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For the quarter ended Mar 19, consolidated net sales were up by 14% to Rs 1014.68 crore. OPM was down by 20 bps to 4% thus restricted OP growth to 8% increase in OP to Rs 40.87 crore. OPM was also affected due to ESOP related expense. Adjusted to ESOP issue, OP could have been higher by Rs 4 crore for Mar 19 quarter.
Other income was up by 130% to Rs 1.91 crore. Interest cost was higher by 21% to Rs 1.03 crore and depreciation was higher by 15% to Rs 6.05 crore. Thus resulting in a PBT of Rs 35.70 crore up by 10% YoY. After providing total tax of Rs 11.79 crore up by 2%, PAT for Mar 19 quarter stood at Rs 23.91 crore up by 15%. After providing MI of Rs 0.38 crore, consolidated PAT for Mar 19 quarter stood at Rs 23.53 crore up by 15% YoY.
For 12 mths ended Mar 19, consolidated net sales were up by 13% to Rs 3851.34 crore. OPM stood at 3.9% up by 40bps YoY thus resulting in a 26% increase in OP to Rs 151.24 crore. Other income was up by 30% to Rs 7.63 crore. Interest cost was lower by 8% to Rs 3.48 crore and depreciation was up by 11% to Rs 21.95 crore. Thus PBT stood at Rs 133.44 crore up by 31%. After providing for total tax of Rs 46.79 crore, PAT stood at Rs 86.65 crore. After providing MI of Rs 1 crore, consolidated PAT for 12 mths ended Mar 19 stood at Rs 85.65 crore up by 34% YoY.
Commenting on the performance, Mr. Pirojshaw Sarkari (Phil), CEO of Mahindra Logistics, said,
"Mahindra Logistics added over Rs. 400 Cr to its topline and Rs. 21 Cr to its bottom line. We have achieved margin expansion because of efficiencies driven across segments. We achieved positive free cash flow of Rs. 39 Cr for FY 19 as compared to negative in the previous 2 years. In Non-M&M Warehousing and value-added services we have grown by 30% over FY 18. We are pleased to declare an increased dividend of 18%.
It gives me immense pleasure that we kept our commitment of training 10,000 drivers under PMKVY during the year. The drivers who got trained were not only working for our operations, but also across the industry. I reiterate that for "Make in India" to succeed, "Move in India" has to be more efficient"
Other updates
Free cash flow for the year improved by Rs. 71 Crore to Rs. 39 Crore positive as compared to Rs. 32 Crore negative in FY 18
ROCE improved to 28.1% in FY 19 as compared to 25.5% in FY 18.
For the first time ever, the company crossed Rs. 1000 Crore revenues in Non-Auto segment in the SCM business
Proportion of warehousing and other value-added activities reached 26% in Non-M&M SCM segment
The board of directors have recommended a dividend of Rs 1.8 per equity share of face value of Rs 10 each for FY 19.
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