Sharekhan's research report on TCI Express
TCI Express Limited (TCI) reported better-than-expected standalone net profit for Q4FY2023 led by OPM beat. Higher utilisation and demand from both corporate and SME customers drew improved profitability. The company targets a 17-18% y-o-y revenue growth for FY2024 led by 15% y-o-y volume growth guidance while it expects 100bps y-o-y expansion in OPM. Capex plan of Rs. 500 crore during FY2023-FY2028 would majorly be invested in sorting centres and automation. High aspirations in newly ventured Rail and C2C businesses.
Outlook
We retain a Buy on TCI with an unchanged PT of Rs. 2,070, considering favourable risk-reward and high earnings growth trajectory over the next two years.
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