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Chennai 30 July 2007: Chennai 30 July 2007: Sical Logistics Ltd, India’s leading provider of integrated solutions for offshore logistics and multi-modal logistics for bulk and containerized cargo, today announced that unaudited consolidated net profit for the first fiscal quarter ended 30 June 2007 was Rs 19.52 crore, up 46% from Rs 13.35 crore a year ago, while profit before tax was Rs 22.74 crore, up 34% from Rs 16.99 crore a year ago. Consolidated Q1 net sales was Rs 253.91 crore, down 3% from Rs 260.31 crore a year ago.
The improvement in profits and margins was primarily because of other income at Rs 12.03 crore, being net gain on the restating of foreign exchange relating to foreign currency convertible bonds and the deposits/bank balances in foreign currency as on 30 June and also the reduced interest as a result of repayment of loans.
The EBITDA of Sical’s core business of logistics was Rs 34.26 crore, up 16% from 29.51 crore a year ago.
Comment by Sical Chairman Ashwin Muthiah
“I had said earlier that, because of the multi-dimensional change at Sical, the current fiscal would involve some pain. We must remember that our management team is new; even so, they have already begun delivering on competencies such as container logistics and offshore logistics, and are working hard on other deliverables such as organizing and positioning Sical’s inland and port logistics as full-value, single-window supply chain enablers,” said Sical Chairman Ashwin Muthiah.
“Translating our vision of integrating the multiple components and modes of the logistics web into a seamless whole requires skills, experience, and, most importantly, commitment and patience. The Q1 results have been broadly in line with internal estimates; I must remind our stakeholders that they should expect turbulence in the next few quarters,” Ashwin Muthiah said
Fund raising; share allotment
Sical’s fund raising initiatives, which began in April 2006, were successfully concluded with the preferential allotment of 2.05 million equity shares each to Credit Suisse Singapore and Macquarie Bank at Rs 250 per share. This investment will be used to fund Sical’s equity participation in infrastructure projects such as the iron ore terminal at Ennore, the rail and road terminals at the MIHAN Nagpur, and the pan-India container train business.
The quarter also saw a preferential allotment of 5.25 million equity shares at Rs 222 per share to IDFC Private Equity Fund 2 in accordance with SEBI guidelines. The investment will be used to meet Sical’s working capital requirements and fund Sical’s loan payment plans along with infrastructure projects.
About Sical
Sical Logistics Ltd is India’s leading provider of integrated solutions for offshore logistics and multi-modal logistics for bulk and containerized cargo. In 2006-07, Sical moved nearly 22 million tonnes of bulk cargo and 500,000 TEUs of containerized cargo—more than any other third party logistics (3PL) services provider in South Asia.
Sical’s services consist of:
- Port logistics: stevedoring; port terminals; customs house agency; ship agency.
- Inland logistics: trucking; railroad; warehousing.
- Container logistics: Container terminals; ICDs/CFSs.
- Offshore logistics: PSV services for deepwater oil drilling; O&M of PSVs for oil exploration companies such as India’s ONGC.
Sical's delivery infrastructure network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; a container terminal at Tuticorin; 1.1 million square feet of storage across over 100 warehouses; owned and regularly contracted trucking fleet of over 2500 vehicles; and container freight stations at 4 locations across India. Sical's FY2006-07 revenue was Rs 9.90 billion on Rs 301.9 million equity capital.
Contact
Richa Tilokani
Sical Logistics Ltd
Voice: +91.44.22350061
Fax: +91.44.22300189
richa@sical.com
Vijayalakshmi D
Ogilvy Public Relations Worldwide
Voice: +91.44.44344326
Fax: +91.44.44344710
d.vijayalakshmi@ogilvy.com
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