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Motilal Oswal Report
Transport Corporation of India Ltd. benefits from a diverse customer base, mitigating the risks associated with over-reliance on specific clients or industries.
The improving share of less than truck load services within the road freight division is a positive sign for TCI. LTL services generally offer higher margins and can contribute significantly to the company's overall profitability.
The management's plans to expand capacity in the seaways division will further support growth prospects.
We expect TCI to achieve compound annual growth rate of 15%/16%/16% in revenue/Ebitda/profit after tax over FY23-FY25.
We reiterate our 'Buy' rating on the stock with a target price of Rs 850, based on 15 times FY25 earnings per share.
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