TCI Q3 Review - Seaways Segment Drives Performance Yet Again: Motilal Oswal
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Motilal Oswal Report
Transport Corporation of India Ltd. reported a strong Q3 FY22, with a revenue growth of 4% YoY to ~Rs 8.4 billion. Among key segments, revenue from seaways/freight rose 43%/4% YoY.
Overall Ebitda margin came in healthy at 13%, led by the seaways segment (margin in seaways improved on higher freight rates and return load from Myanmar).
We raise our FY23E/FY24E earnings per share estimate of Transport Corporation of India marginally to factor in higher than expected margin improvement and increasing contribution from the seaways division in the revenue mix.
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