TCI Express Ltd Q1FY22 net profit at Rs. 23.76 crores

TCI Express Ltd has reported financial results for the period ended June 30, 2021.

Financial Results (Q1 FY 2021-22) - QoQ Comparison

The company has reported total income of Rs.224.56 crores during the period ended June 30, 2021 as compared to Rs.282.86 crores during the period ended March 31, 2021.

The company has posted net profit / (loss) of Rs.23.76 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.42.57 crores for the period ended March 31, 2021.

The company has reported EPS of Rs.6.17 for the period ended June 30, 2021 as compared to Rs.11.06 for the period ended March 31, 2021.

Financials	Q1 FY2021-22	Q4 FY20-21	% Change
Total Income	₹ 224.56 crs	₹ 282.86 crs	-20.61%
Net Profit	₹ 23.76 crs	₹ 42.57 crs	-44.19%
EPS	₹ 6.17	₹ 11.06	-44.21%

Financial Results (Q1 FY 2021-22) - YoY Comparison

The company has reported total income of Rs.224.56 crores during the period ended June 30, 2021 as compared to Rs.90.21 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.23.76 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.0.92 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.6.17 for the period ended June 30, 2021 as compared to Rs.0.22 for the period ended June 30, 2020.

Financials	Q1 FY2021-22	Q1 FY2020-21	% Change
Total Income	₹ 224.56 crs	₹ 90.21 crs	148.93%
Net Profit	₹ 23.76 crs	₹ 0.92 crs	2482.61%
EPS	₹ 6.17	₹ 0.22	2704.55%

Commenting on the performance, Mr. Chander Agarwal, Managing Director, said: "Q1 FY2022 was clearly impacted by the second wave of the Covid-19 and timing difference in the state wise lockdown restrictions disrupted the inter-state movement of goods. The Index for Industrial Production registered a month on month decline and similarly the E-way bill generation declined by 33% on a sequential basis.

TCI Express team was better prepared to mitigate the pandemic impact on the business and as a result the Company delivered Revenue from Operations of Rs. 223 crores in Q1 FY2022, a resilient financial performance despite the challenging market conditions.

The Company also delivered a strong EBITDA of Rs. 34 crores while maintaining the EBITDA margins of 15.0%. As expected, EBITDA margins were down on a sequential basis primarily due to lower utilization levels of 83.5% as compared to 86.5% in Q4 FY2021 and increase in employee cost due to annual appraisal. Our Profit after Tax stood at 24 crores with margin of 10.6%.

During the quarter, we had received the required regulatory approvals for our 1.5 lakh sq. ft Pune sorting centre and it is now operational. It will also improve operational efficiency by ensuring faster and reliable service and support our branch expansion plans in the region. The company had incurred a capex of Rs. 16 crores towards the development of another 2 lakh sq. ft sorting centre in Gurgaon and remain committed and focused on making it operational within the next 6 months with full automation. We have also added 15 new branches during the quarter mainly in the North and West region to cater to the growing business demand from SME customers.

Our new offerings, the Cold Chain and C2C, although at the nascent stages have started to contribute to the topline. Furthermore, under our Cold Chain service, we have transported 50 lakh vaccines and 10,000+ oxygen concentrators during the quarter.

Sustainability is a core pillar of our long-term strategy and as an organization we remain committed to reduce our carbon footprint and use renewable sources of energy. With this in mind, I am pleased to announce that TCI Express has become the first logistics company in India to install solar panels on its sorting centre (Pune) and should be self sufficient to meet the energy requirements going forward.

Looking ahead, we saw a pick-up in economic activities from June onwards and remain cautiously optimistic for the upcoming quarters. TCI Express remains well positioned to capitalize on the growing opportunities with its asset light business model, value added service offerings and strong network of business partners and customers."

Shares of TCI Express Ltd was last trading in BSE at Rs. 1622 as compared to the previous close of Rs. 1541.5. The total number of shares traded during the day was 16199 in over 2295 trades.

The stock hit an intraday high of Rs. 1677.9 and intraday low of 1482.05. The net turnover during the day was Rs. 25750918.

Source : Equity Bulls

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