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    TCI Express: Best to remain on the sidelines

    While we expect a sequential improvement for TCI Express in the coming quarters, the path to recovery could be painful due to external factors

    Sachin Pal
    August 27, 2020 / 10:29 AM IST
    TCI Express: Best to remain on the sidelines

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Third-party express logistics service provider TCI Express (TCIX) has had a rough start to FY21. Operating results for the June quarter were weak because of the pandemic-led closures as well as labour disruptions. While we anticipate a sequential improvement in the coming quarters, the path to recovery could be painful due to external factors. Quarterly result highlights In Q1 FY21, TCIX reported a 65 per cent year-on-year (YoY) decline in revenues to Rs 89 crore owing to a steep decline in volumes....

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