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Sical logs Rs 11.61 cr standalone profit for June ended 2017

Integrated logistics solutions provider, Sical Logistics Ltd (SLL) has recorded Rs 11.61 crore standalone profit for the June ended 2017 quarter against the standalone profit of Rs 10.17 crore logged during June ended 2016 quarter (Year On Year). Standalone total Income for quarter under review jumped to Rs 215.70 crore vis--vis standalone total income of Rs 184.15 crore registered during the year ago period. During Year on Year period, standalone total expenses rose to Rs 197.96 crore versus Rs 168.63 crore, says a release on 2nd August.

The company has acquired Patchems Private Ltd on 28th June 2017 and a Share Purchase Agreement has signed between company and PNX Logistics Pvt Ltd on 24th July 2017. PNX is a Mumbai based integrated logistics company providing full truck load, less then truck load, surface express, warehousing and third party logistic services.  These two companies will be considered as subsidiaries of the company effective Q2 FY 2017-18 and accordingly their financials will be consolidated from Q2FY2017-18 onwards. The company has provided the dredger belonging to its subsidiary and the spares and machinery held by the company as security for the 11% redeemable non-convertible debentures of Rs 100 crore issued to IDFC Bank Ltd on a private placement basis on 27th June 2016 and the asset cover is 1.1 times as on 30th June 2017.

Sical Multimodal and Rail Transport Ltd,a subsidiary of Sical has provided 0.6 acres of land situated at Anupampatti Village, 19.5 acres of land and building situated there on at Minjur (3) 2k rakes and 1045 containers and (4) pari passu mortgage charge along with existing charge holder on land(admeasuring around 2.248 acres) at Minjur as security for the 11 per cent secured listed NCDs of Rs 100 cr issued to RBL Bank Limited on a private placement basis on 31st March 2017 and asset cover is 1.5 times as on 30th June 2017, the proceeds were utilised for paying off the loan availed by the company from one of the bankers.



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