Penny stock under ₹10: Small-cap East West Freight Carriers jumps 4% following strong FY24 report

Shares of East West Freight Carriers were on focus on Tuesday, September 10, following the release of its FY24 annual report. The stock rose by 4.1 percent, reaching an intra-day high of ₹7.08.

Despite today's rally, the smallcap stock remains 38.3 percent below its 52-week high of ₹11.47, hit in December last year. Meanwhile, it has jumped over 52 percent from its 52-week low of ₹4.65, hit in October last year.

Over the past year, the stock has appreciated almost 26 percent, though it has declined over 12 percent in 2024 YTD.

Annual Report

East West Freight Carriers Ltd's FY24 report highlights the company's notable achievements, surpassing expectations in key performance areas, according to the company's latest statement. The firm reported robust revenue growth, driven by a combination of increased volumes and strategic pricing initiatives.

The company emphasised its ongoing commitment to operational excellence, highlighting investments in service quality. 

East West Freight Carriers have focused on enhancing efficiency, incorporating advanced technology, and prioritising safety.  

As part of its growth strategy, the company expanded its network, upgraded its fleet, and optimised internal processes, resulting in faster delivery times and significant cost savings.

Despite global economic uncertainties, such as geopolitical tensions and trade disruptions, East West Freight Carriers expressed confidence in its ability to adapt and remain resilient.

The company identified substantial growth opportunities, particularly in e-commerce, global trade, and the increasing demand for efficient logistics solutions. Its extensive network, industry expertise, and focus on technology are expected to capitalise on these favourable market conditions.

In its commitment to sustainability, East West Freight Carriers has taken active steps to reduce its environmental footprint. The company is investing in cleaner technologies, optimising delivery routes, and promoting environmentally responsible practices across its operations. 

The company stated that these sustainable efforts contribute to a healthier planet and enhance its long-term competitiveness, aligning with its vision of creating a better future for all stakeholders.

Overall, the company is optimistic about its ability to navigate challenges and seize emerging opportunities, reinforcing its position as a leader in the logistics sector.