TCI Express registers 9.3% revenue increase in Sept quarter

November 6, 2019: TCI Express Ltd, the Indian express distributor, on Monday announced its financial results which showed a growth of 9.3 percent with Rs271 crore revenue from operations for the September quarter compared to Rs248 crore last year.

Chander Agarwal, managing director, TCI Express said “I am pleased to report that TCI Express has delivered revenue from operations of Rs271 crore in Q2 FY2020, an increase of 9.3 percent on Y-o-Y basis compared to Q2 FY2019. The company delivered an EBITDA of Rs32 crore, growth of 15.1 percent and margins expanded by 60 bps to 11.9 percent during the same period. Profit after tax was Rs26 crore, representing an increase of 60.6 percent on Y-o-Y basis, with margins of 9.6 percent.”

The company board recommended an interim dividend of Rs. 1.5 per share and payout of 12.9 percent.

“The revenue growth was driven by an increase in small and medium enterprises (SME) customers. The margin improvement was attributable to operational efficiency and better working capital management. We also expanded our geographical presence and opened 15 new branches in the quarter. The objective is to go deep in the metro cities and tap more and more SME customers,” he added.

The domestic economy during the second quarter of FY2020, experienced slowdown due to weakening industrial activity across sectors, with a minor uptick in demand near the end of quarter with the onset of festive season.