Prabhudas Lilladher's research report on TCI Express
TCI Express (TCIEXP) Q4FY24 cons revenues de-grew 2.8% YoY to Rs.3.2bn (PLe: Rs.3.2bn), driven by total volume of 2.58 lakh tonnes which was marginally higher by 0.7% YoY. Cons EBITDA de-grew 17% Rs.0.45bn. EBITDA margins were trimmed by 245bps YoY to 14.1% due to unfavourable fleet utilization (down 150bps to 83.5%) and higher employee expenses. Consolidated PBT/PAT declined by 18.4%/17.8% to Rs.0.42bn/0.32bn but showed marginal improvement QoQ (Rs0.41bn/0.32bn).
Outlook
The stock is currently trading at 32x/23x FY24/26E earnings. We maintain Buy rating with a TP of Rs 1410 based on 29x FY26E P/E multiple.
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