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New Delhi: Transport Corporation of India (TCI) on Saturday reported a 4.14% decline in its consolidated net profit at 73 crore for the quarter ended September.

During the same quarter last fiscal, the company had reported a consolidated net profit of 76.16 crore.

It, however, reported a 21.77% growth in its consolidated net profit at 151 crore during the April-September period of FY23. During the same period last fiscal, the company had registered a consolidated net profit of 124 crore.

Its revenue from operations during the first half of the fiscal under review rose 21% on a year-on-year basis to 1,836 crores, the company said in a statement.

Commenting on the result, Vineet Agarwal, Managing Director TCI said: “In Q2 & HY FY23, the company demonstrated consistent performance. Focus on core business fundamentals coupled with rising demand in the automobile and consumption sectors enabled all business segments to deliver satisfactory results despite inflationary pressure."

The statement said that the company remains uniquely positioned in tapping high-growth segments through its extensive multimodal network, customised service offerings, and investments in the right technology and automation.

“Further, the launch of the National Logistics Policy along with earlier announced PM Gati Shakti framework would be instrumental for a push towards seamless multimodal transportation and modern connectivity, increased digitization and standardization to make our country’s logistics efficient and competitive. TCI continues to invest strongly on all these themes for strong growth over the years," it said.

On a standalone basis, the company logged a net profit of 134 crore, compared to 117 crore in H1 FY2022.

Its revenue from operations rose 23% to 1,658 crore during the first half of the fiscal.

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