TCI Express Ltd., the market leader in express distribution in India, today announces its results for the quarter ended June 30, 2023, the company announced through an exchange filing.
During Q1 FY24, TCIEXPRESS achieved its revenue of Rs 306 crores, registering a growth of 4.8 percent on a year-on-year basis. EBITDA for the quarter was Rs 48 crores, representing a sequential growth of 7.0 percent with a margin of 15.6 percent.
Profit after tax was Rs 32 crores with a margin of 10.6 percent, up by 4.2 percent from the year before. The growth was primarily driven by strong demand from the MSME sector as well as higher utilisation in newly developed sorting centre facilities.
“Despite the challenges posed by the current macroeconomic environment, TCIEXPRESS is off to a strong start in FY2024. Our focus on seizing business opportunities, especially with our valued MSME customers, has been instrumental in driving this success. Even in the face of inflation, TCIEXPRESS has successfully outperformed peers and achieved strong margins, highlighting our efficient operational strategies and adaptability to changing market conditions. This reinforces our position as a reliable and successful player in the logistics industry,” said Chander Agarwal, Managing Director of TCIEXPRESS.
TCI Express Ltd. shares
The shares of TCI Express Ltd. on Friday at 3:30pm IST were at Rs 1,522.50, down by 0.87 percent.