• Consolidated Q2 Profit after tax grows 72% to Rs 10.87 crore vs Rs 6.33 crore a year ago
• Consolidated Q2 EBIDTA increases by 48% to Rs 24.6 crore vs. Rs 16.66 a year ago
• Consolidated Q2 sales touch Rs 172.2 crore vs. 265.84 crore a year ago
• "Growth along projected lines": Sical Chairman, Ashwin Muthiah

Chennai 29 October ‘08: Sical Logistics Ltd, India’s leading provider of integrated multi-modal logistics solutions for bulk and containerized cargo and offshore logistics, today announced that its operating profit grew by 43% to Rs 14.61 vs Rs 10.18 crore ,a year ago.

The logistics business continued its steady growth with improvements in both net profit and EBIDTA levels. The consolidated net sales of the second fiscal quarter ended 30 September 2008 was Rs 172.2 crore vs. 265.84 crore a year ago. The consolidated EBIDTA for Q2 FY 09 was Rs 24.6 crore from Rs 16.66 crore, up 48% a year ago. The consolidated EBIDTA for H1 (half year) FY 2009 was Rs 46.44 crore vs Rs 44.67 crore, up 4% a year ago. The EBIDTA levels have been steady from the last 3 quarters and projected to stay on the same levels for the next two quarters. The Q2 consolidated profit after tax and before extraordinary items was Rs 10.87 crore vs. Rs 6.33 crore, a year ago.

Sical’s container logistics business grew at more than 60 % over the second quarter of previous year, adding new customers and enhancing services to existing customers. Its half yearly container volumes till September 08 grew at 11 % to 70,503 TEUs from 63772 TEUs a year ago. The offshore logistics business also saw strong growth in dollar earnings, which were not exposed to currency fluctuations, from its platform supply vessel in the North Sea. The rail business continued its positive growth with the addition of a third rake in its fleet.

On the results, Ashwin C Muthiah, Chairman, Sical Logistics said, “The company’s second quarter FY 2009 results are along projected lines, despite a difficult economic environment. Our logistics business continues to be stable and earnings projections are steady as per estimates.”

"During the second fiscal quarter, we made significant progress in our infrastructure commitments. Our second rake commenced operations on the North South corridor and we recently received delivery of our third rake. We achieved the financial closure of the Nagpur Sical Gupta Road terminal and continued construction work at an accelerated pace on the Sical iron ore terminal at Ennore. Our overall outlook remains positive and we are confident of achieving strong value led growth for all our stakeholders in the long term." added Ashwin Muthiah, Chairman, Sical Logistics.

The half yearly logistics net sales for the period ending 30 September FY 09 was Rs 313.47 crore vs Rs 321.58 crore, a year ago. The half yearly profit after tax and before extraordinary items for FY 2009 was Rs 20.86 crore vs Rs 18.29 crore, a year ago.

The un-audited consolidated profit after tax and extraordinary items for the second fiscal quarter was Rs. (32.66) crore vs Rs. 18.93 crore a year ago. The notional exchange loss was due to the forex fluctuation on foreign currency convertible bonds (FCCB) reinstatement. A large portion of the FCCB issue was deployed in the acquisition of offshore assets (in dollar terms), providing a natural hedge. The unaudited consolidated Q2 net sales reflected a decline due to the demerger of the non-logistics business to Sicagen India Limited w.e.f. October 2006 and the discontinuing businesses of Sical.

About Sical Logistics

• Bulk logistics—Stevedoring; port terminals; CHA and shipping agency; trucking; railroad; warehousing
• Container logistics—Container terminals; ICD; CFS
• Offshore logistics—Platform supply vessel; cutter suction dredger

Sical's delivery network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; a container terminal at Tuticorin; 225,000 square feet of storage across warehouses; owned and regularly contracted fleet of more than 1000 transport vehicles; container freight stations at 3 locations across India; Sical Torino, a deepwater capable platform supply vessel in North Sea, and Sical PortoFino, a newly built cutter suction dredger.