According to a filing in BSE, the logistics solution provider clocked revenue of Rs 83.8 crore as compared to Rs 82 crore in the year-ago period. The total income soared to Rs 84.13 crore in the first quarter
Amid improving logistics performance across various metrics, small-cap logistics sector stock North Eastern Carrying Corporation has announced a strong performance in the June 2023 quarter. According to a filing in BSE, the logistics solution provider clocked revenue of Rs 83.8 crore as compared to Rs 82 crore in the year-ago period. The total income soared to Rs 84.13 crore in the first quarter.
Its profit after tax grew 54 per cent to Rs 1.49 crore as compared to the same quarter in the last financial year, it said in the filing. Earlier in July, the leading logistics sector player raised over funds via right issue by allotting 4.51 crore equity shares.
Notably, the Modi government’s decisions on policy front to make India’s domestically manufactured goods globally competitive has given a boost to small businesses to flourish.
The logistics sector plays an important link in the supply chain ecosystem as it facilitates the movement of goods from the manufacturers to the end consumer.
DPIIT Secretary Rajesh Kumar Singh has said that ports are key to making India a globally competitive export destination and suggested greater adoption of initiatives like the Logistics Data Bank (LDB) to draw learnings for improving logistics performance across various metrics.
According to a PTI report, for tracking and tracing 100 per cent of India’s containerized EXIM (export-import) cargo, the Logistics Data Bank (LDB), has been developed. The supply chain visibility platform has contributed to reducing India’s average dwell time to just 2.6 days and improved logistics efficiency.
He also highlighted that for making India’s domestically manufactured goods globally competitive and for achieving the USD 2.5 trillion EXIM (export-import) target by 2030, it is imperative to have an efficient logistics ecosystem. To bring holistic focus on logistics in public policy at state level, States/UTs are developing State Logistics Plans (SLPs). So far, 21 states have notified their respective logistics policies.
NECC provides services including booking small parcels, full truck load consignments, movement of cargo, storages among others.