Logistics major posts sharp uptick in quarterly profit as policy initiatives help push demands
As the year 2023 marks a defining moment for the logistics industry amid a series of changes on policy front, several small businesses have progressed in efficient transportation, and resource deployment among others. Sindhu Trade Links, a New Delhi-based company that is primarily engaged in transportation logistics and support services, has released its quarterly earnings. In the first quarter, the firm reported Rs 444 crore in total income from operations, up more than 70 per cent on YoY basis, according to an exchange filing.
It had clocked a total income from operations of Rs 2,614 crore in the April-June quarter of the financial year 2022-23. The net profit in the reporting quarter came in at Rs 29.33 crore which is almost 600 per cent up from Rs 5.45 crore reported in the same quarter of the previous financial year. For the full financial year 2022-23, it posted a net profit of Rs 16.6 crore, the filing showed.
The company also said that it will be undertaking the development of a mixed-use township in Bilaspur of Chhattisgarh. Bilaspur is one of the 100 cities in the country that is being developed as a Smart city under the Smart Cities Mission.
The company will invest Rs 200 crore for the development of a mixed-use township at Bilaspur. The total revenue potential of this development is approximately Rs 550 crore. The work on the project will start in the current financial year. The proposed township is spread over 53 acres. Out of this, the firm already owns nearly 47 acres of land and has tied up.
Sindhu Trade Links is well known for offering a spectrum of support services required for mining and allied activities, logistics, and transportation. Notably, the logistics sector plays a pivotal role in driving the economy, contributing an estimated 13-14 per cent to India’s GDP.
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