Transport Corporation of India's consolidated net profit fell 2.5% to Rs 37.27 crore on 1.8% increase in net sales to Rs 696.89 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) soared 36% to Rs 45.66 crore in Q2 September 2020 as against Rs 33.57 crore in Q2 September 2019. Current tax expense for the quarter jumped 38.7% to Rs 8.25 crore as against Rs 5.95 crore in Q2 September 2019. The Q2 result was declared after trading hours yesterday, 3 November 2020.
Commenting on the Q2 performance, Vineet Agarwal, the managing director of Transport Corporation of India, has stated that: "Despite the continuing impact of COVID- 19, the Indian economy is witnessing early signs of recovery. There has been a pickup in demand in this quarter primarily due to the festive season. Notwithstanding an admittedly challenging environment, we have delivered a resilient performance owing to our continued customer focus, introduction of new services and cost optimization."
"Our investment in multi modal logistics got enhanced by the addition of 02 Automobile Trains under the Indian Railways AFTO scheme to carry completely built automobiles seamlessly. A marked emphasis by the Government on infrastructure augurs well for the company in the future. At TCI, as we continue to add value to our customers we are thankful to all the stakeholders for their continuing trust & support," he added.
Shares of Transport Corporation of India rose 0.33% to Rs 226.95 on BSE.
Transport Corporation of India (TCI) is an integrated supply chain and logistics solutions provider. The company's segments include freight division, supply chain solutions division, seaways division, energy division and global division. It offers multimodal transportation solutions.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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