News: TCI's revenues grew 20% YoY to Rs.737 crore. Seaways segment reported strong growth YoY (up 44% YoY), followed by the freight division (up 22% YoY) and SCM division (up 9% YoY). EBITDA margins expanded 378 bps YoY to 13.4%, mainly due to higher gross margins (22.2% vs 18.7% in Q2FY21). The resultant EBITDA grew 68% YoY to Rs. 99 crore. Further, PAT more than doubled YoY to Rs.68 crore, mainly due to higher operational performance.
Views: The numbers were above I-direct estimates on profitability front. Seaways posted 35.8% EBIT margins (previously 20-25%) and the segment now contributes 60% to consolidated EBIT numbers. The management sees upward swing for 3PL and warehousing services as customers re-examine their supply chains, in response to the emerging customer buying patterns.
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