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Motilal Oswal Report
VRL Logistics Ltd. delivered a revenue growth of 11% YoY to ~Rs 6.7 billion (down 2% QoQ, in line).
Revenue from goods transport grew 10% YoY in Q4 FY22 (based on 6% tonnage and 4% realisation growth).
The bus operations business, which was impacted by Covid-led restrictions, recovered sharply, with revenue growing 11% YoY to Rs 622 million.
Ebitda margin jumped 300 basis points YoY to 18.9% (estimate: 18.5%), led by a sharp (up 400 bps) improvement in gross margin to 36% in Q4 FY22.
VRL Logistics' Ebitda rose 32% YoY to Rs 1.3 billion (in line). Strong operating performance led to a 51% YoY growth in adjusted profit after tax to Rs 562 million.
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