Allcargo Logistics profit at Rs 119 cr

Mumbai: Allcargo Logistics Ltd on Friday reported 54 per cent fall in consolidated Profit After Tax (PAT) at Rs 119 crore for June quarter 2023-24. In the year-ago period, the PAT was at Rs 260 crore, the company said in a statement. Revenue during the quarter under review fell a steep 40 per cent at Rs 3,271 crore as against Rs 5,474 crore in Q1FY23, it said. Weak macroeconomic outlook reflected in subdued global trade activity for the industry, the company said. “Our strategy is to focus on market share and volume growth amidst higher competitive intensity. Most leading international forwarders have reported 6- 9 per cent YoY drop in volumes in Q1FY24.