November 22, 2008

Sical Logistics 2007-08 profit up by 11% YoY

Sical Logistics Limited has posted audited consolidated net profit of INR 502 million for the year ended March 31st 2008 up by 11% YoY as against INR 450.4 million for the year ended March 31st 2007. Profit before prior period and exceptional items was INR 426.3 million up by 36% YoY from INR 313.6 million.

Net sales for the year ended March 31st 2008 was INR 7.1 billion down by 323% YoY a against INR 10.5 billion due to the de merger of the non logistics business. Consolidated net sales of Sical’s core logistics business was IR 6.8 billion, up by 1.6% YoY from INR 6.7 billion.

On the 2007-08 fiscal results, Mr Ashwin Muthiah chairman of Sical said that "We are pleased to report steady business growth for FY 2008. We successfully executed our strategy of focusing on our core logistics business with the de merger of the non core business and the separation of the service and infrastructure business. This ensured dedicated management focuses and helped us leverage the true potential of each business."

He added that "Our infrastructure projects are progressing smoothly. Over the next 2 years, most of the special purpose vehicles will commence operations and we envision robust growth and enhanced profitability for the Group in the long term. We remain committed to our vision of making Sical a billion dollar company by 2012 and will continue with our efforts to enhance value for our stakeholders."