Transport Corp of India's Q2 profit rises on strong demand

VRL Logistics

30/10/2023 10:23

BENGALURU, Oct 30 (Reuters) - Transport Corporation of India  TCIL.NS  reported a more than 20% rise in its second-quarter profit on Monday, on the back of strong
demand for logistic services.
    The company's consolidated net profit rose to 870 million rupees ($10.5 million) in the July-September quarter, from 723 million rupees a year earlier. Revenue from
operations rose over 6% to 9.94 billion rupees.
    For further results highlights, click  urn:newsml:reuters.com:*:nFWN3C01VN
    
    KEY CONTEXT
    Transport Corp's results come as logistic companies have been buffeted by a decline in freight rates due to increased competition and higher fuel prices.
    Last week, Blue Dart Express  BLDT.NS  posted a fourth straight drop in quarterly profit, while Mahindra Logistics  MALO.NS  logged its third straight quarterly loss.
    Transport Corp, in contrast, reported a higher profit in the June-quarter as well, following two consecutive quarters of losses.
 
    PEER COMPARISON
                                                      Valuation (next 12 months)     Estimates (next 12 months)          Analysts' sentiment                    
                                           RIC            PE           EV/EBITDA      Revenue    Profit growth   Mean rating     # of      Stock to       Div yield (%)
                                                                                      growth                          *        analysts      price     
                                                                                                                                           target **   
 Transport Corporation of India Ltd    TCIL.NS       16.71          12.22            11.64      12.86            Strong Buy    6          0.91         0.87
 VRL Logistics Ltd                     VRLL.NS       24.39          11.46            17.09      -4.18            Strong Buy    8          0.80         0.76
 Mahindra Logistics Ltd                MALO.NS       50.22          7.91             13.85      110.09           Hold          10         0.88         0.71
 Blue Dart Express Ltd                 BLDT.NS       36.49          15.64            9.57       15.36            Buy           5          0.86         0.47
    
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
 ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
    
    JULY-SEPTEMBER STOCK PERFORMANCE  
 
    -- All data from LSEG
    -- $1 = 83.2190 rupees

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
TCIL JUNE-SEPT STOCK PERFORMANCE    https://tmsnrt.rs/47aKuY5
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))