TCI Express (TCIEXP) Q4 16/17 earnings summary

Executive summary

• FY17 net revenue rose 14% to ₹755.24 crore; EBITDA was ₹67.63 crore and PAT increased 44% to ₹40.71 crore, driven primarily by internal efforts and positive economic sentiment.

• Results are not comparable with FY16 because the XPS division demerger became effective from August 11, 2016, with an appointed date of March 31, 2016.

Financial highlights

• Total income was ₹755.24 crore, including ₹753.87 crore of operating revenue; PBT was ₹61.44 crore and PAT ₹40.71 crore.

• EBITDA reached ₹67.63 crore versus ₹54.56 crore in FY16; the annual report’s ratio table reports net profit growth of 44%.

• Basic and diluted EPS were ₹10.63 per share; finance costs were ₹1.87 crore and depreciation and amortisation ₹4.31 crore.

Outlook and guidance

• Express transportation sector growth was forecast at 12–14%, supported by GDP recovery, transport infrastructure, e-commerce and government initiatives.

• Management expected GST, infrastructure investment and rising logistics demand to support business; GDP growth was forecast at 6.75–7.50% for FY18.

• Surface-road infrastructure investment was viewed as supportive, given surface express contributed 86% of revenue.