TCI Express (TCIEXP) Q4 19/20 earnings summary

Executive summary

• FY20 revenue from operations was ₹1,031.96 crore, up 0.8% YoY; PAT rose 22.3% to ₹89.08 crore despite a weak economy and COVID-19 disruption in March 2020.

• Profitability and cash generation remained resilient: EBITDA was ₹125.67 crore, cash flow from operations ₹80.78 crore, and year-end debt-equity ratio 0.01x.

Financial highlights

• Operating revenue increased 1.0% to ₹1,031.96 crore from ₹1,023.79 crore; total income rose 0.91% to ₹1,036.33 crore.

• PBT grew 4.57% to ₹116.98 crore; PAT increased 22.30% to ₹89.08 crore, while tax expense fell to ₹27.90 crore from ₹39.03 crore.

• EBITDA, including other income, was ₹125.67 crore, up 2.86% YoY; EBITDA margin was 12.13% versus 11.90%.

• Operating cash flow rose to ₹80.78 crore from ₹77.54 crore; reported capex was ₹32 crore, funded from internal accruals.

Outlook and guidance

• FY21 plans emphasized technology adoption, vendor partnerships, SME customer growth and continued investment in sorting-centre automation and efficiency.

• New Gurgaon and Pune sorting centres, adding 3.5 lakh sq. ft. in total, were expected to begin commercial operations in Q3 FY21.

• COVID-19 was expected to affect performance at least through Q1 FY21; management also said it would monitor pandemic developments and future revenue uncertainty.