Chartered Logistics Limited (CLL) has announced significant changes in its leadership and released its financial results for the fiscal year ended March 31, 2023. The company has made a key appointment and disclosed its financial performance, showing a mixed picture of challenges and resilience in a dynamic market environment.

New Appointment

Chartered Logistics has appointed Ms. Hirvita Shah as the Whole Time Company Secretary and Compliance Officer, effective May 29, 2023. This strategic move is expected to strengthen the company's corporate governance and regulatory compliance efforts.

Financial Performance

For the fiscal year ended March 31, 2023, Chartered Logistics reported the following key financial metrics:

All financial figures in Rs. lakhs, except EPS in Rs.

The company experienced a significant decline in revenue from operations, dropping by 33.42% compared to the previous year. This decrease in revenue had a cascading effect on the company's profitability, with net profit falling by 71.24% year-over-year.

Despite the challenging financial landscape, Chartered Logistics managed to maintain profitability, albeit at a reduced level. The earnings per share (EPS) decreased from Rs 0.06 to Rs 0.02, reflecting the impact of lower profits on shareholder returns.

Audit Opinion

In a positive development, the Managing Director of Chartered Logistics announced that the statutory auditors have issued an unmodified opinion on the audited financial results. This clean audit report underscores the company's commitment to transparent financial reporting and adherence to accounting standards.

Looking Ahead

While the financial results for FY 2023 show a contraction in both revenue and profitability, the appointment of Ms. Hirvita Shah as Company Secretary and Compliance Officer signals the company's focus on strengthening its corporate structure. As Chartered Logistics navigates through the current economic challenges, stakeholders will be keenly watching how the company adapts its strategies to improve its financial performance in the coming quarters.

The logistics sector continues to face headwinds, and Chartered Logistics' performance reflects these industry-wide challenges. However, the company's ability to maintain profitability, albeit reduced, demonstrates a degree of resilience in a tough operating environment.

Investors and market observers will be closely monitoring Chartered Logistics' future initiatives and strategic moves as it strives to regain growth momentum and enhance shareholder value in the face of ongoing market uncertainties.

Chartered Logistics Limited (CLL) has reported a robust financial performance for the first quarter, with a significant increase in net profit and other key financial metrics. The company also announced the relocation of its registered office and set the date for its upcoming Annual General Meeting.

Financial Performance

Chartered Logistics Limited reported a standalone net profit of ₹202.46 crore for Q1, marking a substantial 56% increase from ₹129.88 crore in the same quarter last year. This impressive growth in profitability comes despite a decline in revenue from operations.

The company's revenue from operations decreased to ₹1,906.65 crore in Q1 from ₹2,208.25 crore in the corresponding quarter of the previous year, representing a 13.66% decline. Despite the lower revenue, CLL managed to significantly improve its bottom line, demonstrating effective cost management and operational efficiency.

Consolidated Performance

On a consolidated basis, Chartered Logistics reported a net profit attributable to owners of ₹174.46 crore. The basic earnings per share (EPS) stood at ₹0.15 on a consolidated basis, compared to ₹0.17 on a standalone basis.

Corporate Updates

The Board of Directors of Chartered Logistics Limited convened on July 31, and made several important decisions:

1. Annual General Meeting: The 30th Annual General Meeting (AGM) of the company has been scheduled for September 27.

2. Book Closure: The register of members and Share Transfer Books will remain closed from September 21 to September 27 (both days inclusive) for the purpose of the AGM.

3. Cut-off Date: September 19 has been fixed as the "Cut-off Date" for determining member eligibility to vote on AGM resolutions and attend the meeting.

4. Office Relocation: The company has shifted its registered office from B-501, Stellar, Opp. Arista, Sindhu Bhavan Road, Ahmedabad-380059 to A-409, Stellar, Opp. Arista, Sindhu Bhavan Road, Ahmedabad-380059, effective July 31.

The financial results for the quarter ended June 30 have been reviewed by the Audit Committee and approved by the Board of Directors. The statutory auditors have carried out a limited review of the results and have expressed an unqualified audit opinion.

Chartered Logistics Limited continues to operate in a single segment, focusing on its core logistics business. The company's performance in Q1 demonstrates its resilience and ability to enhance profitability despite challenging market conditions.