Buy Transport Corporation of India; target of Rs 890: Sharekhan
Sharekhan is bullish on Transport Corporation of India has recommended buy rating on the stock with a target price of Rs 890 in its research report dated August 01, 2023.
Sharekhan’s research report on Transport Corporation of India
TCI reported a miss on the operational front, led by a miss on freight and Seaways revenues, although net profit came in marginally higher, led by strong growth in its Transystem JV. The management retained 10-15% y-o-y revenue and net profit growth, led by strong growth in SCM and flattish Seaways business. It eyes opportunities in cold chain business in the pharma sector. Company continues to scout for ship, which would provide a fillip to revenues and net earnings. However, better clarity on the timeline is expected by Q2 end.
Outlook
We retain a Buy rating on TCI Limited with a revised PT of Rs. 890, considering its steady earnings growth trajectory aided by multi-modal capabilities.
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