Key Financial Performance (Quarter Ended June 30, 2026)
Income:
- Revenue from operations: ₹177.68 crore (compared to ₹162.70 crore in Q1 FY26 and ₹142.31 crore in Q4 FY26)
- Other income: ₹0.70 crore (compared to ₹7.43 crore in Q1 FY26 and ₹1.04 crore in Q4 FY26)
- Total income: ₹178.38 crore
Expenses:
- Purchase of traded goods: ₹68.07 crore
- Operating expense: ₹58.01 crore
- Employee benefit expense: ₹12.02 crore
- Finance costs: ₹6.52 crore
- Depreciation and amortization: ₹17.38 crore
- Other expenses: ₹15.15 crore
- Total expenses: ₹172.96 crore
Profitability:
- Profit before exceptional items and tax: ₹5.41 crore (compared to ₹3.95 crore in Q1 FY26 and ₹0.89 crore in Q4 FY26)
- Exceptional items (income): ₹(1.62) crore (reversal of labor code provisions)
- Profit before tax: ₹7.03 crore
- Tax expense: ₹2.49 crore (Current tax: ₹1.88 crore, Deferred tax: ₹0.61 crore)
- Profit for the period: ₹4.55 crore (79% increase from ₹2.54 crore in Q1 FY26)
- Other comprehensive income (net of tax): ₹0.09 crore
- Total comprehensive income: ₹4.64 crore
Per Share Data:
- Basic EPS: ₹0.27 (not annualized)
- Diluted EPS: ₹0.27 (not annualized)
- Paid-up equity share capital: ₹167.09 crore (face value ₹10 per share)
Segment Performance (Q1 FY27)
The company operates in three reportable segments:
- Warehousing services: Revenue ₹70.88 crore, Segment result ₹7.81 crore
- Transportation services: Revenue ₹35.71 crore, Segment result ₹2.18 crore
- Trading and distribution: Revenue ₹71.09 crore, Segment result ₹3.90 crore
Total segment assets: ₹776.44 crore
Total segment liabilities: ₹369.69 crore
Significant Notes and Contingencies
1. MAT Credit Utilization: The company utilized MAT credit against normal tax liability during year ended March 31, 2026, resulting in higher tax credit. No impact for current quarter.
2. Krishnapatnam Land Dispute: The company entered into an Agreement to Sell with Gateway Distriparks Limited (GDL) for land parcels at Krishnapatnam. Application for registration was rejected by Collector, Nellore, as portion of land appears as government land in revenue records. Total amount spent: ₹43.98 crore. GDL has filed an appeal and agreed to indemnify the company against any losses.
3. GST Litigation: The company has GST demand orders of ₹537.60 lakhs (including interest and penalties) under litigation. Pre-deposit of ₹53.82 lakhs made, and department deducted ₹165.65 lakhs from electronic credit ledger. Additional GST show cause notices of ₹1,366.35 lakhs pending. Management believes demands are not tenable but has provided ₹120.29 lakhs as precaution.
4. Income Tax Assessment: Assessment order dated January 30, 2026 disallowed ₹463.83 lakhs deduction under Section 35AD for Mumbai and Hyderabad cold storage units. Penalty proceedings initiated under Section 270A. No provision recognized as tax liability was determined under MAT provisions.
5. Labour Codes Impact: The company reversed ₹162.27 lakhs of provisions related to Labour Codes implementation during the quarter, disclosed as exceptional item. This follows the ₹274.19 lakhs expense recognized in FY26. The reversal is based on revised compensation structure effective April 01, 2026.