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ICICI Securities Report
We expect Q3 FY23 results to be a mixed bag for the logistics companies under our coverage. On one hand, volume growth is likely to stay muted and, on the other, the product mix shift and cost efficiencies are likely to shore up the margins. Key points:
expect volume growth of 2-5% QoQ for express logistic players;
profitability likely to increase owing to cost efficiencies and improved product mix; and
lower oil prices may not provide material tailwinds, being a pass-through.
We would keep tab on management commentaries on:
price hikes taken;
volume guidance, and
business outlook.
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