Transport Corporation Of India Announces 35.6% Increase In Net Profit In The Fourth Quarter
NEW DELHI : Logistics company Transport Corporation of India (TCI) Ltd on Saturday announced a 35.62% increase in its consolidated net profit for the January-March quarter of FY22 to ₹88.36 crore.
During the corresponding period of the previous financial year (FY21), the company recorded a net profit of ₹65.15 crore.
Its operating revenue increased by 0.56% during the quarter under review to reach ₹897.73 crore. In the January to March quarter of FY21, the company had operating revenue of ₹892.69 crores.
During the 2021-22 financial year, the almost doubled its consolidated net profit to reach ₹293 crore, according to a statement from the company. Its FY21 net profit was ₹150 crores.
Operations revenue in the past fiscal year increased 16.2% year-on-year to ₹3,257 crore.
Commenting on the performance, Vineet Agarwal, Managing Director of TCI, said: “The fourth quarter and full year 2021-22 despite the impact of the second wave of Covid, supply chain disruptions to industry-wide have been good in terms of revenue and especially margins. Revenues and margins are at an all-time high as all service verticals are on growth path. This is primarily due to TCI’s adherence to the core business fundamentals of a high degree of customer focus. »
He added that rail and coastal multimodal transport continue to be the areas of thrust and the seaways division has recorded outstanding performance with higher container rates in the market.
TCI remains invested in multimodal activities as they have a direct impact on reducing GHG (greenhouse gas) emissions leading to positive ESG compliance for all of our customers, he said.
“Our focus on emerging vertical markets and innovative solutions for our clients has also bolstered the numbers. The government’s view on Gati Shakti, coupled with customer demand for technology-driven contract logistics and value-added services, bodes well for the company in the years to come,” said Agarwal.