Buy Mahindra Logistics; target of Rs 600: Sharekhan

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Sharekhan's research report on Mahindra Logistics

MLL reported strong operational performance for Q1FY2023 led by robust growth in both M&M and non-M&M businesses. Gross margins came in lower, while OPM surprised positively led by operating leverage. Company won new accounts totaling Rs. 200 crore, which is expected to reflect in numbers in the next four quarters. Gross margins may remain under pressure due to high growth envisaged in transportation segment. It continues to focus on warehousing capacity additions, deriving operational efficiencies through technology and scale-up its new business verticals like B2B and last-mile deliveries.

Outlook

We retain a Buy on Mahindra Logistics Limited (MLL) with a revised PT of Rs. 600, on account of downward revision in net earnings led by higher interest outgo.

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Mahindra Logistics -020822 - khan