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Motilal Oswal Report
VRL Logistics Ltd. reported a strong Q2 FY22, with topline growth of 45% YoY to ~Rs 6.4 billion on the back of a 40% growth in the goods transport segment.
Volumes in the goods transport segment grew over 60% YoY in H1 FY22.
The bus operations business, which was the most impacted by the lockdowns, saw a sharp recovery, with revenue growing three times to Rs 503 million.
Ebitda margin came in at a healthy ~18% in Q2 FY22.
The strong pick up in volumes allowed VRL Logistics to undertake price hikes and more than offset the increase in diesel prices.
We raise our FY23E/FY24E earnings per share estimate by 24%/17% to factor in an improved outlook on volume and margin.
VRL Logistics is looking to increase its branch network, which would aid higher volumes.
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