Logistics services provider TCI Express on Tuesday reported a 31.5 percent rise in net profit to Rs 33.61 crore for the quarter ended December 31, 2020.
The company had posted a net profit of Rs 25.54 crore in the corresponding quarter of the previous financial year, TCI Express said in a BSE filing.
However, its total income from operations during October-December 2020 marginally dropped to Rs 264.16 crore, over Rs 269.24 crore in the year-ago period.
The company said the quarter under review was a mixed one which saw a pick-up in demand due to festive season but after recovery in October, core industries deteriorated in November.
The firm said improved profitability due to cost rationalisation measures is expected to continue going forward.
TCI Express Managing Director Chander Agarwal said, "Third quarter of the fiscal year was a mixed quarter. The period saw sequential growth momentum, as the economy normalised, businesses started reaching near-normal levels, and demand picked up during the festive season.”
He added that the December 2020 quarter started with a good pick-up in demand but subsequently, core industries saw contraction in production during November.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
