TCI Express Q3 Results Review - Weak Operating Performance: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.TCI Express Ltd.’s Q3 FY24 revenues stood flat YoY at ~Rs 3.1 billion (8% below our estimate). The volumes were adversely impacted by the weak macroeconomic environment, muted festive demand, and the long holiday season during the quarter. Volumes in Q3 FY24 stood at 0.25 million tonnes (-1% YoY), while realisation stood at Rs 12,474 per ton (flat YoY and down 2% QoQ). Ebitda for the quarter stood at Rs 456 million with a margin of 14.6% (versus our estimate of 16.3%). Margins were adversely impacted by lower volumes handled. Profit after tax stood at Rs 356 million (versus our estimate of Rs 391 million). During nine month FY24, revenue stood at Rs 9.4 billion (up 2% YoY); Ebitda stood at Rs 1.4 billion (up 1% YoY); Ebitda margin stood at 15.2% (flat YoY); and adjusted PAT stood at Rs 1 billion (flat YoY). TCI Express handled 0.74 million tonnes of volumes in nine months FY24 (down 3% YoY). The company generated cash flow from operation of Rs 750 million in nine month FY24 with CFO-to-Ebitda ratio at 51%..We reiterate our 'Buy' rating with a revised target price of Rs 1,450 (based on 30 times FY26E earning per share)..Click on the attachment to read the full report:.Coal India Q3 Profit Rises, Steel Authority Of India Revenue Down — Earnings Wrap.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

TCI Express Q3 Results Review - Weak Operating Performance: Motilal Oswal

TCI Express aims to achieve an annual margin expansion of 50 basis points in Q4 FY24. Utilisation is expected to remain above 85%.

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