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India's Tiger Logistics posts Q2 profit of US$311,199, on 28pc higher sales

TIGER Logistics (India), a leading third-party player specialising in international logistics handling of import and export cargo, has announced that in the second quarter net profit rose 25 per cent year on year to INR20 million (US$311,199) on revenues of INR691 million up 28 per cent.

Container volume in the second quarter amounted to 11,904 TEU. The soft performance was attributed to the implementation of India's new goods and services tax (GST) by clients and its impact on payment cycles, reported Chennai's Equity Bulls.

For the quarter, commodities were the highest contributor in the total revenue composition at 28 per cent, followed by automobiles at 21 per cent, projects at 18 per cent and others at 33 per cent. The multi-modal segment contributed most at 60 per cent of total revenue, followed by custom house agent (CHA) at 24 per cent, and transport at 16 per cent.

Commenting on the performance, chief managing director, Harpreet Singh Malhotra said: "The growth for the quarter was mainly driven by the US trade line, improved order book from east of India and our new focus area of import business. We believe that these businesses will pan out well in the coming quarters leveraging on our existing infrastructure.

"With GST and other government reforms, India will be able to increase its competitiveness in the global trade thereby benefiting EXIM logistics companies like us. Our focus on broadening our capabilities across many export oriented sectors will ensure sustainable growth going forward," he added.