TCI Express (TCIEXP) Q4 15/16 earnings summary

Executive summary

• FY2015-16 recorded a net loss of ₹140,877 versus net profit of ₹2,891 in FY2014-15; reported income was ₹25,416, before the XPS division transfer took effect from March 31, 2016.

• The XPS express distribution business transferred from Transport Corporation of India Limited under a court-approved scheme, establishing a nationwide door-to-door express logistics platform.

Financial highlights

• Total income was ₹25,416 versus ₹15,602 YoY; expenses were ₹165,924 versus ₹11,418.

• Loss before tax was ₹140,508 versus profit before tax of ₹4,184; net loss was ₹140,877 versus net profit of ₹2,891.

• Basic and diluted EPS were both -₹0.00 versus ₹0.06 in FY2014-15.

Outlook and guidance

• GST reforms were expected to reduce border delays and transit costs, improve delivery frequency and encourage a more efficient, operations-led logistics network.

• FY2017 demand was expected to benefit from a normal monsoon, higher public-sector wages and improved interest-rate transmission; private investment remained muted amid excess capacity and high leverage.