Mahindra Logistics - Q3FY21 First Cut - ICICI Direct

(CMP: Rs. 468, MCap: Rs. 3354 crore)

Mahindra Logistics reported a strong set of Q3FY21 numbers, which were above I-direct estimates on all fronts.

Q3FY21 Earnings Summary

- Revenues grew 15% YoY to Rs. 1047 crore (I-direct estimate: Rs. 877 crore), led by 24% growth in the SCM segment to Rs. 1010 crore. The Enterprise Mobility Services de-grew 60% to Rs. 37 crore

- EBITDA margins expanded 39 bps to 5.1% (I-direct estimate: 4.4%) due to lower employee (7.6% vs. estimated 8.5% and 8.8% in Q3FY20) and other expense (1.6% vs estimated 2.1% and 2% in Q3FY20). Subsequently, EBITDA grew 25% to Rs. 53 crore and came above I-direct estimate of Rs. 39 crore

- However, the reported PAT grew 17% YoY to Rs. 18 crore, mainly due to lower other income (Rs. 2 crore vs estimated Rs. 6 crore and Rs. 2 crore in Q3FY20) and came above I-direct estimate of Rs. 15 crore

We will be coming out with a result update post discussion with the management.

Shares of Mahindra Logistics Ltd was last trading in BSE at Rs.469 as compared to the previous close of Rs. 482.6. The total number of shares traded during the day was 743 in over 114 trades.

The stock hit an intraday high of Rs. 485.25 and intraday low of 469. The net turnover during the day was Rs. 353712.

Source : Equity Bulls

Keywords