Net profit for Transport Corp. of India surged 52 percent from a year earlier to $9.3 million in fiscal 2009-10 ended March 31, despite an 11 percent increase in operating expenses.
Income from operations for the fiscal year rose 11.5 percent to $315 million from $282 million, the company said in a statement on Thursday.
Net profit for the fourth quarter grew 12 percent to $2.7 million from $2.4 million, while operating income increased to $87 million from $70.4 million for the same quarter in 2008-09.
“We have witnessed a significant momentum this fiscal (year) both in revenue and profitability, which can be ascribed to the growth in our Express and Supply Chain Solutions divisions. We aim to sustain the momentum by growing in the range of 15-20 percent in the next fiscal (year),” the company said.
In a separate statement, TCI, the country’s largest integrated supply chain and logistics services provider, said it received board approval for the demerger of its warehousing and real estate division, effective April 1.
The Gurgaon-based company, with a fleet of over 6,000 trucks and five container vessels for coastal shipping, has a pan-Indian distribution network serving nearly 13,000 locations across the country. In a bid to expand operations in global markets, it recently established offices in Singapore, Hong Kong, China, Mauritius, Indonesia, Thailand, Brazil, Germany and the Netherlands.