New Delhi, May 8 (PTI) TCI Express on Friday reported a 12.55 per cent dip in its net profit at Rs 19.01 crore for the quarter ended March 31, 2020.
The express distribution company had clocked a net profit of Rs 21.74 crore for the quarter ended March 31, 2019, it said in a filing to the BSE.
Its total income declined to Rs 239.11 crore during the quarter under review as against Rs 267.04 crore in the year-ago quarter.
Total expenses also declined to Rs 213.60 crore in March quarter of last fiscal as against Rs 234.22 crore in the year-ago quarter.
Commenting on the performance, TCI Express Managing Director Chander Agarwal said, “I am happy to report an encouraging performance during FY2020 despite a very challenging economic and business environment. Revenue from operations increased marginally to Rs 1,032 crores, as our business was impacted during March 2020 due to the outbreak of COVID-19.”
Profit after tax of Rs 89 crore in FY2020 represented an increase of 22 per cent on a year-on-year basis, he said.
“The momentum that we had gained during FY2020 was lost in March 2020 with the unfortunate outbreak of coronavirus. The closure of factories and offices along with the inter-state movement has clearly impacted the transportation and logistics sector.
“Although the nationwide lockdown brought businesses to a halt and disrupted the economy, we stand in full support with the decisions taken by the government,” he said.
During the year, the company added 70 new branches to penetrate deeper in selected geographies.
“During FY2020, we have incurred a capex of Rs 32 crores and our focus remain on increasing automation at our sorting centers to improve turnaround time and overall efficiency,” Agarwal said.