News: TCI's Q3FY22 revenues grew 6% YoY to Rs.759 crore. EBITDA margins expanded 353 bps YoY to 14.1%, and came above I-direct estimate of 13.2%, mainly due to higher gross margins (23.1% vs 19.5% in Q3FY21). The resultant EBITDA grew 42% YoY to Rs.107 crore. Further, PAT nearly doubled YoY to | 78 crore, mainly due to higher operational performance.
Views: The numbers were above I-direct estimates on all fronts. The company has again delivered highest ever EBITDA margins of 14.1% (beating previous best 13.4% in Q2FY22), led mainly by favourable product mix (seaways division grew higher than estimates). The company turned debt free in Q3 and has also declared a second interim dividend of Rs.2 per share.
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