Seacoast Shipping reports impressive 65 per cent Q1 PAT growth, launches rights issue

VMPL
Ahmedabad (Gujarat) [India], July 20: Ahmedabad-headquartered Seacoast Shipping Services Limited, a leading single-window logistics services provider, reported excellent numbers for the first quarter of financial year 2023-24 with its Profit After Tax (PAT) surging by 65% on a year-on-year basis and by 80% on a quarter-on-quarter basis. The company has also announced a rights issue, which is set to open on Friday, July 21.
The company’s PAT for the latest April-June quarter was Rs 4.98 crore, 65% higher than Rs 3.01 crore in the corresponding quarter of the previous financial year and over 80% more than Rs 2.76 crore in the January-March quarter of the previous fiscal.
Seacoast Shipping Services’ revenue for the first quarter of 2023-24 was Rs 99.72 crore, 7% higher than the revenue of Rs 93.06 crore for the first quarter of financial year 2022-23. The company’s net profit margin more than doubled from 2.4% to 5% on a quarter-on-quarter basis.
The company has announced a rights issue of up to 20,20,05,000 fully paid-up equity shares having a face value of Re. 1 each. The shareholders will be entitled to three right equity shares for every five fully paid-up equity shares held by them. The record date for the rights entitlement was July 13.
Eligible shareholders will be issued the shares in the rights issue at Rs 2.40 per share, including a premium of Rs 1.40 per share. The amount payable at the time of application is Rs 2.40 per equity share. The rights issue will open on July 21 and close on August 2.
The eligible equity shareholders can obtain the details of their respective rights entitlements from the website of the Registrar (i.e.
) by entering their DP ID and Client ID or Folio Number (in case of the equity shares are held in physical form) and PAN.
Seacoast Shipping Services Limited is a young progressive organisation providing single-window logistics services to exporters and importers. The company’s headquarters are in Ahmedabad and it has a network of agents worldwide. The company began as a freight forwarder and later stepped into a complete logistics solution under one roof and mainly handled agro cargo and liquid cargo and agricultural commodity and logistics business.
Every year, it carries around 5.0 million metric tonnes of bulk/and unitised cargo across the oceans. As a specialist in spot business, it focuses fully on dry bulk logistics and container freight forwarding along with inland road logistics and agricultural commodity business.
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