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ICICI Securities Report
TCI Express Ltd. reported higher than expected Ebitda and profit after tax on the back of better than expected margins.
Ebitda margins have again expanded ~260 basis points QoQ/960 basis points YoY to reach 19.6%.
Q4 FY21 volumes were up 15% YoY, while blended realisations including the pass-through for diesel price hike was 2.3%.
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:
- cost control
- asset light nature of business and better bargaining power over truckers as rail keeps on pressurizing road freight.
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