicles, augmenting cold chain capabilities. This high-quality fleet, primarily acquired from a multinational logistics company, constitutes 20% of AVG's existing cold chain fleet and elevates the total strength to an impressive 275+ vehicles.
- Company is honoured with CII's National Award for Supply Chain Excellence, recognizing exceptional performance in FMCG distribution. Presented by R Dinesh, Chairman, and K.V. Mahidhar, Executive Director of CII Institute of Logistics.
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