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Home >Companies >News >Transport Corp of India’s profit rises multifold to 47.5 cr in June quarter

Mumbai: Integrated supply chain and logistics solutions provider Transport Corporation of India Ltd (TCI) on Wednesday reported a 905.72% year-on-year jump in its consolidated profit to 47.47 crore for the quarter ended 30 June.

Consolidated revenues surged 71.30% to 700.21 crore for the quarter from 408.76 crore in the corresponding quarter of the previous fiscal.

The company clocked a profit of 4.72 crore in the same quarter of last year when the country was under a nationwide lockdown implemented to control the spread of the covid-19 pandemic.

On a standalone basis, profit rose 390.27% to 48.39 crore for the June quarter over 9.87 crore a year ago.

Standalone revenue stood at 621.46 crore for the quarter, an 84.46% growth as compared with 336.89 crore for June 2020 quarter, Transport Corporation of India Ltd said in a statement.

The supply chain and logistics solutions provider also reported a profit before tax growth of 429.01% at 54.33 crore in the quarter as against 10.27 crore in June 2020 quarter.

Commenting on the results, Vineet Agarwal, managing director, TCI, stated, "The momentum of economic recovery has been slow due to demand-side issues due to micro area lockdowns, however, volume growth is visible across all sectors."

"Overall the start to the current financial year has been better than Q1 of FY-21. It proves that we have geared our business to focus on the right sectors. TCI has delivered on its commitments through its extensive integrated multimodal network, partnering with the customers in their business. Our new communication theme, "Everything Logistics," represents the customized solutions TCI is able to offer to its customers across the value chain."

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