Minor miss on profitability; outlook bright

11 Mar 2024
5 Min read 
  • Transport Corporation of India (TRPC) reported a minor miss on profitability in 3QFY24.
  •  Revenue grew 4% YoY, with the freight and supply chain divisions showing growth while the seaways division declined.
  •  EBITDA margin came in at 10%, lower than expected, due to lower seaways margin.
  •  FY24 and FY25 EPS estimates have been reduced by ~6% and ~10% respectively, but FY26 estimates have been largely retained.
  •  The company expects growth in the supply chain segment and steady demand in the automotive sector to support its business.
  •  The management is actively working on increasing the share of LTL revenue in the freight division and improving margins.
  •  The company remains net debt-free with INR 3b in cash and is actively expanding its network.
  •  The management has reduced its revenue/PAT growth guidance for FY24 but expects a growth rate of 10-15% in FY25.
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