TCI Express (TCIEXP) Q4 20/21 earnings summary

Executive summary

• FY21 navigated pandemic disruption: after a lockdown-hit Q1, operations recovered sequentially and exceeded pre-COVID levels in Q4 YoY; full-year PAT reached a record ₹100.60 crore.

• An asset-light model, cost rationalization, capacity utilization and technology investment supported stronger profitability despite lower revenue.

Financial highlights

• Total income was ₹851.64 crore vs ₹1,036.33 crore in FY20; revenue from operations was ₹843.99 crore vs ₹1,031.96 crore.

• EBITDA was ₹141.97 crore, up 13.0% YoY; PAT was ₹100.60 crore, up 12.93% YoY.

• Operating cash flow rose to ₹118.85 crore from ₹81.63 crore; cash profit increased to ₹109.57 crore from ₹96.87 crore.

Outlook and guidance

• FY22 outlook was positive on recovery, manufacturing growth, infrastructure investment and rising logistics demand, while pandemic waves and the pace of recovery remained uncertain.

• Gurgaon’s 2 lakh sq. ft. sorting centre was near completion and expected to become operational by end-2021; automation was planned, building on Pune’s June 2021 start-up.

• Growth priorities included increasing network reach, maintaining high capacity utilization and expanding Cold Chain Express and C2C services.