Integrated supply chain and logistics solutions provider, Transport Corporation of India clocked 5.9% YoY profit growth in Q1FY24 and posted a consolidated PAT of Rs 83.2 crore from Rs 78.6 crore in FY23.
Revenue from operations in Q1FY24 came in at Rs 958.3 crore, up 5.5% YoY from Rs cr in Q1FY23. Its Q1 EBITDA came in at Rs 126.7 crore compared to Rs 119.1 crore in the same quarter last year.
Commenting on the results, Vineet Agarwal, MD, TCI said, “The Company has delivered consistent performance despite the industry headwinds of low consumer demand, slow-down in EXIM trade and moderate credit growth.”
The company statement stated, warehousing, 3PL services and emerging vertical solutions have seen traction along with heavy demand in the automotive segment. In addition, there is expectation that brands will see demand due to good monsoon and upcoming festive season.
Agarwal added that the company will, “continue to keep sustainability at the core of everything we do, thereby enabling our customers to meet their net-zero climate goals. TCI has committed to deploy zero emission trucks over the next 18-24 months to run on India’s first zero emission road freight cluster as announced by NITI Aayog in collaboration with WRI India and World Economic Forum.”
Overall the company’s investment in strengthening rail and coastal multimodal service offerings and building networks thereof remain, as per the statement on BSE.