Tiger Logistics Announced, Q4FY24 Results, Unveils FreightJar 2.0

Tiger Logistics (India) announces quarterly and annual results on Tuesday. Net profit rose 82.35% to Rs 4.03 crore in Q4FY24 as against Rs 2.21 crore during Q4FY23. Sales rose 51.88% to Rs 92.71 crore in Q4FY24 as against Rs 61.04 crore during Q4FY23.

For the full year,net profit declined 44.16% to Rs 12.96 crore in FY24 as against Rs 23.21 crore during FY23. Sales declined 44.56% to Rs 240.26 crore in FY24 as against Rs 433.35 crore during FY23.

On Wednesday, The company announced the launch of FreightJar 2.0. This major upgrade to its proprietary freight booking and management platform will enable businesses of all sizes to handle their import shipments, including FCL (Full Container Load), LCL (Less than Container Load), and Air Freight, with enhanced ease and efficiency. This is in addition to its existing capabilities for FCL exports.

Launched in April last year, FreightJar has successfully onboarded over 500 exporters across various industries, including automotive, textiles, PTAs, consumer durables, and food and food produce. The latest version, FreightJar 2.0, is now fully integrated with core technology and ready for immediate use by exporters and importers in India. It is also accessible to over 5,000 forwarders and agents globally, primarily in the US, Asia-Pacific, Europe, Latin America, and Middle East markets.

Commenting on the achievement, Harpreet Singh Malhotra, MD of Tiger Logistics (India) Limited said, "FreightJar's impressive performance in its first year demonstrates its potential to empower businesses, With the launch of FreightJar 2.0, expanding into LCL and Air Freight segments, we believe it will revolutionize the industry. This advancement will drive SMEs and MSMEs deeper into the global trade market and create stronger partnerships with global agents. In the world of international trade, FreightJar 2.0 stands as a beacon, empowering businesses of all sizes to compete effectively, Regardless of shipment volume or mode of transport, it enables them to navigate complexities with confidence, echoing the principles of sustainable growth that underpin our approach".

Recently, the company informed exchange that, "Tiger Logistics (India) Limited is pleased to announce that following our previous intimations dated 14th July 2023 and and10th February 2022, we have received a positive ruling in our favor," adding, "As communicated earlier, vide Order-in-Original dated 18.11.2021, the Commissioner, CX & GST, Delhi East, confirmed a demand of Service Tax amounting to ₹5,65,06,356/- in respect of the markup/differential freight in the sale of space for export cargo, container detention charges, toll tax and other services provided".

Tiger Logistics (India) is an international logistics player known for its expertise in handling the import and export of cargo and projects. It has a very strong base of approximately 50 agents and partners all over the world. Its competitive edge lies in its asset light model and providing a one-stop solution to customers for international trades.