Sharekhan's research report on TCI Express
Earnings slightly missed the mark in Q1FY2024 as certain end-user industries gets hit by lower demand. OPMs inched up y-o-y despite a challenging environment. Company lowered revenue growth guidance for FY2024 to 12-14% as it focuses on profitable growth. It largely retained its FY2025 revenue target of over Rs. 1750 crore. Capex plan of Rs. 500 crore over FY2023-FY2028 stays intact towards investment in sorting centres and automation.
Outlook
We retain a Buy on TCI with a revised price target (PT) of Rs. 1,900 led by a marginal downward revision in earnings and valuation multiples to factor in near term growth sluggish in the logistics sector.
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