About Company

• The company was incorporated as ‘Western Carriers (India) Pvt. Ltd’ at Kolkata, in 2011. Subsequently, the name was changed to ‘Western Carriers (India) Ltd’ on conversion to a public limited company in February 2013.
• Western Carriers (India) is the largest private, multi-modal, rail focused, 4PL asset-light logistics company in India in terms of container volumes handled by private players in FY2023. The company’s domestic and EXIM market share, based on container volumes handled, was 6% and 2%, respectively, in FY2023.
• The company provides end-to-end, customized, multi-modal logistics solutions across the supply chain integrating road, railway, water and air logistics along with a customized suite of value-added services.
• The company has long-standing relationships with customers across varied sectors such as metals, fast moving consumer goods (“FMCG”), pharmaceuticals, chemicals, engineering, oil and gas and retail. In FY2024, 80% of the company’s revenues originated from customers who had been transacting with the company for over 3 years and the customer retention rate for the top 10 customers was 100%. As of March 31, 2024, the company served a diverse base of 1,647 customers.
• The company is one of the largest platinum business associates of CONCOR in terms of railway twenty-foot equivalent units (“TEUs”) providing ~ 6% of the domestic railway TEUs to CONCOR in FY2024. The company is the largest associate partner of CONCOR in terms of railway TEUs providing 4% of the export-import market railway TEUs to CONCOR in FY2024.
• The company is one of the national logistics businesses to hold custom house agency licenses in its own name with most major ports in India. The company is active in all major ports of India, including the Jawaharlal Nehru Port Trust, the Vizag Port Trust and the Gangavaram Port.
• The company’s revenue from operations grew at a CAGR of 4.65% to    ? 1,685.77 Cr in FY2024 from ? 1,470.88 Cr in FY2022, the EBITDA grew at a CAGR of 11.72% to ? 151.82 Cr from ? 108.89 Cr during the same period and the profit for the year increased to ? 80.35 Cr in FY 2024 from ? 611.29 Cr in FY 2022, representing a CAGR of 9.54%. The EBITDA Margin stood at 9.01%, in FY2024 as against 7.40% in FY2022. The RoE and RoCE were 22.41%, and 29.23%, respectively for FY2024. The company’s RoCE was among the highest in the speciality logistics industry.

Strengths

Competitive Strength 

• Experience in delivering customised, end-to-end services and executing complex and customised projects;
• Comprehensive and integrated multi-modal, end-to-end logistics solutions;
• Strong customer relationships with a diverse customer base;
• Strategically positioned to capitalise on a fast-growing logistics market in India; and
• Scaled, asset-light business model with successful track record of delivering growth and profitability and experience of the Promoters and the Company

 Business Strategies 

• Grow relationships with the existing customers;
• Acquire new customers and expand into new sectors and new geographies;
• Continued focus on improving margins;
• Pursue inorganic growth on an opportunistic basis;
• Continue to invest in infrastructure capabilities;
• Enhance the technology capabilities.

Company Promoters

Company Financials

Western Carriers (India) Limited Financial Information (Restated Consolidated)

Western Carriers (India) Limited's revenue increased by 3% and profit after tax (PAT) rose by 12% between the financial year ending with March 31, 2024 and March 31, 2023.

Objects of the Issue

The net proceeds of the Fresh Issue, i.e., gross proceeds of the Fresh Issue less the Offer expenses apportioned to the Company (“Net Proceeds”) are proposed to be utilised in the following manner:

1. Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company;
2. Funding of capital expenditure requirements of our Company towards purchase of:
   1. commercial vehicles;
   2. 40 feet specialised containers and 20 feet normal shipping containers; and
   3. reach stackers; and