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ICICI Securities Report
Allcargo Logistics Ltd. posted an impressive Q1 FY22 Ebitda of Rs 2.17 billion (our estimate: Rs 1.56 billion).
Turnaround in Gati (subsidiary of Allcargo Logistics) operations can accrue significant value to the company.
The management appears to be on the right track in Gati to:
delever through divestment of non-core assets and
bring about operational improvements to increase ‘express' segment Ebitda to 12% in the next two to four quarters.
Multimodal transport operation business earnings continue to surprise, with a 39%YoY volume growth coupled with expansion in Ebit margins (QoQ).
This leads to significant upgrade in earnings. Rs 1.2 billion (enterprise value) purchase of speedy container freight station can lead to improvement in CFS earnings going forward.
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