Company Update : Mahindra Logistics Ltd By Motilal Oswal Financial Services Ltd
Operating performance in line, higher interest and tax outgo drag APAT
Earnings snapshot: 3QFY25
* Revenue grew ~14% YoY to INR15.9b in 3QFY25, in line with estimate.
* EBITDA margin came in at 4.6% in 3QFY25 (+90bp YoY and +20bp QoQ) against our estimate of 5%. EBITDA grew 41% YoY to INR737m vs. our estimate of INR788m.
* The company reported an adjusted net loss of INR90m in 3QFY25 vs. an adjusted net loss of INR212m in 3QFY24 (our estimate of INR116m profit).
* The company reported a debt-equity ratio of 0.96x as of Dec’24 vs. 0.87x as of Sep’24.
* During 9MFY25, revenue was INR45.3b (+12% YoY), EBITDA stood at INR2.1b (+20% YoY), and EBITDA margin came in at 4.5%. Adj. loss stood at INR291m (vs. a loss of INR457m).
Segmental performance
* Supply Chain management recorded revenue of INR15.1b (+15.5% YoY) and EBIT loss of INR18.8m.
* Enterprise Mobility Services (EMS) reported revenue of INR781m (-6.9% YoY) and EBIT of INR7.6m.
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