ICRA projects 12-15% container trade contraction in FY 20-21

Noted credit rating agency ICRA’s latest report on the Indian port sector has projected a 12-15 percent decline in the container trade and 5-8 percent dip in bulk cargo in FY20-21. The report mentions the steep throughput decline of 21% during April 2020 resulting from dip across major cargo categories, POL, thermal coal and container segment. According to ICRA, the outlook for Port sector remains negative in near to the medium term. Regarding the impact on the credit profile of port sector entities, K. Ravichandran, Senior VP and Group Head, ICRA…

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Mahindra Logistics reports double-digit drop in revenue

Automobile slump since the beginning of the last fiscal and Covid-19 pressures in the fourth quarter seems to have seriously impacted the financial performance of Mahindra Group’s logistics arm. Mahindra Logistics last week reported its financial numbers for 2019-20 and Q4 which earmark a fall of 10 percent in annual revenue – Rs 3471 Crore in the FY 20 as against Rs. 3851 Crore in the previous fiscal. The company, one of the leading 3PL solution providers in the country, saw its profits (after tax) declining by 37 percent –…

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