Shares of Tiger Logistics jumped 9.1 per cent to Rs 394 apiece on the BSE in Thursday's intraday trade after the logistics firm bagged order from Bharat Earth Movers Limited (BEML). By comparison, the benchmark S&P BSE Sensex was quoting 0.28 per cent higher at 66,066 levels at 2:15 PM.
"The company has successfully secured a substantial government contract from Bharat Earth Movers Limited (BEML). We secured this government project through a competitive bidding process, and it is anticipated to yield revenue of approximately Rs 10 crore," it said on Wednesday.
The contract builds on Tiger Logistics' growing portfolio of government contracts that the company has managed over the years. Some of the notable projects have been given by Bank Note Paper Mill India Private Limited, Hindustan Insecticides Limited (HIL), Airports Authority of India (AAI), Hindustan Aeronautics Limited (HAL), Bharat Earth Movers Limited (BEML), National Automotive Testing and R&D Infrastructure Project (NATRiP), Indian Oil Corporation Limited (IOCL), Chittaranjan Locomotive Works (CLW), IRCON International Limited, and National Institute of Solar Energy (NISE).
"Our objective is to further strengthen our position in government logistics and provide valuable solutions to our clients. We will embrace new opportunities, tackle challenges, and work towards a prosperous future," Harpreet Singh Malhotra, CMD of Tiger Logistics (India), said.
Last month, Tiger Logistics had secured a substantial Government Tender from Bharat Heavy Electricals Limited (BHEL) for exporting goods by air.
Tiger Logistics (India) Limited is a leading Third-party logistics player with a specialisation in international logistics handling the import and export of cargo and projects. It has a strong base of approx. 50 agents and partners all over the world. It has an Asset Light Model, providing a one-stop solution to customers for international trades.
For the June quarter, TLI's standalone net sales stood at Rs 42.02 crore, down 60.82 per cent from Rs 107.24 crore in June 2022. Its net profit also fell about 54 per cent year-on-year to Rs 2.10 crore, while Ebitda came at Rs 2.97 crore, dropping 53.81 per cent YoY.