Patel Logistics profit up 74 pc at Rs 2.6 cr in March qtr

Patel Integrated Logistics today reported 74 per cent rise in net profit at Rs 2.6 crore for the March quarter despite a flat revenue growth at Rs 133.82 crore as input costs helped ramp up bottomline.
In the year-ago quarter, the city-based company had reported a net profit of Rs 1.5 crore on an income of Rs 134.6 crore.
"Driven by robust revenue growth from our e-commerce vertical, we could beat our own target in net profit which jumped over 74 per cent in the March quarter. Lower input cost has also been helpful with cost reduction measures adding to overall numbers," said company's Vice-Chairman Areef Patel in a statement on the BSE.

For the full fiscal, company saw its net profit rise by 158.6 per cent to Rs 8 crore form Rs 3.09 crore, while revenue jumped 8.25 per cent to Rs 588 crore, driven by increase in income from its e-commerce vertical.
The focus on retail and part-load segment and a focused approach on the e-commerce segment has helped in growing the revenue. The company has an tie-up with online marketplace Amazon.Com for delivery since the past year, the company said.
"Our focus is clear on retail (express delivery) segment where we have the better margins and also the e-commerce segment. We have finished right-sizing our organisation and integrating the back office functions completely," Patel said.

Patel said going forward, as the economy picks up momentum and GST and the focus on road development with projects like the East-West Corridor and the Sagarmala project, will help the logistics sector.