Leading Indian integrated logistics firm TCI has disclosed its Q1 FY24 financial results, recording a consolidated net profit of Rs. 83.2 crore, up 5.9% from the same period last year. The company’s income from operations during Q1 FY24 was Rs. 958.3 crore, reflecting a 5.5% YoY increase.
Notably, TCI saw substantial growth in its supply chain division, with revenues surging approximately 21.3% to Rs. 346 crore. However, its high-margin sea business declined by 19.3% in Q1 FY24, amounting to Rs. 117 crore. TCI’s freight division, its primary business segment, showed a modest 4.6% increase, reaching Rs. 393.6 crore, with seasonal factors playing a role.
The automotive industry made a significant contribution of around Rs. 1000 crore to TCI’s overall revenues of Rs. 3,800 crore in FY23.
Transystem Logistics International Pvt. Ltd. (TLI), a strategic joint venture between TCI and Mitsui, delivered impressive results within the automotive segment, reporting a remarkable 57.6% surge in revenues to Rs. 225.3 crore in Q1 FY24, with a net profit of Rs. 33 crore. TLI’s revenues in the previous fiscal year showed substantial growth, reaching Rs. 692 crore.
TLI offers comprehensive logistics solutions to Japanese automotive manufacturers and suppliers in India, including just-in-time production parts delivery, efficient warehousing, timely spare parts distribution for after-sales service, and CKD container transportation.