Transport Corporation of India, the country’s largest integrated supply chain and logistics service provider, said Friday its net profit in the first quarter grew 10 percent year-over-year to $3 million, despite a 5 percent increase in operating expenses.
Income from operations for the April-June quarter increased 6 percent to $93.6 million from $88.5 million in the same period last fiscal year. Operating income from the freight division was flat at $42 million within the same period.
The express segment reported a $2.25 million operating profit against revenue of $26 million.
Gurgaon-based TCI, an operator of over 6,000 trucks and six cargo vessels for coastal shipping, has a pan-Indian distribution network serving nearly 13,000 locations across the country.
As part of a business expansion program, the company recently said it plans to spend an estimated $68 million to develop 20 integrated logistics parks at major locations over the next three years.
For fiscal 2010-11 ended March 31, TCI reported net profit of $11.4 million, up 20 percent from $9.3 million the previous year.