Mahindra Logistics Q1 Review - Revenue Drives Beat, Despite Drop In Warehousing Yields: ICICI Securities
An employee walks past boxes stacked on pallets at a warehouse. (Photographer: Dhiraj Singh/Bloomberg)

Mahindra Logistics Q1 Review - Revenue Drives Beat, Despite Drop In Warehousing Yields: ICICI Securities

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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:

ICICI Securities Mahindra Logistics Q1FY22 Results.pdf

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