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
VRL Logistics Ltd. reported a better than expected Q4 FY21, with Ebitda margin of ~16%.
The margin surprise (our estimate 13%) was driven by:
1. increased volumes in the goods transportation segment, which more than compensated for the diesel price hikes leading to a significantly better than expected margin performance in the goods transportation segment; and
2. lower employee costs, down 7% YoY (down 17% YoY for FY21) driven by better payout control and more variable nature of payout.
Good transportation segment volumes increased by 15.3% YoY and 5.99% QoQ.
Click on the attachment to read the full report:
DISCLAIMER
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.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR