Transport Corporation FY23 income up 16%
Transport Corporation of India reported a 9% increase in net profit at Rs 321 crore
Transport Corporation of India reported a 16 percent increase in consolidated income at Rs 3,812 crore ($465 million) and net profit increase of nine percent at Rs 321 crore ($39 million) for the year ended March 31, 2023.
"We have forged ahead with decent momentum across all service segments," says Vineet Agarwal, Managing Director, TCI Group. "The uptrend in the mobility sector, continued government and private capex and steady consumption trends have helped all our businesses.
"Team TCI continues to achieve value for our customers through a solutions-based approach in India and the neighbouring countries. Our rail and coastal multimodal services witnessed growing demand with GHG emissions savings as a clear goal. The implementation of control towers, ULIP integration and various other digital transformation initiatives have enhanced our service offerings.
"Our commitment to sustainability has been further cemented with the recent launch of TCI-IIMB Supply Chain Sustainability Lab in collaboration with IIM Bangalore. The lab aims to assist the corporates & the logistics industry in their net-zero journey.
Also Read - TCI, IIMB establish supply chain sustainability lab
"The coming quarters will be impacted due to multiple domestic and global factors. However, the India story remains stable with continued investments in infrastructure projects. With various FTAs and PLI schemes boosting exports and manufacturing, India will become an important base in the global supply chains and move further up in the LPI index rankings. TCI remains committed to play its role by making necessary investments in ships, trains, containers, and green warehousing."
While the freight division reported a 14 percent increase in FY23 revenue at Rs 1,920 crore ($234 million), supply chain solutions division reported a 25 percent increase in revenue at Rs 1,340 crore ($163 million). Profit increased 16 percent and 26 percent to Rs 78 crore ($9.5 million) and Rs 82 crore ($10 million), respectively.
The board of directors approved a proposal to raise Rs 200 crore ($24 million) via debentures or bonds, and the incorporation of a wholly-owned subsidiary TCI Middle East Logistics.