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ICICI Securities Report
TCI Express Ltd. reported higher than expected profit after tax on the back of better than expected margins.
Ebitda margins have again expanded approximately 200 basis points QoQ to reach 17.3% versus 12.8% YoY.
Volumes are still down 3% YoY while realisations are up only 0.8% YoY.
This is not akin to runaway price hikes that we see in air-express as belly cargo stays off the curb.
Margin salience in road express has been more driven by -1. cost control 2. asset light nature of business and better bargaining power over truckers as rail keeps on pressurizing road freight.
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