Allcargo Logistics Reports Strong Q2 2024 Growth Amid Global Challenges

Allcargo Logistics has announced its financial results for the quarter ended 30 June 2024, showcasing significant growth in key areas amidst challenging global events.

The company reported that global events, coupled with high demand across trade lanes during the second quarter of 2024, have led to improved volumes and increased freight rates. This demand is expected to continue through the peak season until the end of the year.

The Less-than-Container Load (LCL) volume for the quarter stood at 2.25 million CBM, remaining steady on a year-on-year (Y-o-Y) basis and representing a quarter-on-quarter (Q-o-Q) growth of 6 per cent. The Full Container Load (FCL) volume reached 156,000 TEUs, showing stability compared to the previous quarter and a 9 per cent increase Y-o-Y.

As part of its growth initiatives in Latin America, ECU Worldwide, a subsidiary of Allcargo, on-boarded a new leadership team in Argentina, Uruguay, and Paraguay.

The Contract Logistics business reported a revenue growth of 13 per cent Q-o-Q and 22 per cent Y-o-Y, driven by increased wallet share from existing clients.

Operating costs in the Express Business segment have been optimised, contributing to future growth in Ebitda. For Q1 FY25, Ebitda stood at Rs 20 crores, reflecting an 11 per cent increase compared to the same period last year and a 33 per cent rise from the last quarter.

Celebrating 30 years of excellence, Allcargo Logistics is a global market leader in the LCL consolidation business, operating under the ECU Worldwide network. The company is also a prominent player in the Express logistics sector through its subsidiary, Allcargo Gati, and maintains a strong presence in Contract Logistics through Allcargo Supply Chain.

Allcargo is recognised for its contributions to the digitisation of the logistics industry, maintaining high standards of quality, operational excellence, and customer-centricity across all its businesses. With over 300 offices serving 180 countries, Allcargo has established itself as one of India’s largest publicly owned logistics companies, listed on both the BSE and The National Stock Exchange of India.