Sharekhan's research report on Mahindra Logistics
MLL reported strong beat on net earnings for Q1FY2022 led by higher than expected revenues along with better OPM. It is targeting to add 4msf built-to-suit warehousing space over fifteen months. Warehousing services is slated to comprise 30% of the targeted Rs. 10,000 crore overall revenues in FY2026. It has been able to largely preserve Rs. 253 cash as on FY2021 after funding for capex. MLL is favourably placed among parent group’s entities in terms of its growth potential and capital allocation going ahead.
We retain Buy on Mahindra Logistics Limited (MLL) with a revised PT of Rs. 727, considering its strong net earnings growth outlook over FY2021-FY2024E.
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