Logistics

Integration of industry, govt platforms can improve logistics: Piyush Goyal

He also urged the logistics industry to work on following sustainable and green practices to cut carbon footprint in the sector

Shadowfax Tech swings to profit in FY24 with adjusted PAT at Rs 2 crore

Third-party logistics provider Shadowfax Technologies on Tuesday said it has recorded an adjusted PAT (profit after tax) of Rs 2 crore in FY24, against a loss of Rs 123.8 crore in the preceding fiscal. Adjusted PAT includes costs related to Employee Stock Ownership Plans (ESOPs). Revenue grew 33 per cent from Rs 1,415 crore in FY23 to Rs 1,885 crore in FY24, according to a company statement. The Bengaluru-headquartered firm said it has "significantly diversified" its revenue streams and a major contributions now come from value-added services (VAS). "These services include Prime solutions (same day and next day delivery), reverse logistics, hand-to-hand exchange, and the rapidly expanding quick commerce (10-minute delivery). Shadowfax holds a leadership position or controls upwards of 50 per cent market share in each of these services, establishing itself as one of the most diversified 3PL (third-party logistics) players in the market today," the statement said. It further said ..

Best of BS Opinion: Standards on trade, efficient movement and more

Here is the best of Business Standard's opinion pieces for today

Kerala to host Vizhinjam Conclave 2024, aims to boost global supply chain

The conclave, the first of its kind in the state, promises to redefine the scope of industrial and economic development by leveraging the untapped potential of the Vizhinjam International Seaport

Govt to remove logistic cost to calculate metallurgical grade bauxite ASP

Revised conversion factor would apply to new mining leases granted following the notification

216k festive season jobs recorded in logistics, e-com, hospitality: Apna.co

This hiring trend is not limited to major metro cities; Tier-II and Tier-III cities are also experiencing a significant rise in job opportunities

Proper infra, workforce key challenges for logistics industry: Experts

Lack of proper road infrastructure, land availability for warehousing and skilled workforce shortages are some of the key challenges being faced by the logistics industry, according to experts. Warehousing needs land availability in and around metropolitan cities as a pick-up in economic activities is creating demand for logistics, Assocham Secretary General Deepak Sood said. Besides, the warehousing sector in India is highly fragmented, with many small and unorganised players, leading to inefficiencies, lack of standardisation, and limited scalability, he added. The lack of proper road infrastructure and congestion causing delays impacts the supply chain efficiency, Srikumar Krishnamurthy, Senior Vice President & Co-Group Head - Corporate Ratings, Icra Ltd, said. Some of the near-term headwinds are the inability to increase freight rates amid competitive pressures, an inflationary environment and relatively sticky diesel prices, he noted. BookMyCargo founder JD Yadav said the ...

India's logistics cost will come down to single-digit in two yrs: Gadkari

Union Road Transport and Highways Minister Nitin Gadkari on Thursday said India's logistics cost will come down to single-digit within the next two years. Addressing an event organised by NITI Aayog, Gadkari said the ministry is constructing several highways and expressways, which will help reduce India's logistics cost. "Within two years, we are going to reduce our logistics cost to 9 per cent," he added. According to quick estimates of the economic think tank National Council of Applied Economic Research (NCAER), logistics cost in India ranged between 7.8 per cent to 8.9 per cent of GDP for the fiscal 2021-22. Gadkari said there is huge potential for India to export alternative fuels and biofuels. He also pointed out that low-quality coal is useful for making methanol. The minister further said he aimed to make the Indian automobile industry number one in the world. Last year, India had overtaken Japan to become the third-largest automobile market in the world, only behind the

Concor's growth route detours as demand dips due to weak exim volumes

Competitive pressures add to logistics firm's demand woes

India's logistics cost will come down to single-digits in 5 yrs: Gadkari

India's logistics cost will come down to single-digit within the next five years, Union Road Transport and Highways Minister Nitin Gadkari said on Thursday. Addressing the 'Deloitte Government Summit' here, Gadkari said the ministry is constructing several highways and expressways which will help reduce India's logistics cost. "I am confident that within five years our logistics cost will be in single-digit," he said. However, according to quick estimates of economic think tank National Council of Applied Economic Research (NCAER), the logistics cost in India ranged from 7.8 per cent to 8.9 per cent of GDP in 2021-22. The road transport and highways minister further said he aimed to make the Indian automobile industry number one in the world. Last year, India had overtaken Japan to become the third-largest automobile market in the world, only behind the US and China, he said. According to him, the size of India's automobile industry rose from Rs 7.5 lakh crore in 2014 to Rs 22 la

Efficient logistics, paperless system to boost int'l trade: Comm secy

Efficient logistics and paperless system are critical to boost international trade, and strong connectivity is key to foster trade and economic development, Commerce Secretary Sunil Barthwal has said. However, while making such efforts to bolster connectivity projects, it is essential to build trust as well as transparency in the cooperative efforts, he said addressing meeting of Ministers of Shanghai Cooperation Organization (SCO) on Thursday. The secretary noted that it is of utmost importance that "we uphold the principles of SCO Charter including respect for sovereignty and territorial integrity of the member states." "Barthwal focused on the importance of efficient logistics for international trade, in which, paperless trading is a critical step towards streamlining cross-border transactions," the commerce ministry said in a statement. He congratulated Pakistan for its Presidency of the Heads of Government of the SCO and welcomed Belarus on becoming the new member of the ...

Western Carriers collects Rs 148 cr from anchor investors ahead of IPO

Out of the total allocation of 8.597 mn equity shares to anchor investors, 3.993 mn equity shares were allocated to 4 domestic mutual funds, which have applied through a total of 6 schemes

Gig hiring to soar by 20% in festive season, e-commerce may lead: Indeed

As festival season is about to begin, seasonal hiring is projected to surge by 20 per cent over last year, with the e-commerce industry leading the trend amid increased demand, according to the data by job site Indeed. The top gig roles that have been witnessing increased hiring are delivery executives, warehouse workers, logistics coordinators, in-store sales executives, and customer care executives, the data showed. Several industries are reporting a marked increase in demand for seasonal workers, with e-commerce leading the trend with a 35 per cent rise in demand, followed by logistics (15 per cent), retail (14 per cent), and quick commerce (11 per cent). "The festive season is a crucial period for businesses across India, and we're seeing a significant uptick in hiring for seasonal roles as companies prepare to meet heightened consumer demand. "The industries that are growing -- e-commerce, logistics, quick commerce -- are doing so because they're aligned with the needs and ...

E-commerce logistics firm Ecom Express files for Rs 2,600 cr worth IPO

The IPO will consist of a fresh issue of shares worth up to Rs 1,285 crore while existing investors will offload shares aggregating to Rs 1,316 crore

Global Distriparks Ltd results: Net profit declines 23% to Rs 49 cr

Logistics operator Global Distriparks Ltd (GDL) on Thursday said its net profit declined 23 per cent to Rs 49 crore during the June quarter over the corresponding quarter of last year. The company had posted a profit of Rs 63.72 crore in the first quarter of FY 24, GDL said. According to the company, total revenue for the quarter under review stood at Rs 357.65 crore, down 4.59 per cent from Rs 374.85 crore in Q1FY24, it said. Revenue from rail vertical dropped 2.86 per cent year-on-year to Rs 289.90 crore while CFS (container freight stations) revenue slipped 11.32 per cent year-on-year at Rs 67.75 crore, the company stated. CFS revenue includes an adjustment of reduction of Rs 8.42 crore on account of a change in accounting method for Q1FY25, the company said. During the June quarter, GDL said, it handled a total container traffic of 171425 TEUs, which was 4.71 per cent lower compared to 170897 TEUs handled in the same quarter of last year. The rail vertical traffic stood at 82

Logistics cost will be below 9% of GDP by April next year, says Gadkari

India's logistics cost will come down to 9 per cent of GDP by April next year, Union Minister Nitin Gadkari said on Thursday. Addressing an event here, Gadkari further said the country's exports will also increase when the logistics cost comes down to single digit. "Our logistics cost now is 16 per cent...It will come down to 9 per cent by April next year," he said. However, according to quick estimates of economic think tank National Council of Applied Economic Research (NCAER), the logistics cost in India ranged from 7.8 per cent to 8.9 per cent of GDP in 2021-22. The road transport and highways minister noted that Indian economy needs to create more jobs. While noting that earlier governments did not give enough attention to rural sector, he said that the Prime Minister Narendra Modi-led government is giving more priority to the agriculture sector. "We need to increase our agriculture growth...We need to increase per capita income in rural areas," Gadkari said. The minister n

India now 20% of SAP's global business network, says Ashwani Narang

According to the World Bank's Logistic Performance Index, India's ranking moved to 38 in 2023 among 139 countries from the rank of 54 in 2014

Union Budget 2024: Logistics and supply chain sector set to surge

The Budget's commitment to infrastructure development is evident in its substantial allocation of Rs 11.11 trillion for capital expenditure, amounting to 3.4 per cent of GDP

Army Chief Gen Upendra Dwivedi visits HQ; reviews logistics, preparedness

The Army chief appreciated the contribution made by Veterans and VeerNaris during deliberations and directed that continued emphasis be maintained towards their welfare

'Bright future for air cargo sector, needs faster turnaround time'

To tap the potential of the country's air cargo sector, the focus should be on further improving processes as well as ensuring faster turnaround time, a senior government official said on Thursday. The government is working on developing logistics hubs. Piyush Srivastava, Senior Economic Advisor at the Ministry of Civil Aviation, said the air cargo sector has a bright future and the number of freighters in the country is expected to rise. Currently, Indian carriers have around 18 freighters. There will be a focus on further improving the ease of doing business and faster turnaround time in the air cargo sector, he said while speaking at the conference organised by the ACFI (Air Cargo Forum India) in the national capital. While passenger traffic has recovered after being hit by the coronavirus pandemic, air cargo is yet to fully recover to the pre-Covid levels. In 2023-24, the air cargo handled in the country was a little over 3.36 million tonnes. Surendra Kumar Ahirwar, Joint ..