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ICICI Securities Report
As the industry prepares for diesel price hikes, VRL Logistics Ltd.'s management highlights a key difference between current and past inflationary cycles, namely the compliance process-driven shift toward organised sector players.
This places VRL Logistics in a much better stead in the current inflationary environment (versus the past cycle of FY13-14 where persistently high diesel prices pulled down volume growth to 2%).
Compliance is forcing this shift, allowing newer industry customers to seek out VRL Logistics’ support as a transportation partner. This allows management to-
Guide for 15-20% volume growth,
Target 100-150 branch additions in FY23E after adding ~100 branches in FY22E and
Guide for a significant capex toward fleet addition (details yet to be announced).
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