TCI Q2 consolidated profit up to 17% at Rs 38 cr
New Delhi, November 5 () The Indian Transportation Corporation (TCI) reported on Tuesday a 17.48 percent increase in consolidated net profit to Rs 38.24 crore for the quarter ended September 30 of 2019.
The supply chain and the logistics service provider posted a net profit of Rs 32.55 crore in the corresponding quarter of the previous fiscal year, he said in a regulatory document to the BSE.
Its total income during the quarter under review increased to Rs 688.66 million rupees compared to Rs 680.48 million rupees during the quarter of the previous year.
Its expenses also increased in Rs 654.39 rupees during the quarter compared to Rs 646.84 rupees in the quarter of the previous year.
Commenting on the results, TCI managing director Vineet Agarwal said: The Indian economy has faced a slowdown due to multiple complex factors that lead to slow demand with a major impact on the automotive industry. Despite the general economic challenges, we continue to maintain our due performance to continue focusing on strengthening our business fundamentals.
He said the company is currently investing in the training of its equipment, 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 strengthen our presence on the west-south coast of India. We now have 7 ships sailing on both coasts of the country through traffic containers creating a formidable multimodal logistics network, Agarwal said.
He said the company's TCISafe Safar initiative to raise awareness related to health and safety among truck drivers has affected more than 9,000 drivers and has traveled through six states covering 8,846 km.
He said that in the coming quarters, factors such as stable crude oil prices and a good monsoon with growth-driven policy initiatives recently announced by the government could help recover demand. TCI Group with revenues of Rs 4,300 crore is one of the leading suppliers of integrated logistics and national supply chain solutions. NAM MR