Logistics Company, East-West Holding Reports A 244% Jump In Q3 Net Profit

East-West Holding announced its Q3FY24 and 9MFY24 for the financial year 2024. The company reported net sales of Rs 42.04 crore in Q3FY24 while the company reported net sales of Rs 43.43 crore and 63.55 crore in Q2FY24 and Q3FY23 respectively.

The company's net profit surged by 244 per cent to Rs 0.31 crore in Q3FY24 compared to the previous quarter. This marks a significant improvement from a net loss of Rs 1.22 crore in the same period last year.

The company's nine-month results (9MFY24) showed a 28.61 per cent decrease in net sales to Rs 140.34 crore compared to Rs 196.57 crore in 9MFY23. However, there was a turnaround in net profit, with a profit of Rs 0.44 crore compared to a loss of Rs -1.18 crore in 9MFY23.

Today, shares of East West Holdings Ltd have given multibagger returns of over 100 per cent from its 52-week low of Rs 3.83 per share.

Recently, Its logistics subsidiary, East West Freight Carriers Limited, secured two major contracts with prominent research institutions. The recent renewal of their CHA service contract with India's top university, IISc Bangalore, is expected to generate Rs 18-22 crore, while a separate contract with The Indian Institute of Petroleum, Dehradun, adds another Rs 1.5 crore to their revenue stream.

Headquartered in Mumbai, East West Holdings was incorporated in 1981. East-West Holding Limited is engaged in providing logistics and allied solutions through its wholly-owned subsidiary East West Freight Carriers Limited. The Company provides services in the trade of Global Logistics and Freight Forwarding. The company has a total investment of 40 crores in its subsidiary.