VRL Logistics - Focused On Bottom Line: Dolat Capital

BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.VRL Logistics Ltd. is an established Logistics operator in the less than truckload business, with a 90% contribution (~10% business from full truckload services, supported by a fleet of +5600 owned truck, and primarily focused on the business-to-business segment. We expect VRL Logistics to continue to outperform its peers due to its competitive moats like asset-heavy model, wide network, better operating cost structure and capital efficiency. Post delivering strong growth in last two years of 24% compound annual growth rate the company foresees a 15% tonnage growth for FY24. We maintain positive view on the stock as-asset-heavy fleet model is well suited for LTL operations,Prudent capital allocation policy and strengthening balance sheet through sale of sick business,enhancing its operational efficiency (low-cost sourcing of spare parts, and in-house designing capabilities). We estimate earnings per share compound annual growth rate of 24% over FY23-25E led by capacity addition, network expansion and reduction in interest costs, we value the stock Rs 820 (25 times FY25E EPS) and recommend 'Accumulate'..Click on the attachment to read the full report:.Accenture’s FY24 Guidance Unexciting But Implies Positive Pick-Up In H2: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime 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 BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

VRL Logistics - Focused On Bottom Line: Dolat Capital

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