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Dolat Capital Report
VRL Logistics Ltd. is an established Logistics operator in the less than truckload business, with a 90% contribution (~10% business from full truckload services, supported by a fleet of +5600 owned truck, and primarily focused on the business-to-business segment.
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We expect VRL Logistics to continue to outperform its peers due to its competitive moats like asset-heavy model, wide network, better operating cost structure and capital efficiency.
Post delivering strong growth in last two years of 24% compound annual growth rate the company foresees a 15% tonnage growth for FY24. We maintain positive view on the stock as-
asset-heavy fleet model is well suited for LTL operations,
Prudent capital allocation policy and strengthening balance sheet through sale of sick business,
enhancing its operational efficiency (low-cost sourcing of spare parts, and in-house designing capabilities).
We estimate earnings per share compound annual growth rate of 24% over FY23-25E led by capacity addition, network expansion and reduction in interest costs, we value the stock Rs 820 (25 times FY25E EPS) and recommend 'Accumulate'.
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