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28 January, 2022 01:30 IST
Motilal Oswal recommends Buy on TCI; target price of Rs 790
Source: IRIS | 02 Dec, 2021, 01.08PM
Rating: NAN / 5 stars.
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TCI has a well-blended portfolio, with a presence across a) high-volume Freight segment, b) value-added segments such as Integrated Supply Chain Solutions, and c) niche high-margins segments such as Seaways. These unique multimodal capabilities would drive consistent growth in volumes and earnings over next few years, stated Motilal Oswal Retail Research.

The easing of restrictions and robust festive demand has led to a strong pickup in volumes in the last few months. Further, road freight would benefit from the plunge in diesel prices (by ~10% from the tax cuts announced in early Nov’21), which would support margins, it added.

Motilal Oswal has recommended Buy rating on TCI with target price of Rs 790, an upside of 15%. "We expect the growth momentum to continue with a) the pickup in economic activity, b) the normalization of transportation activity, and c) govt. reforms leading to formalization and market share gains for organized players such as TCI. We expect TCI to clock a revenue/EBITDA/PAT CAGR of ~17%/25%/33% over FY21-24E."

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