Transport Corp of India profit increases several times to reach 47.5 cr in June quarter
Mumbai: Integrated supply chain and logistics solutions provider Transport Corporation of India Ltd (TCI) on Wednesday announced a 905.72% increase in year-on-year consolidated profit to ₹47.47 crore for the quarter ended June 30.
Consolidated sales jumped 71.30% to ₹700.21 crore for the quarter of ₹408.76 crore in the corresponding quarter of the previous fiscal year.
The company made a profit of ₹4.72 crore in the same quarter last year, when the country was under a nationwide lockdown implemented to control the spread of the covid-19 pandemic.
On a stand-alone basis, profit increased 390.27% to ₹48.39 crore for the June quarter ended ₹9.87 crore a year ago.
Autonomous turnover amounted to ₹621.46 crore for the quarter, an increase of 84.46% compared to ₹336.89 crore for the June 2020 quarter, Transport Corporation of India Ltd said in a statement.
The supply chain and logistics solutions provider also reported pre-tax profit growth of 429.01% at ₹54.33 crore in the quarter against ₹10.27 crore in the June 2020 quarter.
Commenting on the results, Vineet Agarwal, Managing Director of TCI, said: “The momentum for economic recovery has been slow due to demand issues due to micro-zone closures, however, volume growth is visible. in all sectors. “
“Overall, the start of the current fiscal year has been better than the first quarter of FY-21. This proves that we have oriented our activity to focus on the right sectors. TCI has kept its commitments thanks to its vast integrated multimodal network, in partnership with the Our new communication theme, “Everything Logistics”, represents the personalized solutions that TCI is able to offer to its customers throughout the chain of value. “
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