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In-line performance

Earnings snapshot – 4QFY25

* Revenue grew 9% YoY to ~INR11.8b in 4QFY25 (in line). The company’s revenue growth was driven by the supply chain business, which recorded a growth of 22% YoY in 4QFY25.

* EBITDA margin came in at 10.3% in 4QFY25 (+20 bps YoY and flat QoQ) against our estimate of 10.8%.

EBITDA grew 11% YoY at INR1.2b while APAT grew 9% YoY to ~INR1.1b (inline).

* Supply chain revenues grew 22% YoY, while the freight division and the seaways division reported ~3% and 7% YoY growth, respectively.

* EBIT margins for the freight/supply chain/seaways divisions stood at 2.3%/ 6%/36.4% in 4QFY25. EBIT margins for the freight and supply chain businesses contracted 70bp and 40bp, respectively, on a YoY basis. In contrast, EBIT margin for the seaways business expanded ~1,000bp YoY.

* During FY25, revenue was INR44.9b (+11.6% YoY), EBITDA was INR4.6b (+12.3% YoY), EBITDA margins stood at 10.3% (+10bps YoY), and APAT was ~INR4.1b (+17% YoY).

* For the year ended Mar’25, TRPC generated a CFO of INR3.6b v/s INR3b in FY24. Cash balance as of Mar’25 stood at INR510m.

* The Board approved a fund raise of INR2b via issuance of NCD/bonds/other similar instruments.

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