One of the leading International Logistics and solutions provider gained 7 percent after it signed a deal with ICICI Bank for ICICI Trade Emerge Platform that will benefit the importers and exporters, and it has also released its Q2FY24 Business update.
At 11:10 a.m the shares of Tiger Logistics (India) were trading at Rs. 474 up 6 percent from its previous day close price and the market capitalization of the company is Rs. 502 Cr.
As per the company’s filing, Tiger Logistics has announced that ICICI Bank has signed an alliance partnership with it, to facilitate integrated banking and end-to-end logistics for exporters and importers.
This collaboration will seamlessly integrate Tiger Logistics proprietary digital freight booking and management platform, FreightJar with ICICI Trade Emerge platform. This strategic alliance signifies a significant milestone in bridging the gap between the logistics and banking sectors.
It will provide exporters and importers with easy access to competitive freight rates and comprehensive global trade solutions. The users of Trade Emerge will be able to acquire immediate estimates, streamline documentation processes, and gain visibility over their shipments as a result. They can also get quick financing options from ICICI Bank, which simplifies their foreign trading operations.
In addition to this Tiger Logistics India has released Q2FY24 Business updates, its Total Income grew by 27.25 percent QoQ from 42.42 Cr in Q1FY24 to 53.99 Cr in Q2FY24 and the profit after tax grew 53.25 percent QoQ from 2.10 Cr in Q1FY24 to 3.22 Cr in Q2FY24.
As per the yearly financial statements of the company its revenue decreased by 29.55 percent from 615.11 Cr in FY22 to 433.35 Cr in FY23, accompanied by decreasing profits of 33.63 Cr to 23.21 Cr
The company has reported a return on equity (ROE) OF 23.77 percent and a return on capital employed (ROCE) of 31.79 percent, this indicates that the company is making good returns on its equity and is making efficient utilization of the company’s resources.
Tiger Logistics (India) is one of the leading international logistics and solutions providers covering freight forwarding, transportation and customs clearance, it has strong presence across the country and servicing in industries like automotive, engineering, yarns, textiles, pharmaceutical, commodities, FMCG industries among others.
Written by: Bharath K.S
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