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Transport Corporation’s Q4 PAT jumps 76%; to divest its cold chain business

TCI has reported 25.7% yoy growth in the revenue and 76.2% yoy growth in PAT.

Transport Corporation of India reported 25.7% yoy growth in the revenue to Rs605.3cr in Q4FY18. The growth was driven by 15% yoy growth in the freight business, 33% yoy growth in supply chain business and 61% yoy growth in seaways business.

The strong revenue growth, coupled with decline in operating expenses (as % of sales) led to 182bps yoy and 51bps qoq expansion of the EBITDA margins.

Absolute EBITDA grew by 53.7% yoy to Rs60.5cr in Q4FY18. PAT grew 76.2% yoy to Rs32.7cr in Q4FY18 due to higher operating leverage. Depreciation and interest expenses grew by 9% yoy and 7% yoy respectively in Q4FY18.

The board has also given in principle approval to hive off its Cold Chain unit. The contribution of the cold chain business is not clear.

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