Transport Corporation of India boosted overall revenue 16.5 percent year-over-year in the third quarter ending Dec. 31, but net income remained flat as operating expenses surged.
Income from operations for the October-December quarter increased to $98.65 million from $84.63 million in the year-ago quarter, the company said in a statement Thursday.
The country’s largest integrated supply chain and logistics services provider’s net profit for the quarter grew a mere 0.17 percent from a year earlier to $2.63 million.
By The Numbers: U.S. Container Trade With India.
Operating income from the freight division increased to $46.4 million from $42 million in the same period last fiscal year.
The express segment posted a $2 million operating profit against income of $25.5 million.
Operating expenses amounted to $81.3 million, up 18 percent from $69 million during the same quarter the previous year.
TCI, which has a fleet of over 6,000 trucks and a network of some 1,200 branches, reported net profit of $9.3 million for fiscal 2009-10 ended March 31, a gain of 52 percent over the previous year.
The company recently entered a joint venture agreement with state-owned rail operator Container Corporation of India to offer end-to-end multimodal logistics services in the country.