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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