AVG Logistics added 1.14% to Rs 628.35 after the company said that it has secured a 6-year long term contract, valued at Rs 105 crore, for lease of parcel cargo express train (PCET) from the Indian Railways.
This special train, connects Korukkupet Goods Shed (Chennai) to New Guwahati Goods Shed (Guwahati), will complete 4 trips every month over the next 6 years, totalling 313 trips during the contract tenure.
The Carrying Capacity during the trip is expected to be 364 tonnes for the first six months. Later, it will be 484 tonnes per trip.
The Express Train Service will cover the distance of 2500 kilometres in 72 hours ensuring expeditious, seamless connectivity between the two locations.
Sanjay Gupta Managing Director & CEO, AVG Logistics, said: We are excited about our new collaboration with Indian Railways.
Generating Rs 105 crore revenue from this contract enhances our financial standing and help us fuel our ambition to undertake more ambitious projects, thereby elevating our overall financial performance.
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AVG Logistics is a leading multimodal logistics solutions provider based in India. The company provides customized and technology-driven solutions across transportation, warehousing, distribution, and supply chain management. Furthermore, the Company also offers third-party logistics services (3PL), effectively complementing its wide range of logistics solutions.
The companys consolidated net profit surged to Rs 4.80 crore in the quarter ended December 2023 as against Rs 1.35 crore during the previous quarter ended December 2022. Sales rose 17.20% to Rs 124.77 crore in Q3 FY24 over Q3 FY23.
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