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TCI Express Q1 FY23 Result Updates.

TCI Express Q1 FY23 Result Updates. The continued uptick in economic activity boosts revenue.

 

TCI Express Q1 FY23 Result Updates.

The continued uptick in economic activity boosts revenue.

 

TCI Express reported a net profit of Rs. 31.01 crores, up by 30% YoY from Rs. 23.76 crores.  PAT Margin at 10.6% remained flat. However, the net profit slipped by 13% QoQ from Rs. 35.93 crores.

TCI Express recorded another quarter of strong performance with Revenue of Rs. 292 crores, a growth of 30% on year on year basis from Rs. 292 crores. This growth was led by a continued uptick in economic activity and a pick up in Industrial production which was subdued in the comparative period due to the second wave of Covid-19. In addition, the demand was well supported by growth in our both Corporate and SME customers which contributes equally to the total revenues. Sequentially, the total income fell from 300.28 crores, down by 2.63%. Expenses increased to Rs 251.27 crore as compared to Rs 193.18 crore earlier.

 

Employee cost to impact margins.

 

The earnings before interest, tax, depreciation, and amortization (EBITDA) b grew by 32.6% YoY to Rs. 44.7 crores from Rs. 33.7 crores with margins remaining strong at 15.3% compared to 15.0% in Q1 FY22. The inflationary environment continues to impact margins however, the company was able to maintain stable margins due to higher capacity utilization of 84.5% in Q1 FY23 and has been able to pass through certain costs and its impact will be visible in the coming quarters. On a QoQ basis, the EBITDA declined by 14.5% from Rs. 52.3 crores. TCI Express continues to maintain a strong CFO to EBITDA ratio of 77.5% and generated Rs. 35 Crores of cash flow from operations during the quarter. The margins were slightly lower compared to the previous quarter due to an increase in employee cost as the company is building a team for our newly launched services.

The profit before tax stood at Rs. 41.1 crores, up by 31% YoY and down by 15.9% QoQ. The PBT margin for the quarter is 14.1% compared to 14% in Q1 FY22 and 16.3% in the previous quarter.

 

Capex of Rs. 33 Crores incurred during Q1 FY2023 primarily towards the land purchase in Kolkata for setting up an automated sorting center. 10 new branches were opened during Q1 FY2023 in the metro cities primarily in the North and West region to deepen TCI Express presence in key business geographies. Gurgaon sorting center started its operations in March 2022 and in June 2022, it processed around 18% of total volumes.

The shares of TCI Express Ltd are currently trading at Rs. 1,757, down by 1.47%.

 

Valuations:

 

The return on equity (ROE) is 26.6% for the quarter ended June 2022. The price to earning (P/E) ratio stood at 49.4. The return on capital employed (ROCE) for the company is 35.5% . The price to book value of  TCI Express is 12.6. The EV/EBITDA is 34.6.

 

 

 

 

 

 

 

 

 

 

 

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