Consolidated revenues marginally missed mark in Q2, while weak operational performance and net loss widened q-o-q. Freight forwarding and express businesses disappointed. Company expects 3PL growth momentum to continue although challenges in freight forwarding and express business are expected to continue in the near term. Express business is eyeing an EBITDA breakeven by Q4FY2024 although it could get delayed if the company is not able to ramp up volume shortfall.
OutlookWe retain a Buy on Mahindra Logistics Limited (MLL) with an unchanged PT of Rs. 455, rolling forward our valuation to September 2025 earnings and factoring lowered estimates.
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