Latest News | TCI Express Q1 PAT Jumps Multi-fold to Rs 24 Cr

New Delhi, Jul 28 (PTI) Logistics firm TCI Express on Wednesday posted a multi-fold jump in profit after tax (PAT) at Rs 24 crore for the June quarter, boosted by higher income.

During the year-ago-quarter, the company had clocked a PAT of over Rs 1 crore, TCI Express said in a BSE filing.

Total income from operations rose to Rs 224.56 crore, from Rs 90 crore in April-June period of the preceding financial year.

Total expenses climbed to Rs 193 crore as against Rs 89 crore.

Chander Agarwal, Managing Director, TCI Express said, "Q1 FY2022 was clearly impacted by the second wave of the Covid-19 and timing difference in the state wise lockdown restrictions disrupted the inter-state movement of goods. The Index for Industrial Production registered a month on month decline and similarly the E-way bill generation declined by 33 per cent on a sequential basis."

"TCI Express team was better prepared to mitigate the pandemic impact on the business and as a result we delivered revenue from operations of Rs 223 crore in Q1 FY22, a resilient financial performance despite the challenging market conditions," he added.

During the quarter, TCI Express received the required regulatory approvals for its 1.5 lakh square feet sorting centre in Pune which is now operational, Agarwal said.

The company will also improve operational efficiency by ensuring faster and reliable service and support the branch expansion plans in the region.

The company incurred a capital expenditure of Rs 16 crore towards the development of another 2 lakh sq ft sorting centre in Gurugram and is focused on making it operational within the next six months with full automation.

Under its cold chain service, the company has transported 50 lakh vaccines and 10,000+ oxygen concentrators during the quarter, Agarwal said. "TCI Express remains well positioned to capitalize on the growing opportunities with its asset light business model, value added service offerings and strong network of business partners and customers," the MD said.

Based in Gurugram, Haryana, TCI Express is an express delivery provider with its 800 offices covering more than 40,000 locations in India. The firm has a significant customer base from sectors like auto, pharma, textile, engineering and fast-moving consumer goods (FMCG).

Shares of the company on Wednesday ended 5.22 per cent higher at Rs 1,622 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)