Allcargo Gati gains 1.7% on increase in December volume

Total volume, including surface and air express, stood at 105 kilo tonnes for December 2023, 7 percent higher than December 2022

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Shares of Allcargo Gati gained nearly 1.7 percent at the open on January after the logistics company reported a 7 percent year-on-year growth in volume for December.

At 9.20 am, the stock was trading at Rs 132.6.

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Allcargo Gati‘ total volume, including surface and air express, stood at 105 kilo tonnes for December 2023, 7 percent higher than December 2022, the company said in regulatory filing on January 12 after market hours. In November 2023 volumes increased by 6 percent.

According to the release, volume growth came come despite a high base in 2022. “We have been clocking approx. 100kt of monthly volume consistently, this is a testament of our improved service performance and sales acceleration initiatives. We are confident that our continued efforts to improve wallet share and grow new business will keep the volume momentum going,” the company said.

Also read: Allcargo goes for another restructuring: Here’s how it’s beneficial for shareholders

In December,  the parent company Allcargo announced that the international supply chain business would be demerged into a separate entity, which would be called Allcargo ECU. The remaining part of Allcargo Logistics will hold the Express and Contract Logistics Business and Allcargo Gati will merge with Allcargo Logistics.

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