Well on the track of recovery, the company continued to forge ahead. For the second quarter ended 31st Dec 2009, the company posted a net profit of Rs.3.84 which was up 6.27% on a QoQ.  but YoY was more flat.  Net revenue at Rs.182.21 crore was up 69.16% on a QoQ.

The most impressive part about its performance has been the improvement in the NPM – it was up at 2.11% as against 1.32% in Q1 of current fiscal and YoY, was up from a meagre 0.09%.

The express distribution and supply chain division did well. On a six month period, it showed a 13.45 rise in topline, EBIDTA margins rose over 2.5 times and net profit of this division was at Rs.16.5 crore our growth has seen a 13.4% increase in growth on the topline. And EBITDA margin has grown more than 2.5 times.  Its other division, known as the coast to coast, which contributes around 15% to the total revenue of the company and is mainly to do with shipping, continues to remain the man drag. This unit lost Rs.10 crore in the six month period, which is what ultimately kept the growth in the bottomline subdued.

The company has divested 11% stake for consideration of $20 million to Singapore-based Tifoi. Another $20 million was raised through convertible warranties to promoters. It has written off all its losses.

During the previous year, the company was constrained to discontinue the freighter business and terminated the arrangement with National Aviation Company of India Ltd (NACIL) resulting in Arbitral dispute and NACIL invoked the Bank Guarantee of Rs.30 crore. This is one case which continues to be fought and one risk which has to be factored in.

For the current year, it expects to post a revenue of around Rs.800 crore compared to Rs.630.33 crore in previous year. It hopes to end the year with an EBIDTA margin of almost 14%.

It looks like it has left the past behind and is moving on ahead, into the black.