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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).
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The bus operations business, which was impacted by Covid-19 led restrictions, also recovered sharply with revenue growing 44% YoY to Rs 748 million.
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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.
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