India’s leading integrated supply chain and logistics solutions provider, Transport Corporation of India Ltd. (TCI) has announced its financial results for the first quarter of FY24, ending 30th June 2023. The company’s total revenue for the quarter recorded a growth of 7.8% over the corresponding quarter last year while the profit recorded a growth of 8.7% during this period.
The standalone revenue from operations for the quarter stood at Rs. 8,875 million with a growth of 7.8% y-o-y, while consolidated revenue from operations stood at Rs. 9,583 million with a 5.5% y-o-y increase.
Commenting on the results, Vineet Agarwal, TCI MD, said, “The company has delivered consistent
performance despite the industry headwinds of low consumer demand, slow-down in EXIM trade and moderate credit growth. Our warehousing, 3PL services & emerging vertical solutions have seen traction along with heavy demand in the automotive segment. In addition, brands will witness demand due to good monsoon and upcoming festive season. We 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 Ayog in collaboration with WRI India & World Economic Forum. Our investments in strengthening rail and coastal multimodal service offerings and building networks thereof remain. As India gears up to be amongst the top 3 world economies, TCI is building up its capabilities and capacities to remain as leaders in logistics.”