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

livemint.com:

Ahmedabad, July 20: Ahmedabad-headquartered Seacoast Shipping Services Limited, a leading single-window logistics services provider, reported excellent numbers for the first quarter of financial year 2023-24 with its Profit After Tax (PAT) surging by 65% on a year-on-year basis and by 80% on a quarter-on-quarter basis. The company has also announced a rights issue, which is set to open on Friday, July 21. The company’s PAT for the latest April-June quarter was Rs.

4.98 crore, 65% higher than Rs. 3.01 crore in the corresponding quarter of the previous financial year and over 80% more than Rs. 2.76 crore in the January-March quarter of the previous fiscal.

Seacoast Shipping Services’ revenue for the first quarter of 2023-24 was Rs. 99.72 crore, 7% higher than the revenue of Rs. 93.06 crore for the first quarter of financial year 2022-23.

The company’s net profit margin more than doubled from 2.4% to 5% on a quarter-on-quarter basis. The company has announced a rights issue of up to 20,20,05,000 fully paid-up equity shares having a face value of Re. 1 each.

The shareholders will be entitled to three right equity shares for every five fully paid-up equity shares held by them. The record date for the rights entitlement was July 13.  Eligible shareholders will be issued the shares in the rights issue at 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 equity share.