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During Q1 FY24, TCIEXPRESS achieved its revenue of Rs. 306 crores, registering a growth of 4.8% on a year-on-year basis. EBITDA for the quarter was Rs. 48 crores, representing a sequential growth of 7.0% with a margin of 15.6%. Profit after tax was Rs. 32 crores with a margin of 10.6%, up by 4.2% 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 prevailing industry-wide downturn, TCIEXPRESS has showcased resilience and maintained stable PAT margins. The company’s ability to outperform the industry average in such challenging times reflects its efficiency and adaptability. Despite adverse market conditions, TCIEXPRESS has managed to remain financially strong and its performance is a testament to its commitment to delivering value to its stakeholders and customers.

Commenting on the performance, Mr. Chander Agarwal, Managing Director of TCIEXPRESS, said: “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.

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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.” As India’s manufacturing sector continues to receive significant government support, with an anticipated growth of 13-14%, TCIEXPRESS is strategically positioned to benefit from the ensuing opportunities.

“As companies escalate their production activities, the demand for logistics services is expected to surge, presenting substantial growth prospects for the logistics industry. We are well prepared to capitalise on these opportunities by providing efficient supply chain management and transportation services to meet the rising demands of businesses,” said Mr. Agarwal.

In addition to achievements made in the recent quarter, TCIEXPRESS has made strides in enhancing the capabilities of its Pune sorting centre. Established in December 2021, the facility is now on track to achieve automation by the fourth quarter of FY24. “This move is strategically important as it will lead to a reduction in operational downtime, more streamlined processes, and increased overall efficiency,” said Mr. Agarwal.

“In conclusion, TCIEXPRESS remains committed to driving growth, leveraging emerging opportunities, and providing exceptional logistics services to our valued customers. We are confident that our relentless dedication and innovative approach will continue to propel us forward in the dynamic logistics landscape,” Mr. Agarwal added.

TCIEXPRESS is involved in providing delivery solutions – surface express; domestic and international air express; reverse express; e-commerce express; C2C express; rail express; and cold chain express services to domestic & international customers and has 50k pickup and 60k delivery stations and 5k container trucks.