Transport Corporation of India (TCI) on Tuesday reported a 17.48 per cent increase in consolidated net profit to Rs 38.24 crore for the quarter ended on September 30, 2019.
The supply chain and logistics service provider had clocked a net profit of Rs 32.55 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing to the BSE.
Its total income during the quarter under review rose to Rs 688.66 crore as against Rs 680.48 crore during the year-ago quarter.
Its expenses were also up at Rs 654.39 crore during the quarter as against Rs 646.84 crore in the year-ago quarter.
Commenting on the results, TCI Managing Director Vineet Agarwal said: "The Indian economy has been facing a slowdown due to multiple complex factors leading to sluggish demand with major impact in the automobiles industry. Despite overall economic challenges, we continued to sustain our performance due to continued focus on strengthening our business fundamentals."
He said the company at this time is continuing to invest into training its teams, technology and strategic assets.
"We acquired and launched 'TCI Anand', a new ship of 28,000 DWl with an investment of USD 6.5 Mn to bolster our presence in the West-South coast of India. We now have 7 Ships plying on both coasts of the country for container traffic creating a formidable multi modal logistics network," Agarwal said.
He said the company's TCISafe Safar initiative of creating health and safety related awareness amongst truck drivers has touched over 9,000 drivers and travelled across six states covering 8,846 km.
He said in the forthcoming quarters, factors such as stable crude-oil prices & good monsoon with growth driven policy initiatives recently announced by the government could help in demand recovery.
TCI Group with revenues of over Rs 4,300 crore is one of the leading domestic integrated supply chain and logistics solutions provider.
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