Volume performance in the month of June continued to build on the momentum visible in May and the company saw pickup in orders from large customers as preparations for the upcoming festive season gathered pace, Gati said in the filing.
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Gati, an Allcargo Group company, on Monday, said that its total volume, including surface and air express, for the month of June 2023 came in at 102 kt, up 14 per cent on-year as compared to June 2022. It recorded an increase of 3 per cent against the May 2023 number, it said in a regulatory filing.
Volume performance in the month of June continued to build on the momentum visible in May and the company saw pickup in orders from large customers as preparations for the upcoming festive season gathered pace, Gati said in the filing. “The Company expects the momentum to continue in the coming months,” it added.
Earlier, Gati had posted narrowing its loss at Rs 20 crore during the fourth quarter of FY23 as compared to Rs 30 crore during the same quarter last year. Revenue for the quarter was up 10 per cent on-year at Rs 416 crore as against Rs 377 crore in Q4FY22.
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In April this year, Gati had said that it intends to double revenues to Rs 3000 crore in thenext three years as it expects a strong growth in the logistics sector. By 2025, the firm intends to do all its last mile deliveries and pick-ups using electric vehicles. The company has launched four hubs in FY23 with an average area of each hub at 1 lakh sqft, while the larger ones are of 1.5 lakh sqft each. Allcargo Logistics had acquired Gati in 2020 and is now the promoter and the single largest shareholder of the company with more than 50 per cent ownership.
