TCI Express Q3 net soars 78% to Rs 15 crore

Logistics firm TCI Express today reported a rise of 78 per cent in its net profit at Rs 15.43 crore for the quarter ended December 31, 2017.
The company has clocked a Rs 8.65 crore net profit in the year-ago quarter, TCI Express said in a BSE filing.
The firm's total income during the December quarter of the ongoing fiscal was at Rs 229.61 crore as against Rs 187.39 crore in the same period a year ago.
Its total expenses were at 207.60 cr as against Rs 174.10 crore in the year-ago quarter.
TCI Express, a leader in express deliveries, said the growth drivers were be GST implementation, technology proliferation, addition of new destinations and customers etc.

"Goods and services tax (GST) improved the logistics cost transportation. Post GST, the average speed of freight transportation has increased. GST will further bring down the cost of taxation compliance in India," its CEO P C Sharma told PTI.

The average distance covered by a truck in the country has increased by up to 100-150 kilometres a day as compared to what vehicles were covering in the pre-GST era, he said.
Earlier, due to various hiccups like check points, barricading at various levels, octroi, trucks were travelling 10-12 hours and were able to move about 300-350 kilometres in a day's time, Sharma said.

TCI Express makes deliveries to about 40,000 in India.
The Gurugram-based firm has customers like Hero Moto Corp, Honda and Maruti from the auto sector and drug majors Zydus Cadila and Dr Reddys Lab from the pharma space.