TCI Express Q1 net profit grows over 30 pc to Rs 31 crore

Express logistics firm TCI Express on Wednesday posted an over 30 per cent jump in net profit at Rs 31.01 crore for the quarter ended June 30, helped by higher income. The consolidated net profit of the company in the year-ago period stood at Rs 23.76 crore, according to a regulatory filing.

The company's total income from operations rose to Rs 292.37 crore in the first quarter of the current fiscal, from Rs 224.56 crore in the same period last year.

Expenses increased to Rs 251.27 crore as compared to Rs 193.18 crore earlier.

In a separate statement, Chander Agarwal, Managing Director, TCI Express said: "We recorded another quarter of strong performance. This growth was led by continued uptick in the economic activity and pick up in industrial production which was subdued in the comparative period due to the second wave of Covid-19."

TCI Express reported an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs 45 crore during the quarter, a growth of 32.6 per cent.

Agarwal also said the company added 10 new branches during the quarter in the West and North regions and expects to add around 50 branches during the full fiscal to expand its presence among the SME customers.

"The recently launched sorting centre in Gurugram is now operational 24x7. We are seeing strong demand for Rail Express service offering and we have expanded our customer base from 250 to 1000 and presence from 10 routes to 60 routes in one year," he said.

TCI Express has a distribution network of 900 offices covering more than 50,000 locations.