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ICICI Securities Report
Mahindra Logistics Ltd. continued to disappoint in Q3 FY22 with lower-than expected Ebitda and profit after tax.
Profit after tax margin at 0.5% led to 33% earnings downgrade for FY22E. Warehousing space was flat QoQ, and there was a significant improvement in warehousing yield.
Non-Mahindra supply chain management revenues continued to show healthy growth (~18% in Q3 FY22, with warehousing revenues growing ~37% YoY). However, Mahindra SCM revenues declined ~5% YoY on the back of weak auto volumes.
Substantial tilt toward warehousing in non-Mahindra business failed to improve margins with a 96 basis points QoQ gross margin drop in the SCM segment in what is construed to be a seasonally strong quarter for Mahindra Logistics: ~ 1 million square feet of flex warehousing solutions were introduced during the current quarter.
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