Leading logistics and express distribution company TCI Express Ltd on Wednesday said it has expanded its footprint by adding 12 new branches in the first half of the ongoing financial year. This expansion not only strengthens the market reach of the company but also improves its accessibility to customers.
“During the first half of the year, TCI Express incurred a total capex of Rs 21 crore which was primarily spent towards the expansion of branch networks, automation, and construction of sorting centres, which are integral to our goal of bolstering operational efficiency and customer service,” company’s Managing Director Chander Agarwal said.
Agarwal said that the company’s service offerings are likely to contribute productively to its top line in the forthcoming quarters.
“From a balance sheet perspective, we continue to maintain a strong capital structure, providing us with the financial flexibility to focus on balanced capital allocation,” he said.
TCI Express Ltd on Tuesday reported a 5.8 per cent decline in standalone profit at Rs 35.58 crore for the quarter ended September 30, 2023.
The company had posted a profit of Rs 37.79 crore for the year-ago period.
Total income from operations during July-September 2023-24 increased to Rs 321.75 crore, from Rs 312.17 crore in the year-ago period.
Total expenses during the quarter rose to Rs 274.60 crore from Rs 262.26 crore in July-September 2022-23.