TCI Express (TCIEXP) Q4 18/19 earnings summary

Executive summary

• FY19 revenue from operations rose 15.67% to ₹1,023.79 crore; PAT increased 24.75% to ₹72.84 crore, with strong organic growth across business areas.

• Growth was attributed to higher operating efficiency and scale; operations covered 708 districts through 700 branches and 28 sorting centres.

Financial highlights

• Total income increased 15.76% to ₹1,026.98 crore from ₹887.16 crore in FY18; revenue from operations was ₹1,023.79 crore, up 15.67%.

• EBITDA reached ₹122.19 crore, up 31.77%; EBITDA margin was 11.90%, up 145 bps YoY.

• PBT rose 33.57% to ₹111.87 crore; PAT increased 24.75% to ₹72.84 crore, and EPS was ₹19.02.

• Operating cash flow was ₹77.54 crore versus ₹73.87 crore in FY18; year-end cash and cash equivalents were ₹17.10 crore.

Outlook and guidance

• Plans target doubling sorting-centre capacity over 4–5 years, automating centres within 3–4 years, and expanding the branch network to ~1,000.

• Expansion is planned without additional debt or equity dilution; growth focus includes e-commerce, automotive, pharmaceuticals and SMEs.

• Express logistics industry growth was projected at 9%–11% annually, supported by infrastructure, rising purchasing power and e-commerce.