TCI Express Ltd share Price Today

Transportation-Logistics company TCI Express announced Q2FY24 & H1FY24 results:

1. Business Performance:
- TCI Express achieved consistent revenue growth and improved margins in Q2FY24.
- The company reported a revenue of Rs 322 crore, up by 5.0% QoQ and 3.1% YoY.
- EBITDA of Rs 52 crore and Net Profit of Rs 36 crore were recorded, with improved margins of 16.2% and 11.1% respectively.

2. Key Highlights:
- TCI Express experienced strong growth and margin improvements driven by the execution and acceleration of automation and steady demand from the MSME sector.
- The capacity utilization during the quarter was at ~84%.
- The company added 12 new branches during H1FY24, deepening its presence in key business geographies.
- TCI Express has received various awards and recognitions, including being recognized as the Most Trusted Brand of India 2023 and received the LEED Gold certification for its Tajnagar sorting centre.

3. Strategy and Outlook:
- TCI Express plans to continue its focus on balanced growth and revenue quality, expanding margins, and ensuring sustainable returns on capital.
- The company aims to expand its service offerings, including Rail Express, Pharma Cold Chain Express, and C2C Express, which are expected to contribute to higher margin levels.
- TCI Express remains optimistic about the industry's potential and is well-positioned to capitalize on the growth opportunities in the Indian economy and the evolving logistics landscape.

4. Sustainability:
- TCI Express is committed to sustainability and has been recognized as a Sustainable Organization by the Economics Times for adopting sustainable practices and promoting environmental consciousness.
- The company has implemented various initiatives for water conservation, renewable energy generation, emission reduction, and social welfare programs.
- TCI Express has also received certifications such as LEED Gold for its sorting centers and GEM 5 certification for its sustainable warehouse and logistics hub.

Commenting on the performance, Chander Agarwal, Managing Director, said, “Despite the delay in the festive season, we are delighted to announce that TCI Express delivered another quarter of consistent performance with Improved sequential margins. The growth and margin improvements during the period were primarily driven by the execution and acceleration of automation and steady demand from the MSME sector which has witnessed a strong uptick in the last few quarters.

In line with our reflection on performance and shareholder-friendly capital allocation policy, the Board of Directors has recommended an interim dividend of Rs 3 per share with a pay-out of 150% on the face value, reaffirming our commitment to delivering value to our shareholders.

Coming to the business update, I am pleased to announce the appointment of Mr. Hemant Srivastava as Chief Operating Officer of Express Businesses (Non-Surface) of TCI Express. With a distinguished career spanning two decades at the TCI Group, he has undertaken diverse and impactful roles in finance and management, including positions as Zonal Manager and Regional Express Manager. Under his capable and experienced leadership, Mr. Srivastava will head an independent team, responsible for overseeing Express Businesses (Non-Surface) including newly launched business verticals, ushering into a new era of innovation and excellence within TCI Express."

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