Transport Corporation of India profits increase by 44.7% to Rs 16.9 crore in Q3 FY17

Feb 04, 2017: Transport Corporation of India Ltd. (TCIL) has announced its financial results for Q3 FY17. The company's total revenue for the quarter registered a growth of 16.2 per cent over corresponding quarter last year. The Profit After Tax for nine month ended in December 2016 increased by 19.4 per cent to Rs 51.7 crore from Rs 43.4 crore. The Profit After Tax increased to Rs 16.9 crore in Q3 FY17 from Rs 11.7 crore in Q3 FY16, a growth of 44.7 per cent.

Commenting on company's performance, Vineet Agarwal, MD, TCI, said, “Our performance for the third quarter is attributed to our resilience to market turbulences amid demonitisation and operational efficiency. We will continue to perform well and remain confident of sustaining growth levels in the fourth quarter and for overall fiscal year as well.”

He further added, “Demonitisation has worked in our favor as we already established the practice of being "Cashless" be it in transactions with our business partners or for the workmen at our warehouses. For our fleet, we installed electronic tags; mobile wallet payments, RTGS, etc. were some of the other Digital initiatives taken across the value chain.”

He also added, GST implementation will lead to need for larger warehousing and bulkier movements between hubs, lesser paper work and faster movement of trucks which would benefit the industry.

Keeping in view of the overall performance, TCI Board of Directors has decided to pay 2nd interim dividend for FY 2016-17 to shareholders at 25 per cent (i.e. Re. 0.50) per share, in addition to the 1st interim dividend already declared and paid by the Company on November 4, 2016, aggregating to 55 per cent (Rs. 1.10) per share.