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ICICI Direct Report
Q1 FY22 saw a dip in logistics activity QoQ due to state-wide lockdowns (but unlike a pan-India lockdown in the YoY base quarter).
Although on an month-on-month basis, domestic surface freight activity has largely normalised (95% in June), Exim container trade continues to face challenges with respect to backlog due to six day Suez blockage, rising manufacturing consumption in the West and container shortages in the east (container imbalance due to uneven macro trade) leading to higher export charges.
Inventory delays for manufacturing companies are expected to benefit the air cargo segment, which has provided logistical flexibility during uncertain times.
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