TCI Express, a leading player in the domestic express distribution business, has reported 9.3 percent revenue growth in the second quarter of the current fiscal.
According to a company release, revenues from operations shot up to Rs. 271 crores in Q2 FY2020 from Rs. 248 crores in Q2 FY2019. The company saw its EBITDA margin growing by 15.1 percent – Rs. 32 crores in Q2 FY2020 as against Rs. 28 crores in the corresponding period last year.Commenting on the performance, Chander Agarwal, Managing Director, said: “The margin improvement was attributable to operational efficiency and better working capital management.We also expanded our geographical presence and opened 15 new branches in the quarter.”
During the quarter, the company kickstarted two new sorting centre projects at Gurgaon and Pune. Construction of the new 2 lakh sq.ft. sorting centre at Gurgaon and 1.5 lakh sq.ft. sorting centre at Pune are expected to be completed by end of the current fiscal year with commercial operations projected to begin fromQ1 FY2021.