Mahindra Logistics Q1 Review - Revenue Drives Beat, Despite Drop In Warehousing Yields: ICICI Securities
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Mahindra Logistics Ltd.'s Q1 FY22 numbers were higher than expected.
Higher than expected revenues, across segments drive beat.
Non M&M warehousing grew 22% over Q1 FY20, despite impact of Covid-19 second wave.
Lower utilisation, given the extant environment (in our view) of an expanded 18.1 million square feet of warehousing space led to q-o-q decline in warehousing yields.
Higher interest and depreciation, as well as lower other income lead to earnings decline for us.
M&M and Non-M&M contributes to equal share of revenues in Q1 FY22, while auto maintained its revenue share at 60%.
We would like to reiterate Mahindra Logistics as a structural organised play on improving warehousing and integrated solutions.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.