Transport Corporation of India, the Asian country’s largest integrated supply chain and logistics service provider, on Thursday posted net profit of $11.4 million for fiscal 2010-11, a 20 percent jump over the year earlier, despite a 23 percent increase in operating expenses.
Operating profit climbed 21 percent to $390 million, with the freight division posting an 11 percent increase, to $180 million.
For the fourth quarter, TCI had net profit of $2.83 million, up 2 percent year-over-year. Revenue in the quarter increased 19 percent to $106 million.
“We have performed well in this fiscal year owing to our aggressive growth plans,” the company said in a statement. “The logistics industry in India is gradually maturing and we are pulling all strings to capitalize on the emerging opportunities.”
With a fleet of more than 6,000 trucks and five container vessels for coastal shipping, Gurgaon-based TCI has a pan-Indian distribution network covering some 13,000 locations. It recently entered a joint venture with state-owned rail operator Container Corporation of India to provide end-to-end multimodal logistics services in the country.