Shares of Patel Integrated Logistics are trading higher by 5% to Rs 137 on the BSE after it posted a three-fold increase in the net profit to touch 4.85 crore while the turnover rose by 11.25% at Rs 454 crore during the quarter ending on December 31 on the back of slash in diesel price
Meanwhile, the operating profit has jumped by 329.32% as compared to corresponding period previous year. Also, the profit before Tax has increased by 237.43%, showing an increase of 3.81 crore, compared to previous year.
The rise in the profit has been mainly due to cut in diesel price which saw around 30% fall in the recent times. Besides, the management also took steps to focus on businesses that can give a healthy bottom line, said company vice-chairman Areef Patel.
There was a concentrated effort to cut the costs in operations and improve operational efficiency. The company has right sized itself and has started reaping the benefits of an integrated back office, he added.
Going ahead, we look forward to GST implementation, further boost on the e-commerce front for which we have a dedicated division now and further cut in prices of diesel. The revenue in e-commerce should grow by 12-15% from the current level of 4-7% during the last quarter, he added.
The stock opened at Rs 139 and touched a high of Rs 142 on the BSE. A total of 81,843 shares changed hands on the BSE so far.