TCI Express, Sical Logistics, Patel Integrated Logistics, Allcargo Logistics, Transport Corporation of India and VRL Logistics were up in the range of 2% to 8% on the BSE. In comparison, the S&P BSE Sensex was up 0.78% at 37,454 points at 10:38 am.
TCI Express hit a 52-week high of Rs 690, up 7% on the BSE, after the company reported 33% year-on-year (YoY) growth in net profit at Rs 161 million, on back of strong revenue growth.
The company's Q1 revenue reflected a healthy growth of 21.84% and at RS 2,481 million. The EBITDA stands at Rs 275 million, registering a growth of 45.14% YoY.
TCI Express said the introduction of GST, E-Way bills and the inclusion of logistics in the 'harmonised List of 'infrastructure' status subsectors has given a definite boost to the organized players in this domain. The leading efficiency-oriented logistical services player in India is expected to exceed the impressive growth figures of FY2017-18 during this financial year.
During the first quarter, TCI Express has noted a growing demand in the pharmaceutical, automobile and retail and lifestyle sector. With increasing regulatory process streamlining in establishing multi-modal logistics facilities, major infrastructural developments and enhanced demand boosting the logistics sector, the company is expected to continue on its journey of growth, expansion and impeccable time-specific service delivery, it added.
Going forward, the brokerage firm IIFL Wealth Management expects cargo growth to pick up, driven by the expected surge in coal volumes and a further uptick in Container cargo volumes.
Given the constraint of coal shortage, few power companies would selectively consider importing coal which would aid coal cargo volume growth in near term. Momentum in POL volumes would also support growth. The rollout of Government programs like Sagarmala and expected inflow of GST benefits would together ensure strong cargo growth in coming years.
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