TCI Express (TCIEXP) Q4 22/23 earnings summary

Executive summary

• FY23 revenue reached a record ₹1,241.01 crore, up 14.75% YoY; PAT rose 8.10% to ₹139.28 crore, while EBITDA growth lagged revenue amid inflationary pressure.

• Growth initiatives centered on expanding branches, automation and newer services, supported by an asset-light model and a debt-light balance sheet.

Financial highlights

• Total income rose 14.55% to ₹1,248.18 crore; operating revenue increased from ₹1,081.47 crore to ₹1,241.01 crore.

• EBITDA including other income grew 10.25% to ₹201.65 crore; EBITDA margin was 16.16% vs. 16.79% YoY.

• PBT increased 7.28% to ₹184.53 crore; PAT grew 8.10% to ₹139.28 crore, with PAT margin at 11.16% vs. 11.82%.

• Cash profit rose 11.36% to ₹157.70 crore; EPS increased 8.24% to ₹36.24.

• Cash flow from operations was ₹146.81 crore; cash and cash equivalents closed at ₹13.49 crore.

Outlook and guidance

• Management targets annual revenue growth of 18–20% and aims to exceed ₹2,000 crore, supported by client growth, branch expansion and more sorting centres.

• Planned capex is ₹500 crore over five years for sorting centres, automation and technology; expansion and automation are expected to support revenue growth.

• FY24 priorities include growth through the asset-light model, footprint expansion, automation, digitisation and sustainability initiatives.