Net profit for state-owned Transport Corp. of India surged 35 percent to $1.6 million in the first fiscal quarter, despite a marginal decline in overall revenue.
Income from operations totaled $64.7 million, down from $65.5 million in the same quarter the previous fiscal year.
Operating profit for the April-June period increased 14 percent to $3.4 million, the company said in a statement on Wednesday.
TCI, the country’s leading integrated supply chain and logistics services provider, recently opened offices in Singapore, Hong Kong, Indonesia, China, Germany, Netherlands and Mauritius in a bid to accelerate its activities in global markets.
The Gurgaon-based company currently has a fleet of over 6,000 trucks and five container vessels for coastal shipping, operating through a network of 1,200 owned offices. It plans to spend nearly $50 million over the next two years for the acquisition of new trucks and cargo ships.
In fiscal 2008-09 ended March 31, TCI posted net profit of $7.08 million, up 1.06 percent from $7 million in 2007-08. Revenue rose to $288 million from $265 million.