TCI Express (TCIEXP) Q4 23/24 earnings summary

Executive summary

• FY24 revenue grew modestly amid subdued demand and elevated sector inventory; stable gross margins and capacity utilisation helped sustain profitability.

• Automation, network expansion and multimodal services remain central to efficiency and growth plans.

Financial highlights

• Total income was ₹1,260.97 crore, up 1.0% YoY; operating revenue was ₹1,253.82 crore, up 1.03%.

• EBITDA was ₹194.40 crore, down 3.6% YoY; EBITDA margin was 15.42% vs. 16.16%.

• PAT was ₹131.69 crore, down 5.45% YoY; PAT margin was 10.44% vs. 11.16%, and EPS was ₹34.36 vs. ₹36.24.

• CFO was ₹135.84 crore vs. ₹146.81 crore; reported cash conversion ratio was 69.88% vs. 72.90%.

Outlook and guidance

• Targeted annual revenue growth is 12–16%, with a stated ambition to exceed ₹2,000 crore in revenue.

• Planned five-year capex of ₹500 crore will support sorting centres, automation and technology capabilities.

• Similar automated sorting systems are planned for Kolkata and Ahmedabad; multimodal air and rail capabilities and international networks are also priorities.