TCI’s strong Q1 FY’24 performance

India’s leading integrated supply chain and logistics solutions provider, Transport Corporation of India, has announced its financial results for the first quarter of FY24, ending June 30, 2023. The company’s total revenue for the quarter recorded a growth of 7.8 percent over the corresponding quarter last year, while the profit recorded a growth of 8.7 percent during this period.

In terms of standalone performance, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) for this quarter stood at Rs. 1,244 million, compared to Rs. 1,151 million in the previous fiscal year. Additionally, the profit after tax (PAT) for the quarter amounted to Rs. 833 million, compared to Rs. 766 million in FY’23.

On a consolidated basis, the company reported revenue from operations of Rs. 9,583 million, marking a 5.5 percent year-on-year growth. The EBITDA for this period reached Rs. 1,267 million, compared to Rs. 1,191 million in the previous fiscal year. The consolidated PAT amounted to Rs. 832 Mn, showing a 5.9 percent growth compared to Rs. 786 Mn in FY’23.

Commenting on the results, Vineet Agarwal, MD, TCI, said, “The Company has delivered consistent performance despite the industry headwinds of low consumer demand, a slowdown in EXIM trade, and moderate credit growth. Our warehousing, 3PL services, and emerging vertical solutions have seen traction along with heavy demand in the automotive segment. In addition, brands will witness demand due to the good monsoon and the upcoming festive season. We continue to keep sustainability at the core of everything we do, thereby enabling our customers to meet their net-zero climate goals.”

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