Allcargo group announces business restructuring; stocks gain

The International Supply Chain (ISC) business will be demerged into a separate entity, Allcargo ECU Limited and will include the India part of International Supply Chain business along with the international subsidiaries and Contract Logistics business would come under Allcargo Logistics.

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Shares of Allcargo Logistics rose by 7 percent at the opening on December 22, a day after the logistics major announced its decision to restructure its business under Allcargo Limited and Allcargo Gati Limited (formerly Gati Limited).

Stocks of Allcargo Logistics saw a gain of over 6 percent in the last five sessions, closing at Rs 285.40 on December 21, around 4 percent higher than the opening price. Allcargo Gati stocks opened at Rs 145, which is 5 percent higher than the previous day’s closing. The news of the demerger was announced after the market closed. At 9:20 am, Allcargo Logistics was trading at Rs 306.65.

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In a regulatory filing, the company said that Allcargo Logistics Board and Allcargo Gati Limited board have approved the composite scheme of arrangement for restructuring of businesses.

According to the filing, under the scheme, the International Supply Chain (ISC) business will be demerged into a separate entity, Allcargo ECU Limited and will include the India part of international supply chain business along with the international subsidiaries held under the ECU Worldwide NV. Express business and contract logistics business would come under the resulting entity Allcargo Logistics.

Also read: Allcargo Consolidated September 2023 Net Sales at Rs 3,306.86 crore, down 37.61% Y-o-Y

In Q2FY24, Allcargo Logistics reported a revenue of Rs 3,307 crore, a 35 percent decline from Q2FY23. EBITDA for the same period also fell 68 percent to Rs 118 crore. PAT for the quarter also fell to Rs 16 crore against Rs 195 crore in the previous fiscal. For the same period, Allcargo Gati reported a revenue of  Rs 441.51 crores up from Rs 435.15 crore in the quarter ending September 2022. The company reported a net loss of Rs. 1.91 crores for the period ending September 30, 2023 against Rs. 1.67 crore in the previous fiscal.

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