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Mahindra Logistics Ltd - Stock Valuation and Financial Performance

BSE: 540768 | NSE: MAHLOG | Logistics | Small Cap

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Mahindra Logistics Share Price

 ₹269.10 4.10 1.55%
as on 21-Mar'25 16:59

DeciZen - make an informed investing decision on Mahindra Logistics

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Undervalued
Check 10 Yrs Valuation charts

3. Price Trend

Weak
Check Price chart

Mahindra Logistics stock performance -

PE Chart Key Ratios
P/E Ratio (SA):
50.76
Market Cap:
1,941.1 Cr.
52-wk low:
238.5
52-wk high:
554.1

Is Mahindra Logistics Ltd an attractive stock to invest in?

1. Is Mahindra Logistics Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mahindra Logistics Ltd is a good quality company.

2. Is Mahindra Logistics Ltd undervalued or overvalued?

The key valuation ratios of Mahindra Logistics Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Mahindra Logistics Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mahindra Logistics Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Mahindra Logistics:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mahindra Logistics Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ31.8%20.2%20.8%25.5%28.4%18.2%9%10.3%18%16.9%-
Value Creation
Index ⓘ		1.30.40.50.81.00.3-0.4-0.30.30.2-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ1,9171,9952,5893,2203,6663,2612,9593,6314,4594,5304,903
Sales YoY Gr.-4.1%29.8%24.4%13.8%-11%-9.3%22.7%22.8%1.6%-
Adj EPS ⓘ6.76.16.58.811.97.73.83.48.78.75.3
YoY Gr.--9.6%6.1%35.5%35.7%-34.9%-51.1%-9.8%156%-0.7%-
BVPS (₹) ⓘ37.743.951.358.96974.276.978.686.392.895
Adj Net
Profit ⓘ		41.337.344.962.284.855.327.124.562.862.438
Cash Flow from Ops. ⓘ32-53-342.591.980.4281204146249-
Debt/CF from Ops. ⓘ0000000010.3-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ10%4.3%15.3%1.6%
Adj EPS ⓘ2.8%-6.1%31.9%-0.7%
BVPSⓘ10.5%6.1%6.5%7.6%
Share Price - 2.1% -14.3% -34%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		21.113.113.816.218.510.64.94.310.49.65.7
Op. Profit
Mgn % ⓘ		2.92.62.63.23.84.54.14.96.16.45.7
Net Profit
Mgn % ⓘ		2.21.91.71.92.31.70.90.71.41.40.8
Debt to
Equity ⓘ		000000000.20.1-
Working Cap
Days ⓘ		505768768010211598879240
Cash Conv.
Cycle ⓘ		-8-2-1-1-7-14-29-41-40-40-6

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 15.25%

Sales growth is good in last 4 quarters at 11.37%

Return on Equity has declined versus last 3 years average to 5.60%

Latest Financials - Mahindra Logistics Ltd.

Standalone Consolidated
TTM EPS (₹) 5.3 -5.8
TTM Sales (₹ Cr.) 4,903 5,986
BVPS (₹.) ⓘ 95 61.6
Reserves (₹ Cr.) ⓘ 613 372
P/BV ⓘ 2.83 4.37
PE ⓘ 50.76 0.00
From the Market
52 Week Low / High (₹) 238.50 / 554.05
All Time Low / High (₹) 199.00 / 819.15
Market Cap (₹ Cr.) 1,941
Equity (₹ Cr.) 72.1
Face Value (₹) 10
Industry PE ⓘ 35

Quarterly Results

Standalone Basis
Consolidated Basis
 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.)ⓘ 1,183 12.21,157 10.11,236 8.81,327 14.4
Adj EPS (₹) ⓘ 1.1 -651.4 -53.31.2 -54.11.6 -7.5
Op. Profit Mgn % ⓘ 5.40 -215 bps6.19 -173 bps5.59 -92 bps5.80 -34 bps
Net Profit Mgn % ⓘ 0.66 -146 bps0.88 -121 bps0.69 -95 bps0.88 -20 bps

Management X-Ray of Mahindra Logistics:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:58.03%Institutions:20.93%Non-Institutions:21.03%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%60%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Mahindra Logistics

MRP
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MOS
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DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Save my Valuation
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Mahindra Logistics: SELL - Delayed execution and integration losses - 02 Feb 2024

We recommended Mahindra logistics at CMP of Rs. 475 in March’21. After that, the price went up to Rs. 750 and then has corrected. We have been patient with the stock but post Rivigo acquisition there have been delays in execution.  

What is management’s recent commentary?

·         Integration of Rivigo (B2B express business) has been completed but EBITDA breakeven is delayed. Management has guided that the same will be achieved by the end of Q2FY25 (Sep’24).

·         Management evaluates acquisition on a 7-year IRR basis and is optimistic of returns on a long-term horizon.

·         While order intake has been positive, conversions have been slower and volume growth needs to be higher (~30%+) to reach breakeven levels. Management is of the opinion that partial truckload business has synergy benefits and aids their overall offering.   

 

Mahindra Logistics: Q2FY24 result update - 04 Nov 2023

                                                

Particulars

Q2FY24 (Rs. Crs)

YoY Trend

Comments

Revenue

1,365

+3%

SCM revenues were flattish while enterprise mobility segment grew 35% YoY
EBITDA

54

-20%

EBITDA impacted by loss in express segment (Rivigo) 
EBITDA Margin

4%

-117 bps

 
PAT

-16

NA

PAT impacted by IND 116 (lease accounting) which results in front loading of interest cost

Optically results are not good. EBITDA loss of Rs 24 Cr in express segment (Rivigo) dragged down performance; management expected it to turn EBITDA positive in H1FY24 but now guidance is that same will happen at end of FY24. 

Mahindra Logistics: Q1FY24 Result Update - 28 Jul 2023

Particulars

Q1FY24

YoY trend

Comment

Revenue

1,293

+8%

SCM segment grew 6% while enterprise mobility segment grew ~ 40%

EBITDA

66

+1%

 

EBITDA Margin

5%

-33 bps

 

PAT

-9

NA

Marginal benefit of deferred tax QoQ, increased depreciation and interest YoY led to losses

In line performance- while operating margins were not hurt, PAT losses are due to IND 116 (lease accounting) which results in front loading of interest cost (flattish QoQ).

 

Mahindra Logistics: Q4FY23 Result Update - 28 Apr 2023

MLL's consolidated revenue in Q4FY23 increased by 17% year-on-year to 1,273 Cr, while its EBITDA also grew by 17% year-on-year to 68 Cr. Furthermore, for the full year of FY23, MLL's consolidated revenue increased by 24% year-on-year to 5,128 Cr, and its EBITDA grew by 39% year-on-year to 276 Cr. PAT at loss of 1 Cr due to higher depreciation and interest expenses  on account of Rivigo and Meru acquisition.

Muted quarter, margins fell due to express business.

 

Mahindra Logistics Ltd: Q3FY23 Results - 07 Feb 2023

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

Check here for 10 year X-ray

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%.

Mahindra Logistics Ltd: Quarterly Result - 11 Nov 2022

Mahindra Logistics Ltd

Market Cap 3,631Cr

CMP 505

P/E 25.4x FY23

 

Results

INR Cr.

YoY Growth

Comments

Revenue        

1326

28%

M&M revenues grew by 47%, while non M&M by 12%

EBITDA

71

44%

Margins were under pressure due to inflation, supply shortage and cost rise

 

Check here for 10 year X-ray

Key Highlights

  • SCM (95% of revenues) grew by 29% due to auto recovery and stable farm segment. Mobility segment (5% of revenue) increased by 15%, as work from office rose.
  • SCM segment gross margin declined by 20bps at 9.7 % while mobility segment rose by 60bps at 10% due to operational efficiency.
  • MLL will acquire Rivigo’s B2B express business for 225 Cr. It operates into the full truck load and B2B express business. This will increase MLLs presence over 250+ processing centres of Rivigo.
  • PAT increased by 145.3% to 11.3 Cr (0.9% of revenue) on yearly basis, but declined by 16.5% on quarterly basis due to higher interest and depreciation expenses.

 

Management Outlook

  • Company expects to improve core 3PL margins by 30-40 bps every year in future; networkservices margins are low as it is in investment stage. Management expects margins to improve once scale in operations is achieved.
  • Management guided on achieving 10,000 Cr revenue by FY26.
  • Rivigo acquisitions will help strengthen MLLs express business with network expansion and adding new locations, margins are expected to be similar to e-coms as volumes increase and cost optimises.
  • Managements expect Net margins to be above pre-covid level of 2% over next 2-3 years.
View All Notes

Key Ratios of Mahindra Logistics

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales1,9171,9952,5893,2203,6663,2612,9593,6314,4594,530
Operating Expenses ⓘ 1,8611,9442,5213,1163,5283,1132,8383,4524,1864,242
Manufacturing Costs1,6311,7332,2352,7843,1582,7292,4593,0313,7483,809
Material Costs34000000970
Employee Cost 118145182219251291280282289285
Other Costs ⓘ 79661031131199398129142147
Operating Profit ⓘ 565168104138148121179273288
Operating Profit Margin (%) 2.9%2.6%2.6%3.2%3.8%4.5%4.1%4.9%6.1%6.4%
Other Income ⓘ 12139771316101617
Interest ⓘ 000001417264144
Depreciation ⓘ 67913156683130169178
Exceptional Items ⓘ 000000-4032
Profit Before Tax ⓘ 625768971308133338086
Tax ⓘ 212023354626981624
Profit After Tax 41374562845524246562
PAT Margin (%) 2.1%1.9%1.7%1.9%2.3%1.7%0.8%0.7%1.4%1.4%
Adjusted EPS (₹)6.96.26.68.711.87.73.43.49.08.6
Dividend Payout Ratio (%)0%0%0%17%15%19%75%59%28%29%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 266304349419493531551565621669
Share Capital ⓘ 1011016871717272727272
Reserves ⓘ 166203281348422459480493549597
Minority Interest0000000000
Debt0000000015082
Long Term Debt0000000000
Short Term Debt0000000015082
Trade Payables213215390456574571719836893933
Others Liabilities ⓘ 2026192437210297427471416
Total Liabilities ⓘ 4995457588991,1031,3121,5671,8272,1352,100

Fixed Assets

Gross Block49466176100324520755904962
Accumulated Depreciation2925334456114174281353433
Net Fixed Assetsⓘ 2021283144210346474551529
CWIP ⓘ 001131531440
Investmentsⓘ 120787063992176137260332
Inventories3000000100
Trade Receivables188235400488481476408406451509
Cash Equivalents 97834965709919713111515
Others Assetsⓘ 70127209252407490537664754714
Total Assets ⓘ 4995457588991,1031,3121,5671,8272,1352,100

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 32-53-3429280281204146249
PBT ⓘ 625768971308133338086
Adjustment ⓘ -2-47171891109159214240
Changes in Working Capital ⓘ -14-69-56-46-17-578969-80-72
Tax Paid ⓘ -14-37-53-66-39-3451-56-69-4
Cash Flow From Investing Activity ⓘ -1233818-9235-105-150-148-103
Capex -10-8-15-29-32-62-66-91-62-55
Net Investments -12036119-4494-55-601666
Others ⓘ 710628-163161-102-114
Cash Flow From Financing Activityⓘ 101006-10-71-77-121-14-245
Net Proceeds from Shares ⓘ 101006300100
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ 000000-10-8-9
Dividend Paid ⓘ 0000-13-16-11-18-14-18
Others ⓘ 00000-56-65-1038-218
Net Cash Flow ⓘ 10-15-3316-114498-66-16-99

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)23.4815.2814.6516.218.5210.774.444.3810.889.61
ROCE (%)31.7920.1620.8225.4528.4418.228.9610.318.0216.89
Asset Turnover Ratio4.423.823.983.893.712.72.062.142.32.2
PAT to CFO Conversion(x)0.78-1.43-0.760.031.11.4511.718.52.254.02
Working Capital Days
Receivable Days33394550485455413438
Inventory Days0000000000
Payable Days2,189000000000

Mahindra Logistics Ltd Stock News

Mahindra Logistics Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Mahindra Logistics on 21-Mar-2025 16:59 is ₹269.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Mar-2025 16:59 the market cap of Mahindra Logistics stood at ₹1,941.1.
The latest P/E ratio of Mahindra Logistics as of 21-Mar-2025 16:59 is 50.76.
The latest P/B ratio of Mahindra Logistics as of 21-Mar-2025 16:59 is 2.83.
The 52-week high of Mahindra Logistics is ₹554.0 and the 52-week low is ₹238.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mahindra Logistics is ₹4,903 ( Cr.) .

About Mahindra Logistics Ltd

Mahindra Logistics Limited is a public limited company incorporated on August 24, 2007 under the Companies Act, 1956. Mahindra Logistics Limited is a leading third party logistic (3PL) solutions provider in India with a strong presence across the country. The Company operates in two distinct business segments - Supply Chain Management (SCM) and People Transport Solutions (PTS).

Mahindra Logistics has many customers from diverse industry verticals such as Automotive, Engineering, Consumer Goods, Pharmaceuticals, E-commerce, Bulk for its SCM business. And has customers from IT, ITeS, Manufacturing, Banking, Financial services and Insurance and Consulting businesses for its PTS business. The Company has an asset-light business model with a focus on technology and emphasis on customer-centricity. The Company's competitive advantage is in developing and implementing customised, technology-enabled logistics solutions that offer scalability and flexibility. The Company works closely with its customers to understand their requirements and provide solutions accordingly, thereby becoming their true partners.

Business area of the company

Mahindra logistics is one of the few logistics providers which offers solutions in two distinct business segments - Supply Chain Management (SCM) and Enterprise Mobility. The company offer supply chain solutions to diverse industry verticals such as automotive, engineering, consumer goods, pharmaceuticals, telecom and e-commerce and also offer integrated employee transportation solutions to enterprise across IT, ITeS, manufacturing, banking, financial services and insurance, and consulting businesses.

Products and services

Supply Chain Management

  • Warehouse
  • Transportation
  • In-Factory Logistics
  • Freight Forwarding
  • Contract Manufacturing
  • Value Added Service

Industries

  • Auto & Engineering
  • Consumer Products
  • Pharmaceutical 
  • Telecommunication
  • E-Commerce
  • Commodities

Enterprise Mobility

Technology

Awards

2013

  • Best 3PL company of the year award- Mahindra Logistics has been awarded as the ‘Best 3PL Company of the Year’ - 2013 at the 7th Annual Express, Logistics & Supply Chain (ELSC) Awards held in Mumbai on 26th September 2013. ELSC conclave is one of Asia’s leading annual events attracting 450 plus senior supply chain and logistics professionals who gather to hear from industry experts.

2014

  • 3PL Company of the Year - Automotive Award 2014- The ELSC Awards evaluates and identifies excellence in supply chain management, third party logistics and various supporting segments. This award re-emphasizes MLL’s strong focus on Automotive Logistics.
  • Porter Prize 2014 For ‘Leveraging Unique Activities’- Porter Prize 2014 for “Leveraging Unique Activities” by Porter Prize 2014 at the Conference on Competitiveness and Porter Prize, New Delhi

2015

  • Best Warehousing Practices Award- MLL has won the ‘Best Warehousing Practices Award’ for its innovative techniques & practices at its MSB Bhivandi warehouse. This recognition was received at the IIMM (Indian Institute of Materials Management) Awards on December 19, 2015 at Mumbai. Some of the best practices which won MLL this award include use of automated packaging machines, power back up 320 KVA generator set, fire hydrant in rack sprinkler system, beam detectors, etc as well as the end-to-end warehouse functions that MLL handles.
  • Manufacturing Supply Chain Provider Of The Year - Engineering Award- Manufacturing Supply Chain Provider of the Year - Engineering” award by 4th Asia Manufacturing Supply Chain Awards 2015.
  • Six PRCI Corporate Collateral Awards 2015- Six PRCI Corporate Collateral Awards 2015 by Public Relations Council of India (PRCI).

2016

  • 3PL Company of the Year Award- 3PL Company of the Year award by Logistics Asia Awards, 2016
  • 3PL Company of the Year by Global Logistics Excellence Awards

2017

  • 3PL Achiever of the Year- 3PL Achiever of the Year” award for 2017 by Global Logistics Excellence Awards
  • CII Supply Chain And Logistics Excellence (Scale) Awards- CII Supply Chain and Logistics Excellence (SCALE) 2017 award in the 3PL category by Confederation of Indian Industry (CII) through its Institute of Logistics

2018

  • CII Supply Chain and Logistics Excellence (Scale) Award 2018- CII Supply Chain and Logistics Excellence (SCALE)” 2018 award in the 3PL category by Confederation of Indian Industry (CII) through its Institute of Logistics

2019

  • CSR Leadership Award 2019- CSR leadership award in best practice in logistics by Economics Times Now & World CSR Congress.
  • CII Supply Chain and Logistics Excellence (Scale) Award 2019- CII Supply Chain and Logistics Excellence (SCALE) 2019 award in the 3PL category by Confederation of Indian Industry (CII) through its Institute of Logistics

2020

  • Brand Excellence Award- Award for brand excellence in supply chain and logistics sector at Star of Industry Awards by Economics Times Now.

Major events and milestones

  • 2000: Logistics Business was set up as a separate division of Mahindra & Mahindra Limited.
  • 2009: Logistics Business of Mahindra & Mahindra Limited was transferred to the company.
  • 2011: Achieved Rs 10,000 million of revenue from operations.
  • 2014: Investment by Normandy and Kedaara AIF in the company.
  • 2014: Entered e-commerce sector by starting operations for one of India’s leading ecommerce companies.
  • 2015: Appointed a reputed strategic consultancy firm to help with a business transformation exercise.
  • 2015: Acquisition of Lords by the company.
  • 2015: Entered into a joint venture with IVC to form 2X2 Logistics.
  • 2016: Entered into business contract with one of the largest steel producers in India.
  • 2017: Achieved Rs 25,000 million of revenue from operations.
  • 2018: Mahindra Logistics opens its largest multi-user facility.
  • 2019: Mahindra Logistics strengthens its partnership with the Volkswagen Group India.
  • 2020: Mahindra Logistics adds 7.5 lakh sq ft warehousing capacity in Hyderabad, Chennai.
  • 2020: Mahindra Logistics partners with 1Bridge.
  • 2021: Mahindra Logistics launches ‘EDel’.
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