Tiger Logistics shares surge 7% after Q2 earnings, agreement with ICICI Bank

Shares of Tiger Logistics (India) jumped about 7 per cent during the early trading session on Wednesday after the company announced its earnings for the quarter ended on September 30, 2023 and its partnership agreement with ICICI Bank. The company informed about the same on Tuesday, after market hours.

Tiger Logistics reported a net profit of Rs 3.23 crore with a revenue from operations at Rs 53.58 crore in the September 2023 quarter. Its revenue and profit declined on a year-on-year (YoY) basis, while its performance improved on a quarter-on-quarter (QoQ) basis.

Tiger Logistics and ICICI Bank have signed an alliance partnership agreement to facilitate integrated banking and end-to-end logistics for exporters and importers. This first-of-its-kind collaboration will provide importers and exporters with a seamless and comprehensive shipping solution for their global trade requirements, said the company in a separate filing.

"This collaboration will seamlessly integrate the ICICI Trade Emerge platform with Tiger Logistics' proprietary digital freight booking and management platform, FreightJar," the filing added. Trade Emerge is aimed at supporting emerging businesses to optimize their trade journeys and expand their outreach.

Following the announcements, shares of Tiger Logistics (India) surged about 7 per cent to Rs 477.60, merely shy of its 52-week high, commanding a total market capitalization of more than Rs 500 crore. The scrip had settled at Rs 447.30 in the previous trading session on Tuesday.

Shares of Tiger Logistics have surged about 120 per cent from its 52-week low at Rs 218 about a year ago. However, the stock has gained about 40 per cent in the last six months. However, the stock has remained flat in the year 2023 so far. The counter has zoomed about 1,700 per cent from its covid-19 lows.

Tiger Logistics (India) is an international logistics player, engaged in handling the import and export of cargo and projects. It has a base of about 50 agents and partners all over the world. The company provides logistics services across varied sectors through its asset light model.

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