TCI Q2: Strong automotive sector, festive season to boost growth in H2, says MD Vineet Agarwal

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Transport Corporation of India reported a 20% rise in its consolidated net profit to ₹87.8 crore in the September quarter of FY24. The company earned a profit of ₹73 crore in the September quarter of the previous financial year. Its consolidated revenue jumped by 7 percent at ₹1,005 crore, the company said in an exchange filing.

Also Read: Mamaearth IPO closes with lukewarm response on day 1; issue subscribed 13% During the second half of current financial year, TCI is expected to witness robust growth led by strong automotive sector and festival season demand, said Vineet Agarwal, Managing Director of TCI. Its standalone profit increased by 17.3 percent to ₹65.8 crore from ₹56.1 crore. Transport Corporation of India will perform well in the second half of FY 23-24, due to strong automotive sector and festival season demand.

Also Read: Transteel Seating Technologies IPO Day 2: Issue subscribed 3.4% so far; retail portion booked 5.8x In an exclusive conversation with Mint, Vineet Agarwal said that the company’s performance was affected by factors like the onset of monsoon season during the April-September period of FY 23-24. However, TCI's supply chain business is expected to get good traction in the upcoming quarter. “The next half of the year will be better.

We have a guidance of 10-15% on a top line and about 10-15% on a bottom line, which we would be able to achieve," said the Managing Director of Transport Corporation of India. Also Read: Cautious of headwinds to domestic demand; inflation to average 5.7% in 2023, says Aurodeep Nandi of Nomura The company works in a range of segments. Its freight, supply chain solutions, and cargo business are expected to get good traction in the year ahead.