Transport Corp FY11 net up 21% at Rs 50 cr

Transport Corporation of India today reported a growth of 21.44% in its consolidated net profit at Rs 50.12 crore for the year ended March 31, 2011.

The company had reported a net profit of Rs 41.27 crore in 2009-10.

Net sales of the company also went up by 21.66% at Rs 1,851.26 crore in 2010-11 vis-a-vis Rs 1,521.55 crore of FY11, the company said in a filing to the Bombay Stock Exchange (BSE).

"Maximum growth for the company came from our supply chain solutions division, which reported a growth of about 60%," Transport Corporation of India's (TCI) Executive Director Vineet Agarwal told PTI.

The supply chain solutions division reported revenues of Rs 482.28 crore during the year for the company, while the freight division's revenues were up 11.60% at Rs 811.79 crore.

Agarwal further said that despite operating costs going up by about 22%, the company had posted a healthy growth in FY11 and is expecting 15-20% growth in its revenues during the current year.

"The company has kept a capex of Rs 100 crore for upgradation and maintenance of its trucks fleet and opening some new centres," he added.

The Transport Corporation of India is one of the leading integrated supply chain and logistics solutions provider and a pioneer in the sphere of cargo transportation in India.

Scrip of the company today closed at Rs 92.50 on the BSE, up 0.05% from the previous close.