TCI Express (TCIEXP) Q4 21/22 earnings summary

Executive summary

• FY22 total income rose 27.95% YoY to ₹1,089.64 crore; PAT increased 28.07% to ₹128.84 crore despite pandemic disruptions and higher fuel prices.

• Asset-light operations, network expansion and automation supported growth; management highlighted a strong outlook for FY23 and beyond.

• 95% on-time delivery, 900+ branches and 50,000 delivery locations underpin the express logistics network.

Financial highlights

• Revenue from operations was ₹1,081.47 crore, up 28.14% YoY; total income was ₹1,089.64 crore, up 27.95%.

• EBITDA reached ₹182.90 crore, up 28.83%; PAT was ₹128.84 crore, up 28.07%, and EPS was ₹33.48, up 27.84%.

• Operating expenses rose to ₹732.97 crore from ₹566.73 crore; employee costs were ₹109.94 crore and other expenses ₹63.83 crore.

• Cash and cash equivalents were ₹15.74 crore at year-end, versus ₹9.16 crore; current investments were ₹87.00 crore, versus ₹58.71 crore.

Outlook and guidance

• Management targeted annual revenue growth of 18–20% and revenue above ₹2,000 crore, supported by customer and branch expansion.

• Planned capital expenditure of ₹500 crore over five years for sorting centres, automation and technology capabilities.

• Pharma Cold Chain, C2C and Rail Express were expected to contribute significantly by FY25; the stated strategy aims to double revenue every four years.

• Management remained positive on FY23 and beyond, citing India's economic potential, infrastructure investment and rising demand for faster delivery.