TCI Q2 net up 9% to Rs 23 cr

Logistics solutions provider TCI today reported a nine per cent growth in net profit to Rs 23.29 crore for the quarter ended September 2015.
Transport Corporation of India (TCI) had reported a net profit of Rs 21.37 crore for the second quarter of the last fiscal.
However, total revenue was almost flat at Rs 562.16 crore during the July-September quarter.
Total expenses declined to Rs 525.14 crore during the quarter as against Rs 527.18 crore in the corresponding quarter of the previous fiscal.
For the half year, the company reported a net profit of Rs 42.06 crore as against Rs 37.36 crore during April-September period of the previous fiscal.

"Revenue growth is subdued due to poor economic conditions. EBIDTA for this half year stands at 8.60 per cent as against 8.18 per cent in corresponding period last year and profit after tax has also shown a consistent growth," the company said in a statement.

"We attribute this half year's performance to our constant focus on changing our product mix towards high value added businesses. We have seen significant traction in demand for our services in the fast growing sectors like Air Cargo, LTL (less than truck Load), warehousing and e-commerce," Vineet Agarwal, Managing Director, TCI said.
TCI has expanded its e-fulfilment capabilities with a capacity of handling 150,000 orders a day. TCI's recent expansion in the coastal shipping services on the west coast of India has registered a good response, it said.

"With expertise developed over five decades, network of over 1,400 company-owned offices, 10.5 million square-feet of warehousing space, 8 fulfilment centers and a team of over 5,000 trained team members, TCI is well placed to cater to the growing logistics requirement of clients due to the emergence of e-commerce and omni-channel retail," the company said.
TCI, with revenues of over Rs 2,800 crore, is one of the leading domestic integrated supply chain and logistics solutions providers.
The shares of the company closed at Rs 291, down 1.39 per cent from the previous close on the BSE.