TCIEXPRESS Announces Highest-Ever evenue in Q4 FY23

Highlights

  • Q4 revenue of Rs. 326 crores, up 3.8% from last quarter
  • FY23 full-year revenue of Rs.1,241 crores, up 15% from a year ago
  • Recommended dividend of Rs. 2 per share in Q4 FY23 and Rs. 8 per share for FY23, representing a payout of 400% on face value

Performance Highlights: FY2023 vs. FY2022

  • Revenue from operations of Rs. 1,241 Crores, growth of 14.8% y-o-y
  • EBITDA of Rs. 202 Crores compared to Rs. 183 Crores
  • EBITDA Margin at 16.2% compared to 16.8%
  • PAT of Rs. 139 Crores compared to Rs. 129 Crores
  • PAT Margin remain strong at 11.2%

Performance Highlights: Q4 FY2023 vs. Q3 FY2023

  • Revenue from operations of Rs. 326 Crores, 3.8% of q-o-q growth
  • EBITDA of Rs. 56 Crores compared to Rs. 47 Crores
  • EBITDA margin at 17.0 % compared to 15.0%
  • PAT of Rs. 38 Crores compared to Rs. 32 Crores
  • PAT Margin at 11.7% compared to 10.1%

Other Key Highlights:

  • Announced quarterly Dividend of Rs. 2 per share, taking full-year FY23 dividend to Rs. 8 per share representing payout of 400% on the face value
  • Successfully completed the buyback of 234,275 share amounting ~Rs. 42.5 crores announced in Q4 FY22

TCI Express Ltd. the market leader in express distribution in India, today announces its highest-ever revenue for the fourth quarter ended March 31, 2023. This marks one of the most successful years in the history of the company despite macroeconomic challenges globally and inflationary pressure across the industry.
During Q4 FY23, TCI Express achieved its highest-ever revenue of Rs. 326 crores, registering a growth of 9.4% from the previous year and 3.8% from the last quarter. EBITDA for the quarter stood at Rs. 56 crores, representing a sequential growth of 17.8% with a strong margin of 17.0%. Profit after tax stood at Rs. 38 crores with a margin of 11.7%, up by 20% from the previous quarter. The growth was primarily driven by strong demand from the MSME and Corporate segment as well as higher utilisation in newly developed sorting centre facilities.

On a full-year basis, revenue from operations reached Rs. 1,241 crores, a growth of 14.8%. EBITDA grew by 10.2% to Rs. 202 crores with strong margins at 16.2%. Profit after tax grew by 8.1% to Rs. 139 crores with a margin of 11.2%. In light of the company’s stellar performance during the quarter, the Board of Directors has recommended a dividend of Rs. 2 per share, taking the full-year dividend to Rs. 8 per share representing a payout of 400% on face value for FY2023. In addition, TCIEXPRESS also successfully completed a share buyback of Rs. 42.5 crores announced in Q4 FY22. This is a testament to the company’s strong financial position and its commitment to rewarding shareholders for their trust and support.

Commenting on the performance, Mr. Chander Agarwal, Managing Director of TCIEXPRESS, said: “FY2023 has been a year of growth acceleration for TCIEXPRESS. Despite macroeconomic challenges and inflationary trends across the industry, we take pride in consistently outperforming the industry with double-digit revenue growth and profit margins. This accomplishment can be attributed to our strong asset-light business model, efficient operations, and cost-effective measures, including the automation of sorting centres.
During FY2023, TCIEXPRESS incurred a capex of Rs125 crores, primarily for the purchase of land in Kolkata and Ahmedabad for setting up new automated sorting centres; new corporate office in Gurgaon; and for network expansion by adding 35 new branches to penetrate deeper in the key growing markets in West and South region to cater to growing market demand. Among the company’s newly launched services, the Rail Express offering has been gaining good traction from customers, with customer base having expanded from 250 to 2,200 and presence from 10 routes to 125 routes since its inception. These new service offerings are expected to contribute positively to TCIEXPRESS’s top line in the forthcoming quarters, enabling the company to achieve higher margin levels with sustainable growth

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