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TCI Express - Q1FY21 First Cut - ICICI Securities
Posted On : 2020-07-25 11:07:10( TIMEZONE : IST )
(CMP: Rs. 688; MCap: Rs. 2643 crore)
TCI Express revenues were below I-direct estimates, however it performed better than our expectation on the profitability front owing to reduction in certain fixed costs. TCI Express reported significant decline in revenues and profitability on account of low level of operations owing to the lockdown in the months of April and May. Though there was a gradual pick up in June revenues, however the loss of revenues in April/May negatively impacted the overall performance for Q1FY21.
Q1FY21 Earnings Summary
- Revenues for Q1FY21 de-grew 65% YoY to Rs. 89 crore (I-direct estimate: Rs. 102 crore) owing to the lock down in months of April / May due to Covid-19 pandemic
- EBITDA margins declined 930 bps YoY to 2.3%, which was better than our expectation of loss at EBITDA level. EBITDA for the quarter de-grew 93% YoY to Rs. 2 crore (I-direct estimate: loss of Rs. 8 crore). The Company has been able to lower the fixed cost by negotiating with lessors of its branch premises across India to reduce/waive the rent for the month of April which aided in reducing the fixed cost burden to an extent.
- Subsequently, net profit declined 95% YoY to Rs. 0.9 crore (I-direct estimate: net loss of Rs. 10 crore).
- June and July have seen a good recovery and number of e-way bill generated, which is an indicator of road freight transportation activity has reached ~ 80% of pre-Covid level. TCI Express continues to remain a technology led low leverage, asset light model, which would help it weather the crisis better than other heavy asset owners and levered players.
We will be coming out with a detailed report post the conference call.
Shares of TCI Express Ltd was last trading in BSE at Rs.688 as compared to the previous close of Rs. 679.2. The total number of shares traded during the day was 2517 in over 357 trades.
The stock hit an intraday high of Rs. 693.3 and intraday low of 671.65. The net turnover during the day was Rs. 1706701.
