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Allcargo Logistics Q4 Results: Net profit declines 78% to Rs 52 cr
Allcargo Logistics reported a 78% YoY decline in Q4 FY23 consolidated net profit to INR 51.9 crore ($7m), compared to INR 240.55 crore in Q4 FY22. The company said the decline was largely due to the fall in ocean freight rates in its less-container-load business. Total income from continued operations fell 37.5% YoY to INR 3,415.4 crore. For the full FY23 year, the company's profit from continuing and discontinuing operations dropped 48% YoY to INR 653.21 crore, while total income from continuing operations fell 5%. Allcargo also announced the appointment of Adarsh Hegde as its managing director.