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Motilal Oswal Report
Transport Corporation of India Ltd. reported a revenue of ~Rs 9 billion in Q1 FY23 (up 30% YoY, but flat QoQ), 5% above our estimate. Strong growth was seen across freight, supply chain, and the seaways segment.
Ebitda margin stood healthy at 11.5%, up 60 basis points YoY, but down 180 bps QoQ. The same remains robust, led by the strong margin generated in the seaways segment.
Strong operating performance saw profit after tax grow 66% YoY to Rs 777 million (13% above our estimate).
TCI's margin performance is likely to continue ahead as marine freight rates are expected to remain elevated and the high margin return cargo from Myanmar is expected to continue in the near to medium term. It expects to acquire a new ship by the end of FY23.
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