Driven by its ongoing efforts to tap emerging potentials in e-commerce, a logistics player Patel Integrated Logistics has reported over 10 per cent increase in the net profit for the September quarter of the current fiscal.
The company reported profit after tax at Rs 2.62 crore in the reporting period from Rs 2 crore for the year-ago period, registering a growth of 10.55 per cent.
The company's PBT rose by 20.21 per cent and the operating revenues stood at Rs 124.62 crore for the reporting period from Rs 122.22 crore a year ago.
For the first half of the current fiscal, the company's consolidated revenue stood at Rs 247 crore, with net profits reporting 24 per cent increase.
"The logistics sector witnessed multiple pressures like high costs especially for the technology, weak demand, regulatory uncertainties, and overall stress in the markets, leading to flat results for the companies," company vice chairman Areef Patel said in a statement.
"But, going forward there are multiple triggers of growth for the sector. The impact of the festival season is expected to boost the Q3 results, though the real benefit of the economic boom should come only from the next fiscal," Patel said.
He also expressed hopes on GST impact in the sector.
"GST is going to be the biggest enabler for the logistics sector which hopes to trim the costs by upto 10 per cent. The exact impact can be gauged only after the implementation of GST and how far it eases the current logjams at the entry points and how seamlessly nation moves into the one-tax regime," he added.
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