Gurugram, 22 May, 2019 TCI Express Ltd. (“TCI Express”), market leader in express distribution in India, today announced its financial results for the quarter and the financial year ended on March 31, 2019.
Performance Highlights: FY2019 vs. FY2018
- Revenue from operations of Rs. 1,024 Crores in FY2019 from Rs. 885 Crores in FY2018, growth of 15.7%
- EBITDA of Rs. 119 Crores in FY2019 from Rs. 91 Crores in FY2018, growth of 31.3%
- EBITDA margin at 11.6% in FY2019 compared to 10.2% in FY2018
- PAT of Rs. 73 Crores in FY2019 from Rs. 58 Crores in FY2018, growth of 24.7%
- PAT Margin at 7.1% in FY2019 compared to 6.6% in FY2018
- Repayment of Debt amounting to Rs 32.9 Crores in FY2019, Debt of Rs. 9 Crores at end of March 2019
Performance Highlights: Q4 FY2019 vs. Q4 FY2018
- Revenue from operations of Rs. 266 Crores in Q4 FY2019 from Rs. 249 Crores in Q4 FY2018, growth of 6.6%
- EBITDA of Rs. 34 Crores in Q4 FY2019 from Rs. 28 Crores in Q4 FY2018, growth of 18.9%
- EBITDA margin at 12.7% in Q4 FY2019 compared to 11.4% in Q4 FY2018
- PAT of Rs. 22 Crores in Q4 FY2019 from Rs. 18 Crores in Q4 FY2018, growth of 22.2%
- PAT Margin at 8.2% in Q4 FY2019 compared to 7.1% in Q4 FY2018
Commenting on the performance, Mr. Chander Agarwal, Managing Director, said:
“I am pleased to report that TCI Express has delivered a strong performance during FY2019. Revenue from operations increased by 15.7% to Rs. 1,024 Crores outperforming the industry growth in FY2019. The Company delivered an EBITDA of Rs. 119 Crores and margins expanded by 138 bps to 11.6% from 10.2% in FY2018. Profit after tax of Rs. 73 Crores in FY2019, an increase of 24.7% on Y-o-Y basis. The revenue growth was driven by higher volume of cargo and increased business from addition of new customers. The strong margins improvement was attributable to higher capacity utilization, operational efficiency and efficient working capital management.
During the year, TCI Express has added 60 new branches to penetrate deeper in selected geographies. We have also incurred a capex of Rs. 25 Crores to automate our sorting centers with an aim to improve turnaround time and overall efficiency. The company continues to strengthen its balance sheet and has repaid the debt of Rs. 33 Crores, which brings down total Debt to Rs. 9 Crores at the end of March 2019 and we will be debt free by end of next quarter.
The logistic industry is going through favorable structural changes and expected to grow at a faster pace in the coming years despite temporary economic slowdown. Our unique partnership arrangement with Vendors, diversified client base among SME’s and Corporate’s have provided us a competitive advantage. TCI Express is well positioned to tap on the growing market opportunities with its asset light model, customized solution offerings and superior customer support services.
Going forward, TCI Express with its strong balance sheet and flexible capital structure will continue to invest in technological upgradations, implementation of business intelligence tools such as API’s, geotagging, performance measurement tool and automation in sorting centers. These technological advancements are expected to further improve productivity and efficiency.
The Company is backed by strong fundamentals and with clear strategic direction, we look forward to deliver a sustainable growth in the coming years and create maximum value for all stakeholders.”