ICRA reaffirms ‘ICRA A1+' rating on TCI Express' CP worth Rs25 crore; stock rises

12 Sep 2022 , 09:59 AM

TCI Express Limited informed that the rating agency ICRA Limited has reaffirmed the credit rating in respect of the company’s commercial programme.

The rating has been reaffirmed at ‘ICRA A1+’. The Commercial Paper Programme reviewed is worth Rs50 crore.

TCI Express Limited (TCI Express) continues to benefit from its established brand strength, regional diversity, integrated operations, and continuous focus on infrastructure and technology investment in the express delivery industry stated ICRA in rating reaffirmation.

TCI Express reported FY22 revenue of Rs1,081 crore (a yoy rise of 28%) and Rs292.4 crore in Q1FY23, driven by an increase in economic activity and, as a result, stronger demand.

TCI Express reported a solid recovery in the scale of operations, boosted by its robust business model, notwithstanding a reduction in profitability in Q1 FY2022 due to the obstacles brought about by the COVID second wave, stated ICRA.

TCI Express was trading at Rs1,853.20 per piece, up by 0.33% from its previous closing of Rs1,847.10 on the BSE. The scrip opened at Rs1,842.90 and touched intraday high and low of Rs1,872.10 and Rs1,839.45 respectively. 

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