Shreyas Shipping & Logistics Limited (BSE: 520151), part of Transworld group specializing in multi-modal Logistics & Shipping services, today announced its audited financial results for the year ended March 31, 2011. The Company after the successful re-alignment of its business strategy; with a complete focus on offering integrated logistics solutions has turnaround and witnessed a healthy growth in the business and profits during FY 11 compared to previous year.
Financial highlights for FY 10-11:
The Company on a consolidated basis has posted net profit of Rs. 12.78 crores for the year ended March 31, 2011 against net loss of Rs. 15.71 crores for the year ended March 31, 2010. From this, it can be easily ascertained that there was a swing of Rs. 28.48 crores in the profitability in FY 11. Shreyas’ consolidated revenue increased by 28.60 per cent to Rs 192.96 crores; as compared to Rs 150.05 crores in the previous financial year.
Commenting on the annual performance of the company, Mr. S. Ramakrishnan, Chairman & Managing Director, Shreyas Shipping & Logistics Limited said
“During the year, we have been bullish on making investments and strategic decisions that can drive us to achieve the desired positioning of being an integrated logistics solutions provider. Re-alignment of our business strategy has helped us get better equipped to offer gamut of services in logistics segment; thereby creating turnaround in our annual performance.”
FY11 Growth Strategy
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Shreyas in FY 11 had repositioned itself as an integrated logistics player, focusing on land-sea-land model with its own vessels and through the support of its wholly-owned subsidiary arm Shreyas Relay Systems (SRS).
The capacity utilization of Shreyas’ owned vessels was increased to 90-95 percent in FY 11 compared to 70-75 percent in the previous year.
The company deployed its vessel - M.V. Unity into the Indian coastal trade; reemphasizing its commitment to offer integrated logistic solutions and further strengthening its land-sea-land model. Through this the company has forayed in bulk coastal shipping in domestic market.
Expansion plans for FY12
Shreyas for the financial year 2011-12 will continue to strengthen its positioning of being multi-modal Logistics & Shipping Services Company.
SRS is now venturing into various segments of logistics like warehousing, road and railway transportation. All these verticals are jointly expected to increase the current SRS top line by 100%.
Shreyas plans to venture in bulk cargo movement in FY 11-12. The company will hire vessels for the mentioned division to get better margins.