27th May 2023: Patel Integrated Logistics Ltd, one of the leading logistics service providers in India, announced its financial results for the quarter and twelve months ended March 31st, 2023, at the Board Meeting held on 25th May 2023.
Financial Highlights for the year ended March 31, 2023:
Total Income at Rs. 280.29 crores, growth of 18.35% yoy
EBITDA increased by 20.82% yoy to Rs. 12.33 crores
Operating EBITDA increased by 34.05% yoy to Rs. 10.33 crores
Profit after Tax jumps 1.15x yoy to Rs. 4.90 crores
FY23 operational highlights:
Total volume increased by 22.06% YoY to 54,231 tones.
The company is in the process of complete digitalization of its operations .
Temporary closure of Go First Airlines will not affect the company operation.
Air India being privatized, creates a lot of synergy between Vistara, Air Asia and Air India giving an overall boost to the cargo sector.
Aviation sector is now quickly reaching the growth cycle of the pre-pandemic levels paving an opportunity for growth in the overall business.
As per Aviation Ministry, airlines are going to add 100 to 110 aircrafts per year. Total number of aircrafts by 2027 is likely to be around 1200 from the current level of 700.
New airline FLY91 is expected to be operational by September’23 .
Aviation industry is growing at 22% as per Honorable Minister Nitin Gadkari.
In the recent Union Budget, Mission UDAN gets a lift, 50 small airports to be revived.
Logistics is among the top 5 priority sectors identified by India for its G20 presidency.
Speaking about FY23 performance, Mr. Mahesh Fogla, Patel Integrated Logistics Ltd. commented, “We have continued with our growth momentum and delivered a robust performance in FY23. For FY23, the Total Income grew 18.35% yoy while PAT witnessed 1.15 times yoy improvement. Over the last few years, the company has been consciously reducing debt on the books. This has helped us in lowering the interest cost and in turn improving the profitability.
We are confident that with positive headwinds and favorable macro environment for the logistics business, we should be able to maintain this momentum and create value for our stakeholder”