Seacoast Shipping reports impressive 65% PAT growth in Q1 and launches rights issue

Ahmedabad-headquartered Seacoast Shipping Services Limited, a leading single-window logistics service provider, reported excellent results for the first quarter of fiscal year 2023/24, posting profit after tax (PAT) up 65% yoy and 80% quarter-on-quarter. The Company has also announced a rights issue to open on Friday, July 21st.

The Company’s PAT for the latest April-June quarter was Rs. 4.98 crore, up 65% from Rs. 3.01 crore in the corresponding quarter of the previous fiscal year and over 80% up from Rs. 2.76 crore in the January-March quarter of the previous fiscal year.

Seacoast Shipping Services revenue was Rs. 99.72 crore for the first quarter of 2023-24, up 7% from revenue of Rs. 93.06 crore for the first quarter of FY 2022-23. The company’s net income margin more than doubled to 5%, from 2.4% quarter-on-quarter.

The Company has announced a rights issue of up to 20.20.05,000 fully paid shares with a par value of Re. 1 each. For every five fully paid shares held, shareholders are entitled to three ordinary shares. The deadline for claiming rights was July 13.

Eligible Shareholders will receive the shares of the Rights Issue at a price of Rs. 2.40 per share including a premium of Rs. 1.40 per share. The amount payable at the time of application is Rs. 2.40 per share. The rights issue will open on July 21st and close on August 2nd.

Eligible Shareholders can obtain details of their respective legal rights on the Registrar’s website by entering their DP ID and Client ID or Folio number (if the Shares are held in physical form) and PAN.

Seacoast Shipping Services Limited is a young progressive company providing one-stop logistics services to exporters and importers. The company’s head office is located in Ahmedabad and it has a worldwide network of representatives. The company started as a freight forwarding company and later developed a complete logistics solution under one roof, mainly handling agricultural freight and liquid freight as well as agricultural raw materials and logistics business.

It transports around 5.0 million tons of bulk and general cargo across the oceans every year. As a specialist in spot business, the focus is fully on dry bulk logistics and container forwarding as well as inland road logistics and the agricultural commodities business.

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