TCI reports 45% revenue drop to Rs 336 cr & 67% profit fall to Rs 9 cr in Q1
August 13, 2020: The India logistics solutions provider, Transport Corporation of India, announced its financial results for the first quarter ended on June 30, 2020 with a revenue drop of 45 percent to Rs 336.89 crore and 66 percent fall in profit after tax (PAT) to Rs 9.86 crore Year-on-Year.
August 13, 2020: The India logistics solutions provider, Transport Corporation of India, announced its financial results for the first quarter ended on June 30, 2020 with a revenue drop of 45 percent to Rs 336.89 crore and 67 percent fall in profit after tax (PAT) to Rs 9.86 crore Year-on-Year.
Vineet Agarwal, managing director, TCI said, "With economy more or less at standstill baring essentials and few associated industries, like for all, it has been a very challenging quarter. Our customers are slowly reviving their operations and adjusting to the new normal.
TCI during lockdown
“TCI, however, remained active during this quarter delivering essentials like food grains, farm equipment, pharmaceuticals, polymers for PPEs, sanitizers, chemicals, etc. through its diversified multimodal operations of using the road, rail and coastal shipping networks. TCI Bangladesh, a 100 percent subsidiary of TCI became the first company to handle two trains carrying value-added goods and automobiles in the country of Bangladesh at Benapole, a major land port,” he said.
“The demand for contactless logistics services and the need to maintain physical distance remains the need of the hour. The demand this year will be mostly fuelled by e-commerce, consumption industries, automobile sectors, etc. There will also be an on-going movement in agriculture, food processing, pharmaceuticals, and the chemicals sector. With our wide network of operations and dedicated team, we will continue to serve our customers and other stakeholders with renewed focus and commitment," he continued.
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