BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
VRL Logistics Ltd. delivered solid revenue growth of 20% YoY to ~Rs 6.8 billion (up 7% QoQ), 9% above our estimates. Goods transport revenue grew 19% YoY during Q3 FY22 (based on 12% tonnage and 7% realisation growth).
The bus operations business, which was impacted by Covid-19 led restrictions, also recovered sharply with revenue growing 44% YoY to Rs 748 million.
VRL Logisitics's Ebitda margin jumped 122 basis points QoQ to 19%, versus our estimate of 17%, driven by a sharp cut in diesel prices in November 2021 (due to a cut in the tax rate on fuel).
Ebitda rose 31% YoY to Rs 1.3 billion (22% beat). Ebitda for bus operations turned positive with a rise in occupancies and realisation.
Strong operating performance and lower tax outgo saw adjusted profit after tax grow 52% YoY to Rs 605 million.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
