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Allcargo Logistics Ltd — Interim / Quarterly Report 2024
Nov 10, 2023
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Interim / Quarterly Report
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November 10, 2023
| To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400 001 BSE Scrip Code:532749 |
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 NSE Symbol:ALLCARGO |
|---|---|
Dear Sir/Madam,
Subject: Outcome of the Board Meeting
With reference to our letters dated November 03, 2023 and November 7, 2023 and in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the " Listing Regulations "), we wish to inform you that the Board of Directors of the Company at its Meeting held today i.e., November 10, 2023, inter alia considered and approved the following:
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Unaudited Standalone and Consolidated Financial Results for quarter and half year ended September 30, 2023, as per Regulation 33 of the Listing Regulations, along with Limited Review Reports of the Statutory Auditors. A copy of the Financial Results and the Limited Review Reports are enclosed herewith as Annexure 1.
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The revision in the Authorised Share Capital of the Company from �64,40,00,000/- (Rupees Sixty Four Crores Forty Lakhs only) divided into 29,47,25,000 (Twenty Nine Crores Forty Seven Lakhs Twenty Five Thousand) Equity Shares of �2/- (Rupees Two only) each and 500 (Five Hundred) 4% Cumulative Redeemable Preference Shares of �100/- (Rupees Hundred only) each and 5,45,000 (Five Lakhs Forty Five Thousand) Preference Shares of �100/(Rupees Hundred only) each to �200,00,00,000 (Rupees Two Hundred Crores only) comprising of 100,00,00,000 (One Hundred Crores) equity shares of face value of �2/- each, subject to approval of the members and other statutory/regulatory approvals. The Reclassification and increase in Authorised Share Capital would necessitate alteration in the capital clause of the Memorandum of Association by altering the number of equity shares of the Company, to facilitate the issue of bonus shares.
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The issue of bonus shares by capitalizing a sum not exceeding �147,41,73,144/- (Rupees One Hundred Forty Seven Crores Forty One Lakhs Seventy Three Thousand One Hundred Forty Four only) out of the sum standing to the credit of Free Reserves of the Company, as per the audited financial statements of the Company for the financial year ended March 31, 2023 and that the said amount be transferred to the Share Capital Account and be applied for issue and allotment of equity shares not exceeding 73,70,86,572 (Seventy Three Crores Seventy Lakhs Eighty Six Thousand Five Hundred Seventy Two) equity shares of �2/-(Two) each as fully paid up bonus shares, to the eligible members of the Company holding equity shares of �2/- (Two) each, whose names appear in the Register of Members/Beneficial Owners’ position of the Company on such date (“Record Date”) fixed by the Company, in the proportion of 3:1 i.e. 3 (Three) new equity shares of �2/- (Two) each for every 1 (One) existing equity share of �2/(Two) each held as on the Record Date and that the new bonus shares so issued and allotted shall be treated for all purposes as an increase in the nominal amount of the equity share capital of the Company held by each of such member(s).
ALLCARGO LOGISTICS LIMITED
Allcargo House, 6[th] Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologis�cs.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS
e-mail id: [email protected]
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The Board has approved issuance of three bonus shares for each share held by the shareholders. The decision is aimed at improving the liquidity and allowing for broader base participation of shareholders in the Company. This shall also facilitate the strategic restructuring plans. The Company has built significant reserves over the years and the issuance of bonus shares will use less than 15% of the available reserves. The Company recently demerged two businesses which got listed on 10[th] August 2023 and the board considered it appropriate to issue bonus shares post the completion of demerger.
The Company has exhibited strong performance over the last several years and taken significant initiatives to deleverage the balance sheet, which has resulted in very low net debt as of September 30th. This is remarkable considering that the recent acquisition of balance shares from minority shareholders in Gati Express Supply Chain as well as Allcargo Supply Chain and increased shareholding in Nordicon to 90%. This has been enabled by strong internal accruals.
The Company has demerged strategic business undertakings and exited non-core businesses successfully. The business is now driven by asset light approach with digital strategy being the fundamental pivot for future growth. While the current macroeconomic environment has unexpectedly led to significantly lower performance in recent quarters, the Company is hopeful that the prudent approach by the company over the years, that led to a very strong balance sheet, will provide a strong base for future growth. The Company’s flagship subsidiary ECU Worldwide continues to strengthen its global market leadership in the LCL consolidation business due to significant efforts & investment in acquisitions, acqui-hiring & transformation of the business on an ongoing basis, despite challenges and headwinds.
The Company has always made best effort basis to help reward the shareholders. Hope that the shareholders will stand to benefit from the bonus issue.
Our strategy is to focus on market share and volume growth amidst higher competitive intensity. Most leading international forwarders have reported a volume decline ranging from -4% to flat YoY in Q2FY24, this was accompanied by a decline in yields ranging from -25% to -38%. Our LCL volumes are down 3% YoY and FCL volumes have remained flat YoY.
Consolidated EBITDA for the quarter ending September 2023, excluding other income and exceptional income, de-grew to � 118 crores, compared to � 139 crores for the quarter ending June 2023. The degrowth was primarily driven by the performance of ISC business that is witnessing global demand headwinds.
The express logistics business under Gati has posted record volumes in the past quarter driven by strong pickup in festive demand. Contract logistics business under Allcargo Supply Chain continues to demonstrate robust growth in revenue and EBITDA for the numbers reported for Q2FY24
The detailed disclosure pursuant to Regulation 30 of the Listing Regulations are enclosed as Annexure 2 .
ALLCARGO LOGISTICS LIMITED
Allcargo House, 6[th] Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologis�cs.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS
e-mail id: [email protected]
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The meeting commenced at 02:30 p.m. (IST) and concluded at 10:40 p.m. (IST)
The aforesaid information shall be made available on the Company's website at www.allcargologistics.com.
Kindly take the above on record.
Thanking you,
Yours faithfully For Allcargo Logistics Limited
DEVANAND Digitally signed by DEVANAND PARSHOTTAM MOJIDRA PARSHOTTAM MOJIDRA Date: 2023.11.10 22:58:14 +05'30'
Devanand Mojidra Company Secretary & Compliance Officer
Encl: a/a
ALLCARGO LOGISTICS LIMITED
Allcargo House, 6[th] Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologis�cs.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS
e-mail id: [email protected]
Annexure 1
Chartered Accountants
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12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000
Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors Allcargo Logistics Limited
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We have reviewed the accompanying statement of unaudited standalone financial results of Allcargo Logistics Limited (the “Company”) for the quarter ended September 30, 2023 and year to date from April 01, 2023 to September 30, 2023 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
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The Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
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We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004
Digitally signed by Aniket Anil Aniket Anil Sohani DN: cn=Aniket Anil Sohani, c=IN, o=Personal, Sohani [email protected]: 2023.11.10 22:50:13 +05'30'
per Aniket Sohani Partner Membership No.: 117142 UDIN: 23117142BGYJEM6639 Mumbai November 10, 2023
S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295 Regd. Of � ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
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ALLCARGO LOGISTICS LIMITED
Regd Office: Allcargo House, 6th Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023
| (Rs. in Lakhs) |
|||||||
|---|---|---|---|---|---|---|---|
| Particulars | Quarter ended | Halfyear ended | Year ended | ||||
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | ||
| (Unaudited) | (Unaudited) | (Unaudited) (refer note 4) |
(Unaudited) | (Unaudited) (refer note 4) |
(Audited) | ||
| Continuing Operations: | |||||||
| 1 | Income | ||||||
| (a) | Income from operations | 38,443 | 36,026 | 85,466 | 74,469 | 1,77,079 | 2,72,184 |
| (b) | Other income (refer note 5) | 239 | 21,116 | 7,846 | 21,355 | 8,130 | 9,579 |
| Total income | 38,682 | 57,142 | 93,312 | 95,824 | 1,85,209 | 2,81,763 | |
| 2 | Expenses | ||||||
| (a) | Operating expenses | 31,017 | 29,378 | 74,630 | 60,395 | 1,56,573 | 2,31,044 |
| (b) | Employee benefits expenses (Refer note 3c) | 2,717 | 3,798 | 4,075 | 6,515 | 7,126 | 15,615 |
| (c) | Finance costs | 1,033 | 745 | 542 | 1,778 | 1,147 | 2,120 |
| (d) | Depreciation and amortisation expense | 495 | 428 | 382 | 923 | 759 | 1,583 |
| (e) | Other expenses | 2,553 | 1,567 | 2,385 | 4,120 | 3,826 | 9,392 |
| Total expenses | 37,815 | 35,916 | 82,014 | 73,731 | 1,69,431 | 2,59,754 | |
| 3 | Profit before tax and exceptional items for the period / year from continuing operations (1 - 2) |
867 | 21,226 | 11,298 | 22,093 | 15,778 | 22,009 |
| 4 | Exceptional items (refer note 3) | 1,013 | 1,522 | 100 | 2,535 | 2,883 | 3,987 |
| 5 | Profit before tax (3+4) | 1,880 | 22,748 | 11,398 | 24,628 | 18,661 | 25,996 |
| 6 | Tax expense | ||||||
| (a) | -Current tax | 305 | 5,411 | 1,710 | 5,716 | 2,799 | 4,032 |
| (b) | -Deferred tax charge/(credit) | 158 | (2,489) | 798 | (2,331) | 1,306 | 1,701 |
| 7 | Profit after tax for the period / year from continuing operations (5-6) | 1,417 | 19,826 | 8,890 | 21,243 | 14,556 | 20,263 |
| 8 | Discontinued Operation (refer note 3 (b)) | ||||||
| Profit before tax from discontinued operations | - | - | - | - | 71 | 71 | |
| Tax (Income)/ expense on discontinued operations | - | - | - | - | - | - | |
| 9 | Profit for the year / period from discontinued operations | - | - | - | - | 71 | 71 |
| **10 ** | Profit for the year / period (7+9) | 1,417 | 19,826 | 8,890 | 21,243 | 14,627 | 20,334 |
| **11 ** | Other comprehensive income / (expense) from Continuing operations | ||||||
| (i) Items that will not be reclassified to profit or loss (net of tax) | (57) | (19) | (35) | (76) | (44) | (74) | |
| (ii) Items that will be reclassified to profit or loss (net of tax) | - | - | 1,630 | - | 2,370 | 978 | |
| Other comprehensive for the year / period , net of tax | (57) | (19) | 1,595 | (76) | 2,326 | 904 | |
| **12 ** | Total comprehensive income (10+11) | 1,360 | 19,807 | 10,485 | 21,167 | 16,953 | 21,238 |
| 13 | Paid-up equity share capital (Face value of Rs. 2 each) | 4,914 | 4,914 | 4,914 | 4,914 | 4,914 | 4,914 |
| 14 | Other Equity | 98,140 | |||||
| **15 ** | Earnings Per Share -Continuing Operation (Face value of Rs. 2 each) (not annualised for thequarters): |
||||||
| (a) | Basic | 0.58 | 8.07 | 3.62 | 8.65 | 5.92 | 8.25 |
| (b) | Diluted | 0.58 | 8.07 | 3.62 | 8.65 | 5.92 | 8.25 |
| 15 | Earnings Per Share-Discontinued Operation | ||||||
| (a) | Basic | - | - | - | - | 0.03 | 0.03 |
| (b) | Diluted | - | - | - | - | 0.03 | 0.03 |
ALLCARGO LOGISTICS LIMITED
Allcargo House, 6th Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologistics.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS e-mail id: [email protected]
| Unaudited standalone statement of assets and liabilities as at September 30, 2023 (Rs in Lakhs) |
Unaudited standalone statement of assets and liabilities as at September 30, 2023 (Rs in Lakhs) |
Unaudited standalone statement of assets and liabilities as at September 30, 2023 (Rs in Lakhs) |
|---|---|---|
| Particulars | As at | As at |
| September 30, 2023 | March 31, 2023 | |
| (Unaudited) | (Audited) | |
| Assets Non-current assets Property, plant and equipment Right of use assets Capital work-in-progress Intangible assets Financial assets Investment in associates and joint ventures Investment in subsidiaries Investments Loans Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Current assets Financial assets Current investments Trade receivables Cash and cash equivalents Other Bank balances Loans Other financial assets Contract assets Other current assets Assets classified as held for sale |
4,212 5,411 890 82 9,121 1,37,048 102 127 312 3,872 - 500 |
4,041 3,434 207 58 24,395 62,728 98 1,836 524 1,541 7,428 237 |
| 1,61,677 | 1,06,527 | |
| 1,161 30,549 1,116 865 408 3,473 7,160 3,635 - |
16,985 31,527 2,943 5,297 442 3,825 6,584 2,233 2,401 |
|
| 48,367 | 72,237 | |
| Total Assets | 2,10,044 | 1,78,764 |
| Equity and liabilities Equity Equity share capital Other equity Liabilities Non-current liabilities Financial liabilities Borrowings Lease liability Current liabilities Financial liabilities Trade payables a) Total outstanding dues of micro enterprises and small enterprises; b) Total outstanding dues of creditors other than micro enterprises and small enterprises Other payables Borrowings Lease liability Other financial liabilities Contract liabilities Net employee defined benefit liabilities Other current liabilities Income tax liabilities (net) |
4,914 1,19,306 |
|
| 4,914 98,140 |
||
| 1,24,220 | 1,03,054 | |
| 32,421 4,563 |
13,618 2,818 |
|
| 36,984 | 16,436 | |
| 115 19,650 3,289 10,992 1,153 1,915 5,518 571 2,382 3,255 |
78 15,756 3,628 5,979 847 22,695 6,029 1,577 2,685 - |
|
| 48,840 | 59,274 | |
| Total Equity and Liabilities | 2,10,044 | 1,78,764 |
| (0) 0 |
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Notes:
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1) The standalone financial results of Allcargo Logistics Limited ("the Company") for quarter and half year ended September 30, 2023 have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
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2) The statement of unaudited standalone financial results for the quarter and half year ended September 30,2023 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 10, 2023. The Statutory Auditors have conducted reveiw of these results pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. There are no qualifications in the report issued by the auditors.
| 3) | Exceptional item includes the following:- | ||||||
|---|---|---|---|---|---|---|---|
Particulars |
Quarter ended | Halfyear ended | Year ended | ||||
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | ||
| Reversal ofprovision(Refer note c below) Gain on sale of stake in Joint Venture - (Refer Note a below) Gain on sale of Project Logistics Business (Refer Note b below) Reversal of impairment provision |
- - - 1,013 |
1,522 - - - |
- 100 - - |
1,522 - - 1,013 |
- 2,883 - - |
- 2,883 1,104 - |
|
| TOTAL | 1,013 | 1,522 | 100 | 2,535 | 2,883 | 3,987 |
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(a) On May 17, 2023, Share Purchase Agreement (“SPA”) was entered into between the Company, Avvashya CCI Logistics Private Limited (ACCI) and JKS Finance Limited and its affiliates (“JKS Group”) - shareholders of ACCI for the sale of 16,00,994 (Sixteen Lakhs Nine Hundred Ninety Four) Equity Shares i.e. 61.13% stake held by Company in ACCI to JKS Group for consideration of Rs 3,923 Lakhs. Pursuant to said SPA, the Company had sold its stake to JKS Group in ACCI and ACCI ceased to be Joint-Venture of the Company. The profit on sale of investment of Rs 1,522 Lakhs has been treated as exceptional item.
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Further on May 17, 2023 a Share Purchase Agreement (“SPA”) was executed between the Company, Allcargo Supply Chain Private Limited (“ASCPL”) and JKS Group - shareholders of ASCPL for the purpose of acquisition of 8,90,69,138 (Eight Crores Ninety Lakhs Sixty Nine Thousand One Hundred and Thirty Eight) Equity Shares i.e. 38.87% stake by the Company from JKS Group, for consideration of approx. Rs 16,305 Lakhs. Pursuant to said SPA, the Company acquired 38.87% stake in ASCPL from JKS Group and ASCPL has become a wholly owned subsidiary of the Company.
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(b) The Board of Directors of the Company at its meeting held on February 11, 2022 considered and approved the firm binding offer dated February 10, 2022 received from J M Baxi Heavy Private Limited (hereinafter referred as "Buyer") for sale of Projects Logistics business through Business Transfer Agreement under slump sale basis for lumpsum consideration of Rs.9,864 Lakhs and recorded gain of Rs 2,883 Lakhs as an exceptional item. The related Conditions Precedents as mentioned in Business Transfer Agreement has been complied by the Company to the satisfaction of the buyer on May 09, 2022. Following is the operational performance of the Project Logistics Division :
| Particulars | Quarter ended | Quarter ended | Quarter ended | Half year ended | Half year ended | Year ended |
|---|---|---|---|---|---|---|
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | |
| Revenue from Operations | - | - | - | - | 3,736 | 3,736 |
| Other Income | - | - | - | - | - | - |
| Total Expenses | - | - | - | - | (3,665) | (3,665) |
| Profit and Loss for the period before tax | - | - | - | - | 71 | 71 |
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(c) Reversal of provision for certain employee benefit is consequent to revision of the employee benefits plan.
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4) On December 23, 2021, the Board of Directors of the Company considered and approved the restructuring of the business of the Company by way of a scheme of arrangement and demerger ("Scheme") whereby (1) Container Freight Station/Inland Container Depot businesses and their related business as defined under scheme would be demerged into Allcargo Terminals Limited (“ATL”), wholly owned subsidiary WOS”) of the Company; and (2) Construction & leasing of Logistics Parks, leasing of land & commercial properties, Engineering Solutions (hiring and leasing of equipment’s) business and other related business as defined under scheme would be demerged into TransIndia Real Estate Limited (formerly known as TransIndia Realty & Logistics Parks Limited) (“TREL”) WOS of the Company, on a going concern basis. The Scheme was approved by BSE Limited ( "BSE") and National Stock Exchange of India Limited ("NSE"). The Hon’ble National Company Law Tribunal, Mumbai Bench ("NCLT"), approved the Scheme on January 05, 2023 and the Certified True Copy of the Order along with sanctioned Scheme was received on March 10, 2023. The Company filed the Certified True Copy of the Order with Registrar Of Companies (ROC) on April 01, 2023. As per the provisions of the Scheme, the demerger has been given effect from the Appointed Date of April 01, 2022. ATL and TREL have issued and allotted the shares to the shareholders of the Company as on the record date i.e. April 18, 2023 as a consideration in accordance with Scheme. ATL and TREL shares has been listed on BSE and NSE . Accordingly, the results for quarter and half year ended September 30, 2022 have been restated.
| 5) | Other income includes : | ||||||
|---|---|---|---|---|---|---|---|
| Particulars | Quarter ended | Halfyear ended | Year ended | ||||
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | ||
| Dividend received from whollyowned subsidiary | - | 20,472 | 7,531 | 20,472 | 7,531 | 7,531 |
-
6) During the year ended March 2022, the Company entered into an agreement with Shareholders of Haryana Orbital Rail Corporation Limited (HORCL) to acquire 7.6% equity stake. During the quarter ended June 30, 2023, the Company has made a further investment of Rs. 1,520 Lakhs in equity of HORCL. The Total investment in HORCL as on September 30, 2023 amounts to Rs. 9,120 Lakhs.
-
7) During the quarter ended June 30, 2023, the Company acquired 30% stake in Gati-Kintetsu Express Private Limited (“GKEPL”) (a subsidiary) from the Minority Shareholder of GKEPL for an aggregate consideration of Rs. 40,670 Lakhs.
-
8) The Company's Chief Operating Decision maker (CODm) reviews business and operations as single segment i.e. International Supply Chain, accordingly, there are no reportable business segments in accordance with Ind AS 108 - Operating Segments.
-
9) The Board at its meeting held on November 10, 2023, has considered and approved the issue of 3 (three) fully paid Bonus Shares for every 1 (one) Equity Share (in the ratio of 3:1) of the face value of Rs. 2/- each held by the Equity Shareholders of the Company as on Record Date, subject to approvals, as may be required.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF ALLCARGO LOGISTICS
SHASHI KIRAN Digitally signed by SHASHI JANARDHAN KIRAN JANARDHAN SHETTY Date: 2023.11.10 22:41:48 SHETTY +05'30'
SHASHI KIRAN SHETTY FOUNDER & EXECUTIVE CHAIRMAN (DIN:00012754) PLACE: MUMBAI DATE: NOVEMBER 10, 2023
12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000
Chartered Accountants
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Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors
Allcargo Logistics Limited
-
We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Allcargo Logistics Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) its associates and joint ventures for the quarter ended September 30, 2023 and year to date from April 01, 2023 to September 30, 2023 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
-
The Holding Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We have also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
-
The Statement includes the results of Holding Company, subsidiaries, associates and joint ventures listed in Annexure 1 to this report.
-
Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed or that it contains any material misstatement.
S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295 Regd. Of � ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
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Chartered Accountants
- The accompanying Statement includes the interim reviewed financial results and other financial information in respect of 128 subsidiaries, whose unaudited interim financial results include total assets of Rs. 4,79,192 lacs as at September 30, 2023, total revenues of Rs 2,63,401 lacs and Rs 5,28,940 lacs, total net profit after tax of Rs. 1,258 lacs and Rs. 5,639 lacs, total comprehensive income of Rs. 1,245 lacs and Rs. 5,621 lacs, for the quarter ended September 30, 2023 and the period ended on that date respectively, and net cash outflows of Rs. 34,377 lacs for the period from April 01, 2023 to September 30, 2023, as considered in the Statement which have been reviewed by their respective independent auditors.
The consolidated unaudited financial results and other financial information also includes Group’s share of net profit of Rs. 326 lacs and Rs. 145 lacs and Group’s share of total comprehensive income of Rs. 326 lacs and Rs. 145 lacs for the quarter ended September 30, 2023 and for the period from April 01, 2023 to September 30, 2023 respectively, in respect of 7 associates and 6 joint ventures, based on their interim financial information. The independent auditor’s reports on financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, joint ventures and associates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.
-
Certain of these subsidiaries, associates and joint ventures are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company’s Management has converted the financial results of such subsidiaries, associates and joint operations located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company’s management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries, associates and joint operations located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.
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The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of 6 subsidiaries, whose interim financial results and other financial information reflect total assets of Rs 867 lacs as at September 30, 2023, and total revenues of Rs 232 lacs and Rs 520 lacs, total net profit after tax of Rs. 144 lacs and Rs. 316 lacs, total comprehensive income of Rs. 143lacs and Rs. 316 lacs, for the quarter ended September 30, 2023 and the period ended on that date respectively and net cash outflows of Rs. 7 lacs for the period from April 01, 2023 to September 30,2023.
The consolidated unaudited interim financial results also includes the Group’s share of net profit of Rs. 6 lacs and Rs 5 lacs and Group’s share of total comprehensive income of Rs. 6 lacs and Rs. 5 lacs for the quarter ended September 30, 2023 and for the period ended on that date respectively, in respect to 2 associates and 1 joint venture, based on their interim financial information.
The unaudited interim financial results and other unaudited financial information of the these subsidiaries, joint ventures and associates have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, joint ventures and associates, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.
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Chartered Accountants
Our conclusion on the Statement in respect of matters stated in para 6 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Management.
For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number : 101049W/E300004
Digitally signed by Aniket Anil Sohani DN: cn=Aniket Anil Sohani, c=IN, o=Personal, [email protected] Date: 2023.11.10 22:51:02 +05'30'
Aniket Anil Sohani
per Aniket Sohani Partner Membership No.: 117142 UDIN: 23117142BGYJEL2809 Mumbai November 10, 2023
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Chartered Accountants
Annexure 1 to Independent Auditor’s Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
a. List of subsidiaries (direct and indirect) considered for consolidation:
| SN | Particulars | SN | Particulars |
|---|---|---|---|
| 1 | Gati Limited | 2 | Ecu International (Asia) Pvt. Ltd. |
| 3 | Gati Express & Supply Chain Private Limited (formerly known as Gati-Kintetsu Express Private Limited) |
4 | Zen Cargo Movers Private Limited |
| 5 | Gati Logistics Parks Private Limited | 6 | Antwerp Freight Station NV (Previously known as Ecu Global Services N.V.) |
| 7 | Gati Import Export TradingLimited | 8 | Ecu Worldwide(Cyprus)Ltd. |
| 9 | Gati Project Private Limited | 10 | Ecu Worldwide(Ecuador)S.A. |
| 11 | Contech Logistics Solutions Private Limited | 12 | Ecu World Wide Egypt Ltd |
| 13 | Comptech Solutions Pvt. Ltd. | 14 | Ecu Worldwide(Germany)GmbH |
| 15 | TransIndia Logistic Park Pvt Ltd. | 16 | Ecu Worldwide(Guatemala)S.A. |
| 17 | Ecu Worldwide(Argentina)SA | 18 | Ecu International Far East Ltd. |
| 19 | IntegrityEnterprises PtyLtd | 20 | PT Ecu Worldwide Indonesia |
| 21 | FMA-Line HoldingN. V. | 22 | Eurocentre Milan srl. |
| 23 | Ecu International N.V. | 24 | Ecu Worldwide(Japan)Ltd. |
| 25 | HCL Logistics N.V. | 26 | Ecu Worldwide(Kenya)Ltd |
| 27 | AGL N.V. | 28 | Ecu Worldwide(Malaysia)SDN. BHD. |
| 29 | Ecu Worldwide Logistics do Brazil Ltda | 30 | CELM Logistics SA de CV |
| 31 | Ecu Worldwide(Chile)S.A | 32 | Ecu Worldwide Morocco S.A |
| 33 | Ecu Worldwide(Guangzhou)Ltd. | 34 | Rotterdam Freight Station BV |
| 35 | China Consolidation Services Shipping Ltd (Previously known as ‘Ecu Worldwide China Ltd’) |
36 | Ecu Worldwide New Zealand Ltd |
| 37 | Nordicon Terminals AB | 38 | Ecu-Line ParaguaySA |
| 39 | ECU WORLDWIDE(CZ)s.r.o. | 40 | Ecu-Line Peru SA |
| 41 | Flamingo Line del Ecuador SA | 42 | Ecu Worldwide(Poland)Spzoo |
| 43 | Ecu Worldwide (El Salvador) S.P. Z.o.o S.A. de CV |
44 | Ecu-Line Saudi Arabia LLC |
| 45 | ELWA Ghana Limited | 46 | Ecu Worldwide(South Africa)PtyLtd |
| 47 | Ecu Worldwide(HongKong)Ltd. | 48 | ECU Worldwide Lanka(Private)Ltd. |
| 49 | CCS ShippingLtd. | 50 | Ecu Worldwide(Thailand)Co. Ltd. |
| 51 | Ecu Worldwide Italy S.r.l. | 52 | Ecu Worldwide Turkey Ta��mac�l�k Limited�irketi |
| 53 | Ecu Worldwide(Cote d'Ivoire)sarl | 54 | Ecu-Line Abu Dhabi LLC |
| 55 | Jordan Gulf for Freight Services and Agencies Co. LLC |
56 | Star Express Company Ltd. |
| 57 | Ecu ShippingLogistics(K)Ltd. | 58 | Ecu Worldwide(Uruguay)S.A. |
| 59 | Ecu Worldwide(Mauritius)Ltd. | 60 | GuldaryS.A. |
| 61 | Ecu Worldwide Mexico SA de CV | 62 | Ecu Worldwide (USA) Inc. (Previously known as ‘Econocaribe Consolidators, Inc’) |
| 63 | Ecu Worldwide(Netherlands)B.V. | 64 | ECI Customs Brokerage,Inc. |
| 65 | FCL Marine Agencies B.V. | 66 | Asia Line Ltd |
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Chartered Accountants
| SN | Particulars | SN | Particulars |
|---|---|---|---|
| 67 | Ecu Worldwide(Panama)S.A | 68 | Prism Global Ltd. |
| 69 | Flamingo Line del Peru SA | 70 | Nordicon AB |
| 71 | Ecu Worldwide(Philippines)Inc. | 72 | Ecu Worldwide(Uganda)Limited |
| 73 | Ecu-Line Doha W.L.L. | 74 | FCL Marine Agencies Belgium bvba |
| 75 | Ecu - Worldwide (Singapore) Pte. Ltd. (formerly known as Ecu-Line Singapore Pte. Ltd.) |
76 | Allcargo Hong kong Limited |
| 77 | Ecu-Line Spain S.L. | 78 | AlmacenyManiobras LCL SA de CV |
| 79 | Ecu Worldwide(BD)Limited | 80 | Ecu Trucking,Inc. |
| 81 | Société Ecu-Line Tunisie Sarl | 82 | Allcargo Logistics Africa(PTY)LTD |
| 83 | Ecu-Line Middle East LLC | 84 | AGL Bangladesh Private Limited |
| 85 | Eurocentre FZCO | 86 | Ecu Worldwide(Bahrain)Co. W.L.L. |
| 87 | Ecu Worldwide (UK) Ltd. (formerly known as Ecu-Line UK Ltd) |
88 | PAK DA (HK) LOGISTIC Ltd |
| 89 | PRISM GLOBAL,LLC | 90 | Allcargo Logistics FZE |
| 91 | Econoline Storage Corp. | 92 | Allcargo Logistics China Ltd. |
| 93 | OTI Cargo,Inc. | 94 | Gati Asia Pacific Pte Ltd. |
| 95 | Administradora House Line C.A. | 96 | Gati Cargo Express(Shanghai)Co. Ltd. |
| 97 | Ecu Worldwide Vietnam Joint Stock Company |
98 | Nordicon Trucking AB (Formerly known as RailGate Nordic AB) |
| 99 | Ecu-Line Zimbabwe (Pvt) Ltd. | 100 | Fair Trade Gmbh Schiffhart, handel und Logistik |
| 101 | Eculine Worldwide Logistics Co. Ltd. | 102 | Asiapac EquityInvestments Limited |
| 103 | FMA-LINE Nigeria Ltd. | 104 | Asiapac Logistics El Salvador |
| 105 | FMA Line Agencies Do Brasil Ltda | 106 | Allcargo Tanzania |
| 107 | Oconca Container Line S.A. Ltd. | 108 | Ecu-Line Algerie sarl |
| 109 | ECU Worldwide Servicios SA de CV | 110 | Ecu Worldwide Australia PtyLtd |
| 111 | ECU Worldwide CEE SRL | 112 | Ecu Worldwide(Belgium)N.V |
| 113 | Ecu Worldwide Baltics | 114 | Ecuhold N.V. |
| 115 | East Total Logistics B.V. | 116 | Ecu Worldwide N.V.(Formerly known as Allcargo Belgium N.V.) |
| 117 | ECU Worldwide Tianjin Ltd | 118 | Ecu Worldwide Canada Inc. (Formerly known as Ecu-Line Canada Inc) |
| 119 | Spechem Supply Chain Management (Asia) Pte. Limited |
120 | Flamingo Line Chile S.A. |
| 121 | Asiapac Logistics Mexico SA de CV | 122 | Ecu Worldwide China (Shanghai) Ltd. (Formerly known as ‘China Consolidation Services Ltd’) |
| 123 | Gati HongKong Limited | 124 | Ecu Worldwide (Colombia) S.A.S. (formerly known as Ecu-Line de Colombia S.A.S) |
| 125 | ALX Shipping Agencies India Private Limited |
126 | Asia Pac Logistics DE Guatemala S.A. |
| 127 | ECUNORDICON AB | 128 | Asia Express Line GmbH |
| 129 | NORDICON A/S | 130 | Asiapac Turkey Tasimacilik Anonim Sirketi |
| 131 | Ecu Worldwide (India) Private Limited (Formerly known as ‘Panvel Industrial Parks Private Limited’) |
132 | Allcargo Supply Chain Private Limited |
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Chartered Accountants
| SN | Particulars | SN | Particulars |
|---|---|---|---|
| 133 | Ports International, Inc | 134 | Shanghai Gatido Wisdom Logistics Co. Limited(w.e.f. June 2023) |
| 135 | Allcargo Ecu Limited (incorporated in August 2023) |
136 | Contech Transport Services (Pvt) Ltd |
- b. List of associates (direct and indirect) considered for consolidation:
| SN | Particulars |
|---|---|
| 1 | Allcargo Logistics Lanka (Private) Limited |
| 2 | FCL Marine Agencies Gmbh (Bermen) |
| 3 | RailGate Europe B.V |
| 4 | Trade Xcelerators LLC |
| 5 | Harayana Orbital Rail Corporation Limited |
| 6 | All Safe Supply Chain Solutions Co. Limited (w.e.f. June 2023) |
| 7 | Allcargo Logistics LLC |
| 8 | RailGate Europe Poland |
| 9 | Aladin Express DMCC |
- c. List of joint ventures (direct and indirect) considered for consolidation:
| SN | Particulars |
|---|---|
| 1 | Avvashya CCI Logistics Private Limited (upto May 31, 2023) |
| 2 | Allcargo Supply Chain Private Limited (upto May 31, 2023) |
| 3 | Altcargo Oil & Gas Private Limited |
| 4 | Ecu Worldwide Peru S.A.C. |
| 5 | Fasder S.A. |
| 6 | Ecu Worldwide Korea Co., Ltd. |
| 7 | Allcargo Logistics Korea Co., Ltd. |
| 8 | Aladin Group Holdings Limited |
| 9 | ALX Shipping Agency LLC |
ALLCARGO LOGISTICS LIMITED
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Regd Office: Allcargo House, 6th Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098
| STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL | STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL | RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023 | RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023 | RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023 | RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023 | RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023 | RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023 |
|---|---|---|---|---|---|---|---|
| (Rs. In Lakhs) | |||||||
| Sr. No. | Particulars | Quarter ended | Half Year ended | Year ended | |||
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| (refer note 8) | (refer note 8) | ||||||
| 1 | Income | ||||||
| (a) | Income from operations | 3,30,686 | 3,27,106 | 5,05,488 | 6,57,792 | 10,52,864 | 18,05,077 |
| (b) | Other income | 2,946 | 1,983 | 2,741 | 4,929 | 4,339 | 6,466 |
| Total income | 3,33,632 | 3,29,089 | 5,08,229 | 6,62,721 | 10,57,203 | 18,11,543 | |
| 2 | Expenses | ||||||
| (a) | Operating expenses | 2,51,151 | 2,46,446 | 4,04,174 | 4,97,597 | 8,55,985 | 14,30,671 |
| (b) | Changesin inventories ofstock in trade | 1 | 30 | (69) | 31 | 39 | 36 |
| (c) | Employee benefits expense (refer note 3(c)) | 50,812 | 47,982 | 47,237 | 98,794 | 92,026 | 1,90,713 |
| (d) | Finance cost | 3,670 | 2,435 | 1,901 | 6,105 | 3,661 | 7,538 |
| (e) | Depreciation and amortisation expense | 10,669 | 8,314 | 7,993 | 18,983 | 14,411 | 27,801 |
| (f) | Other expenses | 16,920 | 18,748 | 16,729 | 35,668 | 31,410 | 70,711 |
| Total expenses | 3,33,223 | 3,23,955 | 4,77,965 | 6,57,178 | 9,97,532 | 17,27,470 | |
| 3 | Profit before share of profit from associates and joint ventures, exceptional item and tax (1- 2) |
409 | 5,134 | 30,264 | 5,543 | 59,671 | 84,073 |
| 4 | Share ofprofit from associates andjoint ventures | 326 | (181) | 711 | 145 | 2,606 | 1,744 |
| 5 | Profit before tax and exceptional item (3+ 4) | 735 | 4,953 | 30,975 | 5,688 | 62,277 | 85,817 |
| 6 | Exceptional items (refer note 3) |
1,013 | 11,171 | 196 | 12,184 | 3,396 | 3,717 |
| 7 | Profit before tax (5+ 6) | 1,748 | 16,124 | 31,171 | 17,872 | 65,673 | 89,534 |
| 8 | Tax expense |
||||||
| (a) | Current tax | 2,837 | 8,038 | 10,931 | 10,875 | 19,323 | 25,082 |
| (b) | Deferred tax charge/(credit) | (2,708) | (3,808) | 694 | (6,516) | 782 | (869) |
| 9 | Profit after tax (7- 8) | 1,619 | 11,894 | 19,546 | 13,513 | 45,568 | 65,321 |
| 10 | Other Comprehensive Income/(Expense) |
||||||
| (a) | Items that will not be reclassified to profit or loss (net of tax) |
(95) | (200) | (24) | (295) | (140) | (716) |
| (b) | (i) Items that will be reclassified to profit or loss | (103) | (699) | (1,864) | (802) | (3,380) | 8,131 |
| (ii) Income tax relating to items that will be reclassified to profit or loss | (138) |
- | 1,322 | (138) | 1,184 | (296) | |
| Other Comprehensive Income/(Expense) | (336) | (899) | (566) | (1,235) | (2,336) | 7,119 | |
Total comprehensive income (9+ 10) |
1,283 | 10,995 | 18,980 |
12,278 |
43,233 | 72,440 | |
| 11 | Profit attributable to |
||||||
| (a) | Owners of the Company | 2,184 | 12,257 | 17,777 | 14,441 | 42,332 | 62,959 |
| (b) | Non-controlling interest | (565) | (363) | 1,770 | (928) | 3,236 | 2,362 |
| 12 | Other Comprehensive Income/(Expense) | ||||||
| (a) | Owners of the Company |
(422) | (925) | (248) | (1,347) | (1,733) | 7,681 |
| (b) | Non-controlling interest | 86 |
26 | (317) | 112 | (602) | (561) |
| 13 | Total Comprehensive Income | ||||||
| (a) | Owners of the Company | **1,762 ** | 11,332 | 17,529 | **13,094 ** | 40,599 | 70,640 |
| (b) | Non-controlling interest | (479) | (337) | 1,452 | (816) | 2,634 | 1,800 |
| 14 | Paid-up equity share capital (Face value of Rs. 2 each) | 4,914 | 4,914 | 4,914 | 4,914 | 4,914 | 4,914 |
| 15 | Other Equity |
2,76,507 | |||||
| 16 | Earnings Per Share (Face value of Rs. 2 each) (not annualised for the quarters): |
||||||
| (a) | Basic | 0.89 | 4.99 | 7.24 | 5.88 | 17.23 | 25.62 |
| (b) | Diluted | 0.89 | 4.99 | 7.24 | 5.88 | 17.23 | 25.62 |
ALLCARGO LOGISTICS LIMITED
Allcargo House, 6th Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologistics.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS e-mail id: [email protected]
Unaudited Consolidated Segmentwise revenue and results for the quarter and half year ended September 30, 2023 and segmentwise assets and liabilities as at September 30, 2023
| Sr.No | Particulars | (Rs. In Lakhs) | |||||
|---|---|---|---|---|---|---|---|
| Quarter ended | Half Year ended | Year ended | |||||
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| 1 | Segment revenue | ||||||
| a. International Supply Chain (previously known as Multimodal Transport Operations) |
2,79,533 | 2,82,316 | 4,61,374 | 5,61,849 | 9,65,649 | 16,33,319 | |
| b. Express Distribution | 44,150 | 42,620 | 43,514 | 86,770 | 86,615 | 1,72,317 | |
| c. Contract Logistics | 7,595 | 2,412 | - | 10,007 | - | ||
| d. Others and unallocable | - | - | 1,605 | - | 1,605 | - | |
| Less: Inter segment revenue | (592) | (242) | (1,005) | (834) | (1,005) | (559) | |
| Net income from operations | 3,30,686 | 3,27,106 | 5,05,488 | 6,57,792 | 10,52,864 | 18,05,077 | |
| 2 | Segment results | - | |||||
| a. International Supply Chain (previously known as Multimodal Transport Operations) |
1,497 | 6,128 | 29,208 | 7,625 | 59,023 | 87,514 | |
| b. Express Distribution | (1,026) | (813) | (194) | (1,840) | (435) | (2,414) | |
| c. Contract Logistics | 463 | 272 | - | 735 | - | - | |
| d. Others and unallocable | 1 | (1) | (2) | - | (7) | (111) | |
| Less: Inter segment | 199 | - | 412 | 199 | 412 | 156 | |
| Total | 1,134 | 5,586 | 29,424 | 6,719 | 58,993 | 85,145 | |
| Less: | |||||||
| i. Finance costs | (3,670) | (2,435) | (1,901) | (6,105) | (3,661) | (7,538) | |
| Add: | |||||||
| i. Other income | 2,946 | 1,983 | 2,741 | 4,929 | 4,339 | 6,466 | |
| Profit before tax, exceptional item, minority interest and share of profits from associates and joint ventures |
409 |
5,134 | 30,264 | 5,543 | 59,671 | 84,073 | |
| Share of profit / (loss) from associates and joint ventures |
326 | (181) | 711 | 145 | 2,606 | 1,744 | |
| Profit before tax and exceptional item | 735 | 4,953 | 30,975 | 5,688 | 62,277 | 85,817 | |
| Exceptional item(refer note 2) | 1,013 | 11,171 | 196 | 12,184 | 3,396 | 3,717 | |
| Profits before tax | 1,748 | 16,124 | 31,171 | 17,872 | 65,673 | 89,534 | |
| 3 | Segment assets | ||||||
| a. International Supply Chain (previously known as Multimodal Transport Operations) |
4,36,170 | 4,75,306 | 5,84,290 | 4,36,170 | 5,84,290 | 5,22,610 | |
| b. Express Distribution | 1,48,609 | 1,33,913 | 1,21,319 | 1,48,609 | 1,21,319 | 1,32,281 | |
| c. Contract Logistics | 60,209 | 78,514 | - | 60,209 | - | - | |
| d. Unallocable | 74,400 | 41,200 | 81,574 | 74,400 | 81,574 | 68,138 | |
| Total segment assets | 7,19,388 | 7,28,933 | 7,87,183 | 7,19,388 | 7,87,183 | 7,23,029 | |
| 4 | Segment liabilities | ||||||
| a. International Supply Chain (previously known as Multimodal Transport Operations) |
2,47,460 | 2,50,433 | 3,31,427 | 2,47,460 | 3,31,427 | 2,79,232 | |
| b. Express Distribution | 52,246 | 49,338 | 46,599 | 52,246 | 46,599 | 47,698 | |
| c. Contract Logistics | 43,731 | 32,701 | - | 43,731 | - | - | |
| d. Unallocable | 25,023 | 7,419 | 32,608 | 25,023 | 32,608 | 9,270 | |
| Total segment liabilities | 3,68,460 | 3,39,891 | 4,10,634 | 3,68,460 | 4,10,634 | 3,36,200 |
Segment revenue, results, assets and liabilities represent amounts identifiable to each of the operating segments. 'Unallocable expenditure' and 'Other income' includes
expenditure / income in relation to common services such as corporate expenditure and interest / dividend which is not directly identifiable to individual operating segments. Unallocable assets and liabilities' include common assets/liabilities such as corporate assets/liabilities and income tax assets which is not directly identifiable to individual operating segments.
Unaudited Consolidated statement of assets and liabilities at September 30, 2023
| (Rs. In Lakhs) | (Rs. In Lakhs) | |
|---|---|---|
| Particulars | As at September 30, 2023 |
As at March 31, 2023 |
| (Unaudited) | (Audited) | |
| Assets Non-current assets Property, plant and equipment Right of use assets (net) Capital work-in-progress Goodwill Intangible assets (net) Intangible assets under development Investments in associates and joint ventures Financial assets Investments Loans Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Current assets Inventories Contract Assets Financial assets Current investments Loans Trade receivables Cash and cash equivalents Other bank balances Other financial assets Income tax assets (net) Other current assets Assets classified as held for sale |
40,465 80,920 890 1,00,583 63,561 2,817 22,400 1,786 6,095 2,784 12,528 24,714 826 |
35,650 44,389 206 74,337 58,812 1,334 39,255 1,809 7,854 897 10,645 14,234 498 |
| 3,60,369 | 2,89,920 | |
| 213 41,259 1,295 5,907 1,96,951 56,712 15,655 8,481 4,035 32,966 8,069 |
244 42,318 17,066 5,803 2,03,805 91,924 38,952 6,425 1,730 25,699 9,788 |
|
| 3,71,543 | 4,43,754 | |
| Total Assets | 7,31,912 | 7,33,674 |
| Equity and Liabilities Equity Equity share capital Other equity Equity attributable to equity holders of the Parent Non-controlling interests Total Equity Non-current liabilities Financial liabilities Lease liabilities Borrowings Other financial liabilities Long term provisions Net employment defined benefit liabilities Deferred tax liabilities (net) Other non-current liabilities Current liabilities Contract Liabilities Financial liabilities Lease liabilities Borrowings Trade payables Other payables Other financial liabilities Net employment defined benefit liabilities Other current liabilities Income tax liabilities (net) |
4,914 2,49,135 |
4,914 2,76,507 |
| 2,54,049 10,781 |
2,81,422 30,000 |
|
| 2,64,830 69,529 47,618 711 264 2,582 12,974 250 |
3,11,422 37,962 31,998 9 268 2,136 15,536 92 |
|
| 1,33,928 | 88,001 | |
| 48,592 17,321 38,031 1,44,999 6,773 28,882 8,462 13,225 26,869 |
55,369 9,472 38,518 1,42,276 4,037 53,037 9,655 11,951 9,936 |
|
| 3,33,154 | 3,34,251 | |
| Total equity and liabilities | 7,31,912 | 7,33,674 |
| (Rs. In Lakhs) Statement of Unaudited Consolidated Cash Flows for the half year ended September 30, 2023 |
(Rs. In Lakhs) Statement of Unaudited Consolidated Cash Flows for the half year ended September 30, 2023 |
(Rs. In Lakhs) Statement of Unaudited Consolidated Cash Flows for the half year ended September 30, 2023 |
|---|---|---|
| Particulars | September 30, 2023 | September 30, 2022 |
| Unaudited | Unaudited | |
| Operating activities Profit before share of profit from associates, joint ventures, tax and after exceptional item Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortisation Gain on sale of stake in joint ventures Fair value (gain)/ loss on financial instruments Impairment loss on trade receivable Liabilities no longer required written back Reversal of employees benefits provision Rental income Finance costs Finance income Gain on disposal of property, plant and equipment (net) Gain / (loss) on realised & fair value of assets held for sale (net) Profit on sale of current investments (net) Effect of translation of assets and liabilities Gain arising out of sale of project solution business under slump sale arrangements Provision for Employees Share appreciation rights Working capital adjustments: (Increase) / decrease in trade receivables Decrease / (increase) in financial and other assets Increase / (decrease) in trade and other payables, provisions, other current and non- current liabilities Cash (used in) /generated from operating activities Income tax paid (net of refunds) (net) Net cash flows (used in) /from operating activities (A) Investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment (including capital work in progress and capital advances) Proceeds from sale of non-core assets Proceeds from sale of intangible assets Purchase of intangible assets Investments in associates Investments of subsidiaries Loan given to related parties Loan repaid by related parties Consideration received on sale of projects solution business under slump sale arrangements Purchase of current investments Proceeds from sale of current investments Dividend income received from associate and joint venture Rental income received Fixed deposits with maturity period more than three months matured / (placed) (net) Proceeds from sale of investment in Joint Venture Net cash flows from (used in) investing activities (B) Financing activities Proceeds from long term borrowings Repayment of long term borrowings Proceeds/(Repayment) of short-term borrowings Repayment of Public deposits Lease repayments (including interest) Payment of dividend to minority Payment of Unpaid Dividend and transfer to Investor Education and Protection Fund(IEPF) Proceeds from shares issued on exercise of Employee Stock Appreciation Rights Finance costs Gain arising on derivatives Net cash flows from / (used in) financing activities (C) Net increase / (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Add/ (less): Exchange difference on translation of foreign currency cash and cash equivalents Less: Cash and cash equivalents on account of business Disposal/ pursuant to demerger Add: Cash balance on account of aquisition Cash and cash equivalents at the end of the period |
17,727 18,983 (1,522) - 3,935 (112) (1,013) (35) 6,105 (4,461) 53 - (316) 1,629 - 248 |
63,067 14,411 - (1) 3,088 (1,143) - (51) 3,661 (2,076) 15 (749) (125) 3,289 (2,883) 424 |
| 41,221 (3,559) (17,969) (20,397) |
80,927 (5,574) (21,686) 44,172 |
|
| (704) (4,049) |
97,839 (16,143) |
|
| (4,753) | 81,696 | |
| 285 (5,927) 1,694 30 (2,009) (1,520) (74,813) (3,859) 4,989 - (18,171) 38,534 878 39 19,532 3,923 |
203 (3,811) 6,698 194 (836) (4,080) (2,079) (7,914) 4,770 1,919 (36,135) 38,776 899 44 (4,836) 7,341 |
|
| (32,118) 64,058 (43,427) (5,219) (99) (7,113) (2,187) (18) 1 (3,958) - |
2,050 28,488 (59,630) (16,270) (114) (7,288) (2,877) - - (2,927) 1,756 |
|
| 2,038 | (58,862) | |
| (34,833) | 24,884 | |
| 91,924 (688) - 309 |
57,511 (2,628) (3,881) |
|
| 56,712 | 75,886 |
ALLCARGO LOGISTICS LIMITED
Regd Office: Allcargo House, 6th Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023
Notes:
-
1) The consolidated financial results of Allcargo Logistics Limited ("the Holding Company") and its subsidiaries (“the Group”), together with its associates and joint ventures for quarter and Half year ended September 30, 2023 have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
-
2) The statement of consolidated financial results for the quarter and Half year ended September 30,2023 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 10, 2023. The Statutory Auditors have conducted audit of these results pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. There are no qualifications in the report issued by the auditors.
-
3) Exceptional Items includes the following:-
| Exceptional Items includes the following:- | (Rs. In Lakhs) Year ended 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023 - 1,522 - 1,522 - - - 9,649 - 9,649 - - - - 96 - 513 96 - - - - - 1,103 - - 100 - 2,883 2,883 1,013 - - 1,013 - - - - - - (365) 1,013 11,171 196 12,184 3,396 3,717 Quarter ended Half Year |
(Rs. In Lakhs) Year ended 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023 - 1,522 - 1,522 - - - 9,649 - 9,649 - - - - 96 - 513 96 - - - - - 1,103 - - 100 - 2,883 2,883 1,013 - - 1,013 - - - - - - (365) 1,013 11,171 196 12,184 3,396 3,717 Quarter ended Half Year |
(Rs. In Lakhs) Year ended 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023 - 1,522 - 1,522 - - - 9,649 - 9,649 - - - - 96 - 513 96 - - - - - 1,103 - - 100 - 2,883 2,883 1,013 - - 1,013 - - - - - - (365) 1,013 11,171 196 12,184 3,396 3,717 Quarter ended Half Year |
(Rs. In Lakhs) Year ended 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023 - 1,522 - 1,522 - - - 9,649 - 9,649 - - - - 96 - 513 96 - - - - - 1,103 - - 100 - 2,883 2,883 1,013 - - 1,013 - - - - - - (365) 1,013 11,171 196 12,184 3,396 3,717 Quarter ended Half Year |
(Rs. In Lakhs) Year ended 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023 - 1,522 - 1,522 - - - 9,649 - 9,649 - - - - 96 - 513 96 - - - - - 1,103 - - 100 - 2,883 2,883 1,013 - - 1,013 - - - - - - (365) 1,013 11,171 196 12,184 3,396 3,717 Quarter ended Half Year |
(Rs. In Lakhs) Year ended 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023 - 1,522 - 1,522 - - - 9,649 - 9,649 - - - - 96 - 513 96 - - - - - 1,103 - - 100 - 2,883 2,883 1,013 - - 1,013 - - - - - - (365) 1,013 11,171 196 12,184 3,396 3,717 Quarter ended Half Year |
|---|---|---|---|---|---|---|
| Particulars | Quarter ended | Half Year | Year ended | |||
| 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | 31.03.2023 | |
| Gain on sale of stake in Joint Venture (Refer Note 3 (a)) Gain on Fair Valuation of previous held equity stake (Refer Note 3 (a)) Gain / (loss) on realised & fair value of assets held for sale and loss on write off property, plant and equipment in a Reversal of Impairment provision Gain on sale of Project Logistics Business (Refer Note 3 (b)) Reversal of provision (Refer Note 3 (c)) Others |
- - - - - 1,013 - |
1,522 9,649 - - - - - |
- - 96 - 100 - - |
1,522 9,649 - - - 1,013 |
- - 513 - 2,883 - - |
- - 96 1,103 2,883 - (365) |
| Total | 1,013 | 11,171 | 196 | 12,184 | 3,396 | 3,717 |
-
(a) On May 17, 2023 Share Purchase Agreement (“SPA”) has been entered into between the Holding Company, Avvashya CCI Logistics Private Limited ("ACCI") ACCI and JKS Finance Limited and its affiliates (“JKS Group”) - shareholders of ACCI for the sale of 16,00,994 (Sixteen Lakhs Nine Hundred Ninety Four) Equity Shares i.e. 61.13% stake held by Company in ACCI to JKS Group for consideration of approx. Rs 3,923 Lakhs. Pursuant to said SPA, the Company has sold its stake to JKS Group in ACCI and ACCI has ceased to be Joint-Venture of the Company. The profit on sale of investment of Rs 1,522 Lakhs has been treated as exceptional item. Further on May 17, 2023 Share Purchase Agreement (“SPA”) has been executed between the Company, Allcargo Supply Chain Private Limited (“ASCPL”) and JKS Group - shareholders of ASCPL for the purpose of acquisition of 8,90,69,138 (Eight Crores Ninety Lakhs Sixty Nine Thousand One Hundred and Thirty Eight) Equity Shares i.e. 38.87% stake by the Company from from JKS Group, for consideration of approx. Rs 16,305 Lakhs. Pursuant to said SPA, the Company has acquired 38.87% stake in ASCPL from JKS Group and ASCPL has become wholly owned subsidiary of the Holding Company. On the date of acquisiton of additional stake, the Holding Company has remeasured its existing stake to the fair value and resulting gain of Rs.9,649 Lakhs has been recognised as exceptional item.
-
(b) The Board of Directors of the Company at its meeting held on February 11, 2022 considered and approved the firm binding offer dated February 10, 2022 received from J M Baxi Heavy Private Limited (hereinafter referred as "Buyer") for sale of Projects Logistics business through Business Transfer Agreement under slump sale basis for lumpsum consideration of Rs.9864 Lakhs and recorded gain of Rs 2,883 Lakhs as an exceptional item. The related Conditions Precedents as mentioned in Business Transfer Agreement has been complied by the Company to the satisfaction of the buyer on May 9, 2022.
-
(c) Reversal of provision for certain employee benefits is consequent to revision of the employee benefits plan.
-
5) The Board of Directors of the Holding Company, at its meeting held on November 10, 2023, has considered and approved the issue of 3 (three) fully paid Bonus Shares for every 1 (one) Equity Share (in the ratio of 3:1) of the face value of Rs. 2/- each held by the Equity Shareholders of the Company as on Record Date, subject to approvals, as may be required.
-
6) During the quarter ended June 30, 2023, GATI Ltd. has signed an out of court settlement with AIR India, pertaining to an ongoing legal matter before the New Delhi High Court. As a result, the subsidiary has received a sum of Rs. 41.5 lakhs towards the final settlement, which has been duly accounted for as Other Income. Pursuant to the settlement, the Company has filed a petition before the court seeking the withdrawal of the aforementioned case, and consequent release of the Bank guarantee amounting to Rs.2,200 lakhs, which is equivalent to the arbitral award under dispute.
-
7) During the quarter ended June 30, 2023, the Holding Company has acquired 30% stake in Gati-Kintetsu Express Private Limited (“GKEPL”) (a subsidiary) from Minority Shareholder for an aggregate consideration of Rs. 40,670 Lakhs.
-
8) On December 23, 2021, the Board of Directors of the Holding Company considered and approved the restructuring of the business of the Company by way of a scheme of arrangements and demerger ("Scheme") whereby (1) Container Freight Station/Inland Container Depot businesses and there related business as defined under scheme would be demerged into Allcargo Terminals Limited (“ATL”), wholly owned subsidiary WOS”) of the Company; and (2) Construction & leasing of Logistics Parks, leasing of land & commercial properties, Engineering Solutions (hiring and leasing of equipment’s) business and other related business as defined under scheme would be demerged into TransIndia Real Estate Limited (formerly known as TransIndia Realty & Logistics Parks Limited) (“TREL”) WOS of the Company, on a going concern basis. The Scheme was approved by BSE Limited ( "BSE") and National Stock Exchange of India Limited ("NSE"). The Hon’ble National Company Law Tribunal, Mumbai Bench ("NCLT"), approved the Scheme on January 05, 2023 and the Certified True Copy of the Order along with sanctioned Scheme was received on March 10, 2023. The Company filed the Certified True Copy of the Order with Registrar Of Companies (ROC) on April 01, 2023. As per the provisions of the Scheme, the demerger has been given effect from the Appointed Date of April 01, 2022. ATL and TRL have issued and allotted the shares to the shareholders of the Company as on the record date i.e. April 18, 2023 as a consideration in accordance with Scheme. ATL and TREL shares has been listed on BSE and NSE . Accordingly, the results for quarter ended and Half year ended September 30, 2022 have been restated.
-
9) During the year ended March 2022, the Holding Company has entered into an agreement with Shareholders of Haryana Orbital Rail Corporation Limited (HORCL) to acquire 7.6% equity stake. Accordingly, during the quarter ended June 30, 2023, the Holding Company has made further investment Rs. 1,520 Lakhs in equity of HORCL. The Total Investment in HORCL as on September 30, 2023 amounts to Rs. 9,120 Lakhs.
-
10) During the quarter ended June 30, 2023, one of the subsidiaries have recognised a Government grant of Rs. 3282 Lakhs basis the Government approval. The grant has been credited to Employee Benefit Expenses as it is related to the employee cost incurred during Covid.
-
11) During the quarter ended September 30, 2023, a subsidiary Allcargo Belgium N.V. has acquired further 25% stake in Ecunordicon AB for consideration of USD 20.97 million. Pursuant to the acquisition, the Group now holds 90 % stake in Ecunordicon AB.
-
12) Figures of the previous quarters / periods have been re-grouped where ever considered necessary.
-
13) The standalone and consolidated financial results of the Company are available on the Company's website www.allcargologistics.com.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF ALLCARGO LOGISTICS LIMITED
SHASHI KIRAN Digitally signed by SHASHI JANARDHAN KIRAN JANARDHAN SHETTY Date: 2023.11.10 22:42:42 SHETTY +05'30'
SHASHI KIRAN SHETTY FOUNDER & EXECUTIVE CHAIRMAN (DIN:00012754)
PLACE: MUMBAI DATE: NOVEMBER 10, 2023
==> picture [117 x 66] intentionally omitted <==
Annexure - 2
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023
| Sr No |
Particulars | Details |
|---|---|---|
| 1. | Whether bonus is out of free reserves created out of profits or share premium account |
The Bonus shares, subject to approval of the Shareholders will be issued by capitalization of Free Reserves. |
| 2. | Bonus Ratio | 3:1 i.e. 3 (Three) equity share of�2/- each for every 1 (One) existing equity share of�2/- each held by the shareholders of the Company as on the record date |
| 3 | Details of share capital - pre and post bonus issue |
Pre: �49,13,91,048 consisting of 24,56,95,524 equity shares of �2/- each Post: �196,55,64,192/- consisting of 98,27,82,096 equity shares of �2/-each |
| 4. | Free reserves and/ or share premium required for implementing the bonus issue |
Free Reserves |
| 5. | Free reserves and/ or share premium available for capitalization and the date as on which such balance is available |
Free Reserves of �96677 Lakhs as on March 31, 2023 |
| 6. | Whether the aforesaid figures are audited |
Yes. it is audited as on March 31, 2023 |
| 7. | Estimated date by which such bonus shares would be credited/dispatched; |
The Bonus shares would be credited to the respective demat account of the shareholders on or before January 9, 2024, subject to completion of the rest of the formalities and approvals as may be required. The aforesaid proposal is also subject to the approval of shareholders. |
ALLCARGO LOGISTICS LIMITED
Allcargo House, 6[th] Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologis�cs.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS
e-mail id: [email protected]