New Delhi: Logistics firm TCI Express on Friday posted a 4.5 per cent rise in its net profit to Rs 35.13 crore for the quarter ended December, helped by higher income. In a regulatory filing, the company said it had clocked a net profit of Rs 33.61 crore in the October-December period of the preceding 2020-21 fiscal.
Total income from operations rose to Rs 288.99 crore from Rs 264.16 crore a year ago.
Its expenses were at Rs 242.16 crore, as against Rs 219.48 crore earlier.
In a separate statement, TCI Express Managing Director Chander Agarwal said: “We continued to see a quicker recovery across industries with the businesses reaching near pre-Covid levels and the economic activities began to normalize.”
In October, the demand picked up during the festive season and the Index for Industrial Production registered strong month-on-month growth coupled with the higher e-way bill generation.
However, in November, the e-way bills declined to a five-month low as demand moderated after the festivities, but recovery was again visible in the month of December, he noted.
The board of directors has recommended a second interim dividend of Rs 3 per share for the quarter.
“We expect there will be a temporary impact of the Omicron variant on the logistics industry and quicker recovery is anticipated in the coming months. TCI Express is well positioned to meet the growing demand and ensure higher operational efficiencies to maintain its profitability margins and close a year on a strong note,” he said.
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