Weak volumes continue to hurt profitability

Company
31 Oct 2024
5 Min read 
  • TCI Express 2QFY25 result update with financial snapshot and valuation.
  •  Weak volumes and high costs impacting profitability.
  •  Downgrade to Neutral with a revised target price of INR 1,060.
  •  Management cautious on volume growth in near to medium term.
  •  Expecting 8% volume CAGR and 10%/11% revenue/EBITDA CAGR over FY24-27.
  •  Operational highlights and guidance from management.
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