The current economic slowdown has also begun to impact the financial performance of leading logistics players in the country. The first half results of Transport Corporation of India (TCI) is probably a proof of that wherein the company has reported a small revenue growth of 3.1 pecent at the end of first half of the current fiscal.
The company earned Rs 1,256 crore during the first six months as against Rs 1,218 crore in the corresponding period last year. Commenting on the results, Vineet Agarwal, Managing Director, TCI said, “The Indian economy has been facing a slowdown due to multiple complex factors leading to sluggish demand with major impact in the Automobiles industry. Despite overall economic challenges, we continued to sustain our performance due to continued focus on strengthening our business fundamentals.”
Meanwhile, the company has recently acquired and launched “TCI Anand”, a new ship of 28,000 DWT with an investment of $6.5 million to bolster its presence in the West-South coast of India. The company now has 7 ships plying on both coasts of the country for container traffic creating a formidable multi modal logistics network.