‘Indian road logistics sector to see double digit growth this fiscal’

The Indian road logistics industry is expected to clock a high single-digit growth this fiscal on an elevated base of the previous year, ICRA report said. The credit ratings agency also expects the demand momentum to continue in FY24, aided by stable domestic consumption and investment demand, ICRA added. The Indian road logistics industry’s revenue growth is pegged at a high single-digit on an elevated base of FY2023, Icra said, adding that the outlook is stable. The downside risks to the estimates remain from any material tapering of demand due to high inflationary and interest rate regime, the emergence of any further Covid waves, or a sub-par monsoon impacting the overall economic health, given its strong linkage to economic activity on an aggregate basis, it said.According to ICRA, quarterly revenues for the logistics sector witnessed a marginal contraction of 2 per cent in Q3 FY23, compared to the earlier quarter of the same year.