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ICICI Securities Report
TCI Express Ltd. posted its all-time high quarterly revenues at Rs 3.1 billion (up 13% YoY) primarily on better volumes. Key points:
Volumes at 247 thousand tonne were up 9.8% YoY as all segments (more so automotive and retail), performed well;
EBITDA margin expanded to 16.6% (Q1 FY23: 14.7%) on higher capacity utilisation and cost-efficiencies; and
22 new branches were opened in H1 FY23 with another 50 expected in H2 FY23.
Going ahead, TCI Express' management reiterated its target of scaling more than Rs 20 billion in revenues and 20% EBITDA margin by FY25, which would be double its FY22 revenues and three times FY22 profit after tax.
Besides, the company's focus on automating its sorting centres to extend cost-efficiencies across the value chain, is likely to aid margins, which we estimate to grow by 100 bps per annum.
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