TMILL records sharp rise in net profit
While the income during 2014-15 has gone down (851.19 Crs as against 1096.38 Crs in 2013-14), the logistics joint venture of Tata Steel, NYK and Martrade, posted a Profits before tax of Rs 62.15 crore during the fiscal compared to Rs 46.86 crore during 2013-14, registering a rise of 33%.
“Global markets and trade flows faced volatility during the year but the diverse business portfolio of TMILL group comprising of port operations, shipping, freight forwarding, warehousing, ship agency and tugging were able to ensure growth for the company,” Sandipan Chakravortty, Chairman, TMILL said.
“TMILL had been quick in its response to the changed business environment impacting steel raw material trade flows and rising import demand which was reflected in the port operations of the company handling 11.26 million ton of port cargo during 2014-15 compared to 5.58 million ton in the previous year,” Chakravortty added.
Elaborating on strategic project initiatives of TMILL, Managing Director, R N Murthy said, “We are very excited about running our own trains through participation in Indian Railways’ Special Freight Train Operators (SFTO) Scheme.”
“The scheme offers us vast opportunities to expand our freight logistic business in association with Indian Railways,” Murthy said.
He said that TMILL was exploring opportunities to kick-start operations of private trains for carrying steel coils for Tata Steel under the SFTO Scheme.
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