Buy TCI Express, target price Rs 2150: ICICI Direct

ICICI Direct has buy call on TCI Express with a target price of Rs 2150. The current market price of TCI Express is Rs 1500.

TCI Express, incorporated in the year 2008, is a Mid Cap company (having a market cap of Rs 5746.75 Crore) operating in Logistics sector.

TCI Express key Products/Revenue Segments include Freight & Demurrage for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Standalone Total Income of Rs 315.72 Crore, up 1.14 % from last quarter Total Income of Rs 312.17 Crore and up 9.25 % from last year same quarter Total Income of Rs 288.99 Crore. Company has reported net profit after tax of Rs 32.02 Crore in latest quarter.

The company’s top management includes Mr.D P Agarwal, Mr.Chander Agarwal, Mr.Vineet Agarwal, Mr.Phool Chand Sharma, Mr.Murali Krishna Chevuturi, Mr.Ashok Kumar Ladha, Mrs.Taruna Singhi, Mr.Prashant Jain. Company has R S Agarwala & Co. as its auditors. As on 31-03-2023, the company has a total of 4 Crore shares outstanding.

Investment Rationale
TCI Express’ revenue will likely rise 7% YoY to Rs 318 crore due to likely strong growth in the MSME segment, higher utilisation in newly developed Gurugram and Pune facility and higher E-Way bill generation.

Promoter/FII Holdings
Promoters held 69.66 per cent stake in the company as of 31-Mar-2023, while FIIs owned 2.04 per cent, DIIs 10.24 per cent.