Mahindra Logistics Q4 Review - Drop In Warehousing Revenue Drives Miss: ICICI Securities
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ICICI Securities Report
Mahindra Logistics Ltd. Q4 FY21 numbers were lower than expected.
Non-Mahindra and Mahindra Ltd. supply chain revenue declined 13% quarter-on-quarter, as warehousing revenue declined 25% QoQ.
The drop in high margin warehousing revenues for the quarter also impacted margins. Ebitda margins fell 40 basis points QoQ.
Given the strong underlying trend in fulfillment and warehousing and the consistent large integrated deal wins that we see for the company, the current quarter drop in non M&M supply chain management warehousing revenue don’t project a trend.
A weak base (Q4 FY20) still allowed for 17% YoY growth in non-M&M warehousing revenue growth.
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