ICICI Securities: TCI Express Continues To Exhibit Pricing Power
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ICICI Securities Report
TCI Express Ltd. has reported an in-line operational performance in Q2 FY21 with Ebitda of Rs 326 million.
Topline was down approximately 21% YoY, due to ~23.5% decline in volumes and ~3% increase in realisations.
The flexibility of the asset-light operational model comes to the forefront, with gross margin at ~32% (up 356 basis points YoY).
Further Ebitda margin increased 400 basis points YoY as the company could reduce other expenses by ~30% YoY.
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