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India’s leader in express distribution, supply chain solutions, and e-Commerce logistics solutions declared its financial results for the second quarter ended 30th September 2017

In Second Quarter of FY18, the company’s revenue from operations was INR 4060 Mn, down by 4.6% over Q2 FY17. The revenue from operations for H1 FY18 was at INR 8327 Mn, a decrease of 2.2% over H1 FY17. The core express business for Q2 FY18 remained flat, impacted by the setting in of GST. The overseas business and integrated supply chain solution registered significant growth bringing synergy to the core express business.

The consolidated net profit rose by 179% to INR 208 Mn in Q2 FY18 from INR 74 Mn in Q2 FY17 which includes INR 237 Mn gain on conversion of FCCB(foreign currency convertible bond). Overall H1 FY18 net profit rose 212.1% over the corresponding period last year to INR 391 Mn, which includes INR 491 Mn gain on conversion of FCCB.

The overall net debt has reduced from INR 4301 Mn in March 2017 to INR 3153 Mn in September 2017, mainly due to settlement of FCCB and better working capital management.

Commenting on the company’s quarterly performance, Mr. Mahendra Agarwal, Founder & CEO said, “The introduction of GST in July, as anticipated, led to a short term dip in the general business environment. As the initial teething troubles of GST settle, we remain confident that the medium and long-term benefits of GST will start reflecting in our performance going forward. Furthermore, as the FCCB has been settled, the debt position stands vastly improved, ultimately facilitating sustained growth and profitability.”