Buy Mahindra Logistics; target of Rs 750: ICICI Direct

ICICI Direct's research report on Mahindra Logistics

Mahindra Logistics is an end-to-end 3PL logistics solution provider, from performing milk run to in-factory logistics, warehousing to first mile and last mile logistics.Serves over 400 customers via its two business segment: Supply chain management [(SCM), 96% of revenues] and enterprise mobility Revenues from Mahindra comprise 52% of SCM revenues (FY21) while the rest is contributed by non-Mahindra

Outlook

We remain positive on the long term growth prospects of the stock and maintain our BUY recommendation We value the stock at Rs 750 i.e. 49x P/E on FY23E EPS