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* Transport Corporation of India (TCI) is India’s leading integrated multimodal logistics and supply chain solutions provider. With expertise spanning over six decades and infrastructure comprising an extensive network of 1400+ company owned offices, 13 million sq. ft. of warehousing space, a strong team of 6000+ trained employees and a strong foundation, TCI group has expanded boundaries to offers seamless multimodal transportation solutions in both Indian and International markets

* TCI has a strong presence with 12000+ trucks in operation, 8000+ general purpose containers, 1400 IT-enabled own offices, 650+ ISO liquid tank containers, 6 coastal cargo ship, 150+ reefer vehicles, 13,000+ cold pallets position, 13 million sq ft warehouse space and 6000+ trained employees.

* TCI provides services and solutions to various industries including automobiles, retail, hi-tech, health care and life sciences, energy and renewables, e-commerce, chemicals, iron and steel, agriculture, aviation and defence. It does so by providing customers a single window solution, operational cost efficiencies, trusted delivery and fulfilment, economies of scale.

* TCI provides solutions such as surface transport solutions, supply chain solutions, end-to-end coastal shipping solutions, cost effective integrated rail-road service in joint venture with CONCOR, integrated cold chain solutions, warehousing, chemical logistics solutions.

* TCI is making a Capex of around ?2500 million in the FY23. Out of this, about ?1000-1250 million will be spent on ships and containers and another ?300-500 million will be utilized for trucks. It will also be spending ?750 million towards building warehouses. The company has been able to manage its liquidity well and almost debt free.

* services augur well for the Company in the coming years.

* We believe TCI is well placed in India’s logistics industry given its strength and capability. Various government initiatives and key strategies will drive the growth of the logistics sector. . Logistic industry is key contributor to the country’s vision of being $5 trillion economy by 2024-25. The rise in e-commerce, growing omni-channels, China+1 strategy will also add to the growth of the industry. We initiate our coverage on TCI with a BUY rating with a target price of ?920 per share

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