H2 has remained subdued for logistics companies. Lancer, allcargo, tiger etc. have given subdued results. In the period some recessionary pressure was there.
Still, they are silver linings in Timescan results. They have maintained profitability despite drop in topline. Receivables figures are looking better. On Y-o-Y basis, they present a decent picture. On Rs. 10.65 eps, the present stock is trading at around 16 times earning as compared to median 20 for logistics companies. They are also continuing the dividend at 5%, last year level.
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