Global economy
The IMFs World Economic Outlook (April 2025) projects global growth at 2.8% in 2025 and 3% in 2026. Global headline inflation is expected to decline at a pace that is slightly slower than what was expected in early 2025. It is expected to reach 4.3% in 2025 and 3.6% in 2026, with notable upward revisions for advanced economies and developing economies in 2025.
The global economic outlook is increasingly at risk due to rising trade tensions, policy uncertainty, andAllcargo Terminals Limited capacity to respond to future shocks. Potential triggers include financial instability, debt distress, and declining growth prospects, especially in vulnerable economies. Social unrest and reduced international support may worsen conditions for low-income countries. However, easing trade tensions and clearer policies could improve global growth.
https://www.imf.org/en/Publications/WEO
Indian Economy
India continues to shine as a standout performer amid a subdued global economic environment. With a real GDP growth of 8.2% in FY23, India held its position as the fastest-growing major economy in the world. Though growth moderated to 6.5% in FY24, it significantly outpaced the global average of 3.2% and the 4.2% recorded by emerging markets. According to the latest International Monetary Fund (IMF) estimates April 2025, India is expected to grow at 6.2% in FY25-26, down from the earlier estimate of 6.5%, citing global uncertainties and trade tensions. Despite the downgrade, the outlook remains stable, supported by resilient rural consumption. Growth is expected to improve slightly to 6.3% in FY27 reflecting continued economic strength.
The moderation in FY24 and into FY25 was largely driven by both domestic and global factors. Domestically, the general elections in 2024 led to a temporary pause in public capital expenditure, while urban consumption sentiment turned cautious. Globally, uncertainty stemming from geopolitical tensions, tight financial conditions, and weak global trade weighed on investor sentiment and impacted Indias export-oriented sectors.
Indias structural strengths remain intact, bolstered by strategic public investments, demographic advantages, and policy continuity. Infrastructure initiatives such as PM Gati Shakti and the Sagarmala project are improving connectivity and productivity. The governments focus on demand stimulationthrough welfare schemes, production-linked incentives (PLIs), and targeted consumption supportis laying the foundation for sustained economic expansion.
The Union Budget 2025-26 announced a 1 lakh crore stimulus to support household incomes and empower states through interest- free loans for capital expenditure.
Indias headline CPI inflation eased to 3.34% in March 2025, down from 5.22% in December 2024, falling well below the RBIs 4% target. The decline was primarily driven by a sharp moderation in food prices, with food inflation dropping to 2.69% in March. Core inflation remains modest, and projections suggest sustained stability, supported by global commodity trends and cautious monetary policy.
Indias economic resilience, backed by structural reforms and growing investor confidence, continues to position it as a pillar of stability in an uncertain global landscapesteadily progressing toward the $5 trillion economy milestone.
https://www.imf.org/en/Publications/WEO
https://timesofindia.indiatimes.com/business/india-business/ indias-manufacturing-growth-slows-to-3-month-low-in-may- pmi/articleshow/l21568270.cms?utm source=chatgpt.com
https://www.mospi.gov.in/sites/default/files/press release/CPI PR 15Apr25.pdf
Indian Logistics Sector
LOGISTICS MARKET
The Indian logistics market, valued at Rs 9 trillion in FY23, is projected to expand to Rs 13.4 trillion by FY28, at a CAGR of 8-9%, driven by structural shifts, technological advancements, and government initiatives. The National Logistics Policy (2022) aims to optimise logistics efficiency by enhancing the share of railways in freight movement, developing dedicated freight corridors, and expanding road and inland waterway infrastructure, the Dedicated Freight Corridors (DFCs), is close to completion. Once fully commissioned, the DFCs are expected to significantly enhance rail freight efficiency and reduce logistics costs.
Ports
India has 12 major and over 200 notified minor and intermediate ports, with plans under the National Perspective Plan for Sagarmala to develop six new mega ports. As the sixteenth-largest maritime country with a 7,516.6 km coastline, India relies heavily on maritime transport, which handles around 95% of trading by volume and 70% by value. The government has facilitated 100% FDI under the automatic route for port and harbour construction and maintenance, along with a 10-year tax holiday for enterprises involved in port infrastructure.
The 12 major ports handled 854.858 million tonnes (mt) of cargo in FY25, marking a 4.34% increase over FY24. Container throughput reached 13.541 million TEUs in FY25, up 10% from FY24. Container volume is projected to grow 8% to 342 million tonnes in FY25. The connection of the dedicated freight corridor to Jawaharlal Nehru Port by FY26 is expected to further support container growth. Coastal cargo share is estimated to rise from 34% in FY23 to 42% by FY26, driven by eastern coastal coal movement and infrastructure development in key sectors like steel and cement. Despite expected declines in coal imports, domestic production will support port cargo throughput growth of 2-3% CAGR between FY24 and FY26.
CONTAINER VOLUME; MAJOR PORTS
Indias ports sector is expected to add 500-550 MTPA of capacity annually from FY2023 to FY2028, led by growth in POL, coal, and containerized cargo. Indias trade via the Suez Canal route, which covers European countries, North Africa, and the Americas, constitutes around 35% of its total foreign trade, predominantly in containers.
Export Surge Strengthens Indias Logistics Backbone https://pib. gov.in/PressReleasePage.aspx?PRID=2122016
The cumulative exports (merchandise & services) during FY 202425 (April-March) is estimated to grow by 5.50% at US$ 820.93 Billion, as compared to US$ 778.13 Billion in FY 2023-24 (April-March).The cumulative value of merchandise exports during FY 2024-25 (April-
March) was US$ 437.42 Billion, registering a positive growth of 0.08%, as compared to US$ 437.07 Billion during FY 2023-24 (April-March).
The major drivers of merchandise exports growth include Coffee, Tobacco, Electronic Goods, Rice, Jute Mfg. including Floor Covering, Meat, dairy & poultry products, Tea, Carpet, Plastic & Linoleum, RMG of all Textiles, Drugs & Pharmaceuticals, Cereal preparations & miscellaneous processed items, Mica, Coal & Other Ores, Minerals including processed minerals, Engineering Goods and Fruits & Vegetables.
The Export-Import Bank of India (Exim Bank) forecasts Indias merchandise exports to reach USD 124.8 billion in Q4 FY2025, reflecting a 3.64% year-on-year growth. Non-oil and non-gems & jewellery exports are projected to grow by over 10%, buoyed by a robust agricultural output, revived manufacturing activity, and improving demand from global trade partners.
EXIM
The Production Linked Incentive (PLI) Scheme, with 1.97 lakh crore investment, has been pivotal in this growth. Covering 14 sectors such as electronics, pharmaceuticals, and textiles, it attracted 1.46 lakh crore in investments, generated over 12.5 lakh crore in incremental production, and created 9.5 lakh jobs. The scheme strengthens Indias position as a global manufacturing hub under the Atmanirbhar Bharat initiative. PLI
IndiasAllcargo Terminals Limited gains from the China Plus One strategy underline the need for stronger logistics infrastructure. To attract global supply chains, improving connectivity, reducing logistics costs, and accelerating projects like Dedicated Freight Corridors and multimodal hubs are crucial. Efficient logistics will be key to positioning India as a viable manufacturing alternative to China.
CHINA PLUS ONE :
https://www.ibef.org/industry/ports-india-shipping
https://economictimes.indiatimes.com/industrv/transportation/
shipping-/-transport/indias-ports-sector-set-for-major-growth-
with-500-550-mtpa-capacitv-expansion-annuallv-bv-fv2028/
articleshow/118500026.cms?
COFFEE EXPORT - https://apps.fas.usda.gov/newgainapi/api/ Report/DownloadReportByFileName?fileName=Coffee+Annual New+Delhi India IN2024-0021.pdf
Performance of Major Ports in FY25
(Source : Article)
During FY25, the 12 major ports under the Union Government collectively handled 854.858 million tonnes (MT) of cargo, representing a 4.34% year-on-year growth over the 819.294 MT recorded in FY24.
This performance reflects a strong recovery and robust trade momentum, supported by sustained growth in containerized cargo, finished fertilizers, and miscellaneous commodities.
Container Traffic: A Key Growth Driver
Container throughput remained a cornerstone of port activity in FY25:
Major ports handled a total of 13.541 million TEUs, up 10% from 12.310 million TEUs in FY24.
Jawaharlal Nehru Port Authority (JNPA) Indias largest container port handled 7.302 million TEUs, accounting for over 50% of the total container volume.
The consistent growth in containerised cargo underlines the increasing efficiency of Indias trade networks and the continued shift towards organised, multimodal logistics. As a leader in container freight station (CFS) and inland container depot (ICD) services,
is strategically positioned to benefit from this upward trajectory in Indias gateway ports.
https://shipmin.gov.in/sites/default/files/Report%20Monthly%20
Major%20Port%20March%202025.pdf
Cargo handled by Major Ports during 2015-16 to 2024-25
Commodity wise cargo handled and its Growth during April-March 2024-25
Industry Updates:
(Source : Ministry of Shipping)
1. Sagarmala Modernisation Programme: 234 port modernization projects worth 2.91 lakh crore have been undertaken across coastal States/UTs, with 103 projects (32,634 crore) completed and 56 projects (74,744 crore) under implementation. In Andhra Pradesh, multiple port modernisation initiatives are underway. Additionally, under the Sagarmala Scheme, the Ministry has approved 119 projects (9,407 crore) for partial funding, of which 72 have been completed. In Andhra Pradesh, 12 such projects worth 2,410 crore are being supported, including 7 completed projects.
2. Multimodal Logistics Parks (MMLPs): Six MMLPs are being developed under Bharatmala Pariyojana in key port cities Chennai, Mumbai, Kolkata, Cochin, Visakhapatnam, and Kandla to boost logistics efficiency through integrated transport, warehousing, and value-added services. Developed via PPP with a 45-year concession, Chennai MMLP (641.92 crore) is the most advanced; others are in planning stages.
3. One Nation One Port (ONOP): The Ministry of Ports, Shipping and Waterways launched ONOP to standardize and digitize port processes across major ports, covering all cargo types and movement categories. Implemented via the National Logistics
Portal - Marine (NLP-Marine) and integrated with the Enterprise Business System (EBS), the initiative aims to streamline documentation, reduce processing time, and lower logistics costs. Complementary efforts like "Sagar Aankalan" support port modernization, connectivity, and competitiveness.
4. The Coastal Shipping Bill, 2024, aims to strengthen coastal trade by providing a dedicated legal framework aligned with the National Logistics Policy and Maritime Amrit Kaal Vision 2047. It modernises coastal shipping regulations, simplifies licensing, and promotes integration with inland waterways. The Bill supports green transport, job creation, and cooperative federalism, with coastal cargo traffic growing 119% since 2014 and a target of 230 million tonnes by 2030.
5. India as a Leading Maritime Nation: The Government aims to expand port capacity from 2,600 MTPA to 10,000 MTPA by 2047 through development of deep-draft ports, transshipment hubs, automation, and increased private participation. Backed by key legislative reforms and green initiatives like the Green Tug Transition Programme, HaritSagar, and Harit Nauka, India is aligning with global best practices to emerge as a major player in the international maritime landscape.
The above initiatives are set to transform Indias maritime infrastructure and logistics sector.
is well-positioned to leverage these developments, enhancing
connectivity, efficiency, and sustainability. As India strives to become a leading maritime nation,
is poised to benefit from these growth opportunities, strengthening its role in the logistics landscape.
: The year gone by and Outlook
Allcargo Terminals Limited (ATL) marked its second year as an independent listed entity. In FY 2024-2025, ATL closed the year with revenues of Rs. 758 crores representing a growth of 3 percent over last year. The Gross margins for the business improved by 100 bps and stood at 34 percent. On the back of improved gross margins, EBITDA margins also grew by 100 bps over the previous year.
The company continues to demonstrate strong and consistent profitability, positioning ATL amongst the top performers in the industry. Its sustained margin strength reflects operational excellence and a competitive edge over peers. ATL follows an asset-right business model which backed by its digital investments continues to enhance customer satisfaction.
The management has laid down its ambitions for the companys growth for the next three years. The aspiration is to manage one million laden TEUs over the next three years. To achieve this the company plans to grow in the asset-right way. Currently, the company is operating at utilization levels of ~80 percent and there is a need to expand capacity to fuel future growth.
Keeping in mind the aspiration, during the year, ATL successfully renewed the CWC Mundra contract with additional capacity. Additionally, it has purchased 60 acres in Mundra to support future growth and infrastructure development. At JNPT, we have added a new 25-acre co-located facility which will give an additional capacity of 1,70,000 TEUs. These expansions have increased the capacity by close to 30%.
The company has also made a strategic investment in Haryana Orbital Rail CorporationAllcargo Terminals Limited (HORCL) where it has acquired a 7.6 percent stake. This investment has been made keeping in mind the opportunities that the NCR region has to offer and the seamless connectivity HORCL will enable to the Indian Railways network via the Dedicated Freight Corridor (DFC).
ATL provides seamless digital services, including online documentation, invoicing, and payments for import and export transactions. About 65 percent of activities pertaining to documentation in CFSs are now digitally enabled through the "myCFS" portal and application. About 70 percent of the customers are onboarded on the "myCFS" portal and application.
ATL boasts an experienced and stable senior leadership team, complemented by industry-leading retention levels a strong testament to its robust organizational culture.
The business benefits from synergies with other
entities, offering integrated solutions for International Supply Chain, Domestic Express, 3PL, and Warehousing. Aligned with
Groups commitment to sustainability, ATL is actively working towards achieving carbon neutrality by 2040.
Financial Performance:
For financial year 2024-25,
recorded a revenue of Rs. 758 crores, EBITDA of Rs.128 crores, PBT of Rs. 47 crores and PAT of Rs. 30 crores. Total debt for the financial year 2024-25 is Rs. 113.11 crores while the cash and cash equivalents amounted to Rs. 89.81 crores.
Particulars |
FY25 | FY24 |
Current ratio |
1.08 | 0.97 |
Interest Coverage |
2.17 | 2.24 |
Debtors T/O |
16.54 | 15.09 |
Debt Equity |
0.41 | 0.15 |
Operating Margin % |
34% | 32% |
Net Profit Margin % |
4% | 6% |
Return on Equity |
11% | 19% |
The financial and related risks have been comprehensively covered in the Annual Accounts of the company together with the mitigation strategy of the same. The present and anticipated future risks are reviewed by the management of the company at regular intervals. The management takes suitable preventive steps and measures to adequately safeguard the companys resources of tangible and intangible assets. For more detailed information regarding Financial Performance of the company you may refer Directors Report forming part of this Annual Report.
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