Net profit for Transport Corp. of India surged 54 percent from a year earlier to $2.6 million in the first quarter of fiscal 2010-11 ending June 30, despite a 25-percent increase in operating expenses.
Income from operations for the April-June quarter rose 26 percent to $84 million from $66 million, the company said in a statement on Wednesday.
“The first quarterly results have resulted in a convincing growth driven by a strong domestic demand upturn across the manufacturing sector, especially automobile, engineering and capital goods segments. The holistic growth across divisions can also be attributed to the various operational initiatives taken in the recent past,” it said.
TCI, the country’s largest integrated supply chain and logistics services provider, earlier reported net profit for fiscal 2009-10 ended March 31 increased 52 percent to $9.3 million from $6.1 million the previous year. Revenue grew 11.5 percent to $315 million from $282 million on a year-on-year basis.
The Gurgaon-based company, with a fleet of over 6,000 trucks, has a pan-Indian distribution network covering nearly 13,000 locations across the country. In an effort to accelerate operations in international markets, it recently opened offices in Singapore, Hong Kong, Indonesia, China, Germany, Netherlands and Mauritius.