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Motilal Oswal Report
Transport Corporation of India Ltd. reported an in line revenue of ~Rs 9.3 billion in Q2 FY23 (up 13% YoY). The same in the freight/supply chain division grew 14%/26% YoY. However, the high margin seaways segment reported a decline of ~8% YoY.
TCI's Ebitda margin fell 240 basis points YoY to 10.3% (estimate: 12.2%). The seaways division recorded a contraction in Ebit margin, which fell to 24.5% in Q2 FY23 (versus 35.8% in Q2 FY22).
Lower volumes and freight rates impacted revenue and margin in the seaways segment. Profit after tax declined by ~4% YoY to Rs 723 million (12% below our estimate).
Revenue grew 21% YoY to Rs 18.4 billion in H1 FY23. Ebitda margin stood at 10.9% (versus 11.8% in H1 FY22). Adjusted profit after tax grew 23% YoY to Rs 1.5 billion.
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