Multibagger: This logistics sector share is up over 650% in 2 years
The BSE-listed company has reported a total income of Rs 59.44 crore during the reporting quarter as compared to Rs 46.76 crore during the same quarter of the last financial year.
Shreeji Translogistics, a logistics solution provider, has had a solid run on Dalal Street in the last two years. According to BSE data, the stock has delivered a multibagger return of 650 per cent in the last two years. However, the growth in the last year has been only around 40 per cent.
Meanwhile, the company has announced its first quarter results in which it reported over a 55 per cent jump in its net profit. The company in a filing said that its net profit in the quarter stood at Rs 4.10 crore. The firm reported a net profit of Rs 2.64 crore in the April-June quarter of 2022-23. For the three months quarter that ended March 31, 2023, the company had clocked a net income of Rs 2.76 crore.
The BSE-listed company has reported a total income of Rs 59.44 crore during the reporting quarter as compared to Rs 46.76 crore during the same quarter of the last financial year. This translates into an increase of 27 per cent YoY.
Its net income for the year ended March 31, 2023, came in at Rs 109 crore while the total income was more than Rs 2,000 crore.
Back in January this year, the board approved the sub-division of the equity shares of face value of Rs 10 each into equity shares of face value of Rs 2 each. The company had fixed February 15 as the record date for the purpose of the sub-division of equity shares.
Notably, the logistics sector plays a pivotal role in driving economic growth, fostering innovation and creating employment. Buoyed by demand, evolving e-commerce sector, and entrepreneurial rise among others, several businesses in the logistics sector have witnessed exponential growth in the last few years, especially after the announcement of the National Logistics Policy (NLP) by the Modi government.
The company in a statement said that it is confident that the measures taken by the government will bring down logistics costs and meet the target of to 9 per cent of GDP in the next three years from the current 14-16 per cent.
The NLP, announced by Prime Minister Narendra Modi in September 2022, is aimed at easing transportation and thus boosting the economy.
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