TCI Express Ltd. share price target

In spite of competition from rivals like Blue Dart, Gati and Rivigo, TCI Express has been consistently clocking double digit growth (15%+). Revenue growth has been driven by volume growth and increased business from addition of new customers. EBITDA margin for FY19 improved 140 bps to 11.6% owing to higher capacity utilisation and operational efficiency. Overall, the company has guided for | 400 crore capex spend in five years, which would be utilised to expand its reach in Tier 2, 3 cities (hub & spoke model - reach 1000 offices count), open newer sorting centres (currently 28...

India's US$ 160bn logistics industry is amidst a much-needed transformation led by (1) structural reforms (GST, e-way bill) and the government's infrastructure thrust (DFC, Sagarmala), (2) the emergence of new-age, service-oriented businesses versus asset-heavy models, and (3) growing formalisation of the sector, propelling organised players to the fore. We prefer the emerging 3PL and express segments for long-term value creation. Among stocks, MLL, FSCSL, and TCIEXP...

EBITDA margins increased 135 bps to 11% mainly due to lower than estimated operating expense to sales ratio (74.1% vs. 75.2% in Q2FY18). Robust revenue growth coupled with margin expansion resulted in absolute EBITDA growth of 38% YoY to | 27 crore Reported PAT grew 25% YoY to | 16 crore, in line with I-direct...

ICICI Securities Ltd | Retail Equity Research Revenues grew 23% YoY to | 249 crore (I-direct estimate: | 233 crore) Decline in operating expenses to sales ratio to the extent of 256 bps mainly led to resultant EBITDA margins expansion by 220 bps YoY to 11.4% (I-direct estimate: 10.5%). Robust revenue growth coupled with margin expansion resulted in absolute EBITDA growth of 53% YoY to | 28 crore (I-direct estimate: | 25 crore Reported PAT grew 50% YoY to | 18 crore (I-direct estimate: | 16...

Transport Corporation of India Ltd (TCI) is one of the largest integrated players in the organized logistics industry, providing Freight, supply chain, warehousing solutions and shipping services. It offers logistics solutions for B2B and B2C clients. Hero Motocorp, Maruti Suzuki India, Dr Reddy's Laboratories, BHEL, Cummins India, ITC, Bata India, Flipkart, Snapdeal are some of the key clients of TCI Express. TCI Express Ltd has laid out plans for ` 400 crore expansion over the next five years to modernize its existing 28 sorting centres across the country and scale up the IT network . The investment, funded through internal accruals, will scale up the company's revenues to ` 4,000 crore in the next five years from the ` 754 crore in 2016-17 . Post expansion, the company looks at about 20 million square feet of space at its sorting centres against the current 100,000-125,000 sqft....

ICICI Securities Ltd | Retail Equity Research Revenues grew by 22% YoY (up 12% QoQ) to | 229 crore. The management believes that the robust growth was on the back of...