Market Cap 3,015 Cr
CMP 420
P/E 94
|
Results |
INR Cr |
YoY Growth |
Comments |
|
Revenue |
1,329.5 |
17% |
Driven by 18% growth in Supply chain management (SCM) segment |
|
EBITDA |
68.3 |
42% |
Improvement in margin in SCM & mobility segment |
Key Highlights -
· Revenue from Mahindra business (54% of SCM segment) grew by 41% to 684 Cr, while non Mahindra declined by 1.8%.
· SCM segment gross margin improved by 0.9% to 9.8%, on account of improved margins in 3PL (Third Party Logistics) segment. While mobility segment rose marginally by 0.2% to 11.2%.
· MLL Express Services Pvt Ltd (MESPL) completed the acquisition of the B2B express business from Rivigo, 90% of customer transition done. Combined revenue at 45 Cr, while EBITDA loss of 11 Cr.
· Freight forwarding business saw a decline of 44.5% on account of 70-75% ocean freight pricing correction.
Management Outlook-
· Company expects to improve margins by 0.25-0.5% every quarter in future.
· Management expects EBITDA margins of B2B express business to be positive by H1FY24, while achieving mid teen margins in long run.
· Freight forwarding volume are expected to improve, while pricing to remain flat.
· Management gave outlook on consolidation of express & Rivigo business to drive cost, network & technology optimization.
· Management expects last-mile delivery business to achieve medium term Gross margin target of 6-8%.
Disclosure: MoneyWorks4me's employees may have exposure in the securities mentioned in the above report. For detailed disclosure click here.
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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