TCI Express’ (TCIE) Q1FY24 EBITDA performance missed our and street’s estimates by 3% and 12%, respectively. Key points: 1) EBITDA margin recovered by 50bps YoY due to a combination of sorting centre efficiencies, price hike and better fill factor; 2) volume was up 4.3% YoY despite a challenging macro environment; 3) revenue share of other services rose to 17% (Q1FY23: 15%); and 4) focus remains on pursuing profitability than just growth.