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Transport Corporation of India- P e r f o r m s w e l l …
Transport Corporation of India’s (TCI) Q4FY11 results were in line with our
estimates. Revenues for Q4FY11 stood at | 479 crore, which was higher
by 19.1% YoY and 7.8% QoQ. Operationally, the company reported a
good performance wherein the EBITDA margin expanded by 68 bps QoQ
and 16 bps YoY to 8.2%. The ensuing PBT grew 15.3% YoY and 25.6%
QoQ to | 23.23 crore. However, on the back of higher tax expense (due to
earlier year tax of | 4.59 crore), the growth in reported PAT was restricted
to 1.7% YoY to | 12.7 crore. The higher tax expense was primarily on
account of provision for tax liability to the tune of | 4 crore for previous
years. Excluding the same, the growth in PAT would have been ~34%.
ƒ Healthy performance from SCS division
The supply chain solution (SCS) division reported a healthy
performance during Q4FY11. The revenue from this division
increased by 49.7% YoY to | 117.3 crore while the EBIT margins
increased by 107 bps QoQ and 78 bps YoY to 8.22%.
ƒ Stable performance from freight division
The freight division reported a stable performance during Q4FY11.
Revenue from this division increased 8.8% YoY and 3.1% QoQ to |
215.6 crore while the EBIT margins increased 11 bps QoQ to 4.9%.
V a l u a t i o n
In Q4FY11, TCI reported a good performance on the back of strong
growth in revenue. Going forward, with increasing contribution from high
margin businesses like XPS and supply chain, we believe TCI will register
growth of 12.0% and 11.2% CAGR on topline and bottomline,
respectively, during FY11-FY13E. At the CMP of | 91, the stock is trading
at 11.5x its FY12E EPS of | 7.9 and 10.4x its FY13E EPS of | 8.7. We value
the stock at 12x FY13E EPS and arrive at a target price of | 105.
ƒ In Q4FY11, the freight division registered a topline growth of 8.8%
YoY and 3.1% QoQ
ƒ The XPS division registered a growth of 12.3% YoY and 3.1% QoQ on
the topline. The PBIT margin stood at 6.5%
ƒ The revenues of the SCS division during Q4FY11 increased by 49.7%
YoY and 17.2% QoQ
ƒ For FY11, the dry dock expenses for the seaways division stood at |
8.51 crore as compared to | 1.84 crore in FY10
ƒ During FY11, the company incurred capex to the tune of | 72.4 crore.
Out of this, ~ | 47.5 crore was for trucks and containers, ~| 16.1
crore was for hub centres & small warehouses, ~| 0.4 crore was for
ships and containers while the balance ~| 8.4 crore was for others
ƒ In FY12, the company has chalked out capex to the tune of | 110
crore. Out of this, ~ | 38.1 crore will be for trucks and containers, ~|
38.0 crore will be for hub centres and small warehouses, ~| 22.2
crore will be for ships and containers while the balance ~| 11.7 crore
will be for others
V a l u a t i o n
In Q4FY11, TCI reported a good performance on the back of strong
growth in revenues. Going forward, with increasing contribution from
high margin businesses like XPS and supply chain, we believe TCI will
register growth of 12.0% and 11.2% CAGR on the topline and bottomline,
respectively, during FY11-FY13E. At the CMP of | 91, the stock is trading
at 11.5x its FY12E EPS of | 7.9 and 10.4x its FY13E EPS of | 8.7. We value
the stock at 12x FY13E EPS and arrive at a target price of | 105 per share
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Transport Corporation of India- P e r f o r m s w e l l …
Transport Corporation of India’s (TCI) Q4FY11 results were in line with our
estimates. Revenues for Q4FY11 stood at | 479 crore, which was higher
by 19.1% YoY and 7.8% QoQ. Operationally, the company reported a
good performance wherein the EBITDA margin expanded by 68 bps QoQ
and 16 bps YoY to 8.2%. The ensuing PBT grew 15.3% YoY and 25.6%
QoQ to | 23.23 crore. However, on the back of higher tax expense (due to
earlier year tax of | 4.59 crore), the growth in reported PAT was restricted
to 1.7% YoY to | 12.7 crore. The higher tax expense was primarily on
account of provision for tax liability to the tune of | 4 crore for previous
years. Excluding the same, the growth in PAT would have been ~34%.
ƒ Healthy performance from SCS division
The supply chain solution (SCS) division reported a healthy
performance during Q4FY11. The revenue from this division
increased by 49.7% YoY to | 117.3 crore while the EBIT margins
increased by 107 bps QoQ and 78 bps YoY to 8.22%.
ƒ Stable performance from freight division
The freight division reported a stable performance during Q4FY11.
Revenue from this division increased 8.8% YoY and 3.1% QoQ to |
215.6 crore while the EBIT margins increased 11 bps QoQ to 4.9%.
V a l u a t i o n
In Q4FY11, TCI reported a good performance on the back of strong
growth in revenue. Going forward, with increasing contribution from high
margin businesses like XPS and supply chain, we believe TCI will register
growth of 12.0% and 11.2% CAGR on topline and bottomline,
respectively, during FY11-FY13E. At the CMP of | 91, the stock is trading
at 11.5x its FY12E EPS of | 7.9 and 10.4x its FY13E EPS of | 8.7. We value
the stock at 12x FY13E EPS and arrive at a target price of | 105.
ƒ In Q4FY11, the freight division registered a topline growth of 8.8%
YoY and 3.1% QoQ
ƒ The XPS division registered a growth of 12.3% YoY and 3.1% QoQ on
the topline. The PBIT margin stood at 6.5%
ƒ The revenues of the SCS division during Q4FY11 increased by 49.7%
YoY and 17.2% QoQ
ƒ For FY11, the dry dock expenses for the seaways division stood at |
8.51 crore as compared to | 1.84 crore in FY10
ƒ During FY11, the company incurred capex to the tune of | 72.4 crore.
Out of this, ~ | 47.5 crore was for trucks and containers, ~| 16.1
crore was for hub centres & small warehouses, ~| 0.4 crore was for
ships and containers while the balance ~| 8.4 crore was for others
ƒ In FY12, the company has chalked out capex to the tune of | 110
crore. Out of this, ~ | 38.1 crore will be for trucks and containers, ~|
38.0 crore will be for hub centres and small warehouses, ~| 22.2
crore will be for ships and containers while the balance ~| 11.7 crore
will be for others
V a l u a t i o n
In Q4FY11, TCI reported a good performance on the back of strong
growth in revenues. Going forward, with increasing contribution from
high margin businesses like XPS and supply chain, we believe TCI will
register growth of 12.0% and 11.2% CAGR on the topline and bottomline,
respectively, during FY11-FY13E. At the CMP of | 91, the stock is trading
at 11.5x its FY12E EPS of | 7.9 and 10.4x its FY13E EPS of | 8.7. We value
the stock at 12x FY13E EPS and arrive at a target price of | 105 per share
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