Flomic plans to touch Rs500 crore in revenue by FY24; Stock slips 1.5%

19 Oct 2022 , 09:17 AM

Flomic Global Logistics has informed that it is on an expansion spree and expects its revenue to increase by 33% touching Rs500 crore by FY23-24.

The firm has implemented a multi-pronged strategy to drive growth. The 33-year-old BSE Listed company after establishing a network of offices offering Freight forwarding and Custom clearance services all over India, has now established a strong network of warehouses with a capacity touching 47,000 sq ft.

Lancy Barboza, Managing Director, of Flomic Global Logistics Ltd said,” We have firmly established Flomic as a strong logistics player and now plans to focus on top customers and corporates and implement strategies that will enable it in deep selling and cross-selling.”

Flomic plans to strengthen its presence in tier II and tier III towns and is actively scouting for talent. In a bid to retain talent and make them a partner in its growth journey, the company is formulating an ESOP policy and is actively adopting best practices to retain talent, he added.

Freight Forwarding is a highly fragmented and unorganized industry and in order to capture greater market share and strengthen its presence, the firm is devising various pricing strategies in collaboration with its overseas counterparts. The firm’s focus has been air and ocean logistics and it is seeing good traction in terms of volume handled.

The recent forays and focus on the overseas nomination segment have also enabled the company in gaining visibility in the overseas market. With the firm aiming to touch Rs500 crore in topline, the company aims to create a space for itself in the fragmented freight forwarding industry, which will provide the company with the platform for further growth.

“India has the highest logistics cost, with the implementation of National Logistics Policy, and development of better infrastructure, Flomic expects the business to be operationally more profitable going forward,” added Barboza.

At around 9:17 AM, Flomic Global was trading at Rs127.40 per share lower by 1.47% on the BSE.

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