TCI Express Q4 net profit dips over 14% to Rs 36 crore, income soars 6%

Logistics company TCI Express on Friday posted over 14 per cent fall in its net profit at Rs 35.93 crore during the March 2022 quarter.

The company had clocked a net profit of Rs 42.57 crore in the same period of FY21, it said in a regulatory filing.

Its total income, however, increased to Rs 300.28 crore in the quarter from Rs 282.86 crore in the year-ago period.

The company's expenses soared to Rs 251.43 crore in the said period from Rs 228.12 crore a year ago.

In the entire 2021-22 fiscal year, the company's net profit rose by about 29 per cent to Rs 128.85 crore from Rs 100.60 crore in the preceding financial year.

The company clocked a turnover of Rs 1,081.47 crore during FY22, higher from Rs 843.99 crore a year ago.

In a separate statement, the company's managing director Chander Agarwal said the last quarter of the fiscal has ended on an overall positive note.

"Some operating constraints were present in January due to regional restrictions, but these were offset with subsequent recovery and strong demand from SME customers. EBITDA for the quarter stood at Rs 52 crore, registering a sequential growth of 6.2 per cent with margins of 17.4 per cent."

The board of directors has also recommended a dividend of Rs 2 per share for FY22, he informed.

"The board has also approved the buyback (proposal) amounting Rs 75 crore through an open offer at an indicative price of Rs 2,050 per share, subject to shareholders' approval," Agarwal said.