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Mahindra Logistics - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-01 22:49:34


Mahindra Logistics reported 54% decline in revenue to Rs. 410 crore owing to 51%, 82% decline in SCM, PTS revenues to Rs. 392 crore, Rs. 18 crore, respectively. PTS segment (normally ~10% of revenue) has been severely impacted owing to work from home policy adopted by corporates. However, warehousing segment continued to remain resilient and fell 11%. The company owing to its asset light model was able to reduce other expenses by 40% YoY, enabling it to restrict loss at EBITDA level to Rs. 2.2 crore. Lower other income and higher depreciation & interest expense led the company to report a net loss of Rs. 16 crore (I-direct estimate: loss of Rs. 42 crore) vs. net profit of Rs. 18.6 crore in Q1FY20.

Valuation & Outlook

With asset heavy players, startups in the logistics sector seeing greater stress in cashflow management, inflated costs, MLL is well placed to face the crisis, with strong financials to take advantage of expected consolidation in the sector. While auto continues to dominate MLL's business segments, it has been steadily building up its presence in e-commerce, pharma, consumer segments. Also, with changing client profile, it has been able to leverage the situation by enhancing high margin warehousing, value-added services (up 16% in FY20) component in its revenue mix. We remain positive on MLL's future prospects but as the stock has rallied ~20% in last three months, we downgrade to HOLD with revised TP of Rs. 330 (~30x FY22 EPS).

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_MahindraLogistics_Q1FY21.pdf

Shares of Mahindra Logistics Ltd was last trading in BSE at Rs.297.75 as compared to the previous close of Rs. 276.7. The total number of shares traded during the day was 14076 in over 1602 trades.

The stock hit an intraday high of Rs. 301.85 and intraday low of 272.3. The net turnover during the day was Rs. 4079606.


Source: Equity Bulls

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