News: TCI Express' revenues grew 9% YoY to Rs 326 crore and PAT grew 7% YoY to Rs 39 crore (QoQ growth of 20%). EBITDA margins contracted 24 bps YoY to 16.6% (Q3FY23: 14.7%) but was higher than I-direct estimate of 16% mainly due to higher gross margins (32.8% vs. estimated 31.5%). Absolute EBITDA grew 8% to Rs 54 crore (QoQ increase of 18%).
Views: The numbers were higher than I-direct estimates on the profitability front. Revenue growth was driven by strong demand from MSME and corporate segment as well as higher utilisation in newly developed sorting centre facilities. As per earlier guidance, TCIEL is aiming for revenue growth of 18-20% annually with margin in range of 17-19% over the next two years.
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