|
Consolidated net sales of Mahindra Logistics has increased 22% to Rs 1019.11
crore. Higher volumes and new business wins in Consumer, Freight
Forwarding and Ecommerce verticals helped drive revenue growth. Sales of Supply
Chain Management segment has gone up 21.72% to Rs 978.42 crore (accounting for
96.01% of total sales). Sales of Enterprise Mobility Service segment
rose 42.02% to Rs 40.69 crore (accounting for 3.99% of total
sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 0.10% to Rs 60.86 crore. PBIT of
Supply Chain Management segment fell 1.96% to Rs 59.01 crore (accounting for
96.96% of total PBIT). PBIT of Enterprise Mobility Service segment
rose 203.28% to Rs 1.85 crore (accounting for 3.04% of total PBIT).
PBIT margin of Supply Chain Management
segment fell from 7.49% to 6.03%. PBIT margin of Enterprise Mobility
Service segment rose from 2.13% to 4.55%. Overall PBIT margin fell
from 7.30% to 5.97%.
Operating profit margin has jumped from 4.5% to 4.9%, leading to 34%
rise in operating profit to Rs 50.03 crore. Employee cost decreased
from 8.72% to 7.42%. Other expenses rose from 86.80% to 87.43%.
Freight charges rose from 84.64% to 85.39%. Other
income fell 76.24% to Rs 1.96 crore. PBIDT rose 14.09% to Rs 51.99
crore. Provision for interest rose 52.46% to Rs 6.83
crore. PBDT rose 9.91% to Rs 45.16 crore. Provision for
depreciation rose 57.41% to Rs 32.82 crore. Profit
before tax down 39.03% to Rs 12.34 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 3.05
crore, compared to Rs 5.39 crore. Effective tax rate was 24.72% compared
to 26.82%. Minority interest decreased 88.89% to Rs -0.51 crore. Net
profit attributable to owners of the company decreased 34.58% to Rs 9.80
crore.
Half yearly performance
Net sales has increased 52.25% to Rs 1892.47 crore. Sales of Supply
Chain Management segment has gone up 51.98% to Rs 1,818.49 crore (accounting
for 96.09% of total sales). Sales of Enterprise Mobility Service
segment rose 59.20% to Rs 73.98 crore (accounting for 3.91% of total
sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 53.49% to Rs 124.73 crore. PBIT
of Supply Chain Management segment rose 49.67% to Rs 121.71 crore (accounting
for 97.58% of total PBIT). PBIT of Enterprise Mobility Service
reported profit of Rs 3.02 crore compared to loss of Rs 0.06 crore.
PBIT margin of Supply Chain Management
segment fell from 6.80% to 6.69%. PBIT margin of Enterprise Mobility
Service segment rose from negative 0.13% to 4.08%. Overall PBIT
margin rose from 6.54% to 6.59%.
Operating profit margin has jumped from 2.82% to 5.02%, leading to
170.77% rise in operating profit to Rs 95.04 crore. Employee cost
decreased from 11.73% to 7.75%. Other expenses rose from 85.45% to
87.10%. Freight charges rose from 83.18% to 85.12%. Other
income fell 64.92% to Rs 3.88 crore. PBIDT rose 114.30% to Rs 98.92
crore. Provision for interest rose 43.96% to Rs 13
crore. PBDT rose 131.40% to Rs 85.92 crore. Provision for
depreciation rose 56.38% to Rs 61.41 crore. Profit before tax
reported profit of Rs 24.51 crore compared to loss of Rs 2.14
crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 6.12 crore, compared to
credit of Rs 0.51 crore. Effective tax rate was 24.97% compared to
20.90%. Minority interest increased 30.91% to Rs -0.76 crore.
Management Comment
Commenting on the performance, Mr.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said,
"We continue to witness a strong growth in revenue, driven by growth from
new wins in E-commerce, Consumer & Freight Forwarding. Despite headwinds in
the Auto industry, the focus on designing and delivering customized, integrated
solutions continues to be a key driver for our growth. The mobility business
continues to see a recovery with focus on new segments & customers. During
the quarter, demand from the auto industry remained stressed due to shortage of
semi-conductors. Wave 2 of the Covid-19 pandemic has resulted in delays of new
projects. Further, we continued to see a sharp increase in fuel costs. During
the quarter, we added 1.3 mn sq ft of grade `A` warehouse capacity. MLL
continues to leverage and build on its technology roadmap to offer
best-in-class solutions to customers. Accordingly, we have piloted drone-based
delivery of medicines in Telangana. We will continue to build new capabilities
which will allow for better customer acquisition and retention. We are
optimistic of continuing growth with the upcoming festive season and aim to
sustain our focus on delivering technology-enabled, integrated solutions."
Other developments
Equity capital increased from Rs 71.60
crore as of 30 September 2020 to Rs 71.78 crore as of 30 September
2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 58.25% as of 30
September 2021, compared to 58.40% as of 30 September 2020.
Loan funds rose to Rs 322.56 crore as
of 30 September 2021 from Rs 185.97 crore as of 30 September
2020. Sundry debtors were higher at Rs 498.49 crore as of 30
September 2021 compared to Rs 482.24 crore as of 30 September
2020. Cash and bank balance declined from Rs 192.35 crore as of 30
September 2020 to Rs 145.71 crore as of 30 September
2021. Investments rose to Rs 84.39 crore as of 30 September 2021
from Rs 2.84 crore as of 30 September 2020. Fixed assets increased
to Rs 443.06 crore as of 30 September 2021 from Rs 275.11 crore as of 30
September 2020. Intangible assets increased from Rs 4.33 crore to Rs
24.66 crore.
Cash flow from operating activities
decreased to Rs 89.12 crore for YTD ended September 2021 from Rs 142.07 crore
for YTD ended September 2020. Cash flow used in acquiring fixed
assets during the YTD ended September 2021 stood at Rs 58.80 crore, compared to
Rs 21.64 crore during the YTD ended September 2020.
|
Mahindra
Logistics : Consolidated Results
|
|
|
|
|
|
|
|
|
|
2109
(3)
|
2009
(3)
|
Var.(%)
|
2109
(6)
|
2009
(6)
|
Var.(%)
|
2103
(12)
|
2003
(12)
|
Var.
(%)
|
|
Sales
|
1019.11
|
832.51
|
22
|
1892.47
|
1242.97
|
52
|
3263.72
|
3471.14
|
-6
|
|
OPM (%)
|
4.9
|
4.5
|
|
5.0
|
2.8
|
|
4.1
|
4.6
|
|
|
OP
|
50.03
|
37.32
|
34
|
95.04
|
35.10
|
171
|
134.22
|
158.27
|
-15
|
|
Other
inc.
|
1.96
|
8.25
|
-76
|
3.88
|
11.06
|
-65
|
17.47
|
13.98
|
25
|
|
PBIDT
|
51.99
|
45.57
|
14
|
98.92
|
46.16
|
114
|
151.69
|
172.25
|
-12
|
|
Interest
|
6.83
|
4.48
|
52
|
13.00
|
9.03
|
44
|
20.09
|
17.63
|
14
|
|
PBDT
|
45.16
|
41.09
|
10
|
85.92
|
37.13
|
131
|
131.60
|
154.62
|
-15
|
|
Dep.
|
32.82
|
20.85
|
57
|
61.41
|
39.27
|
56
|
89.65
|
73.43
|
22
|
|
PBT before EO
|
12.34
|
20.24
|
-39
|
24.51
|
-2.14
|
-1245
|
41.95
|
81.19
|
-48
|
|
EO Exp
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
2.75
|
0.00
|
|
|
PBT
after EO
|
12.34
|
20.24
|
-39
|
24.51
|
-2.14
|
-1245
|
39.20
|
81.19
|
-52
|
|
Taxation
|
3.05
|
5.39
|
-43
|
6.12
|
-0.51
|
-1300
|
10.02
|
25.74
|
-61
|
|
PAT
|
9.29
|
14.85
|
-37
|
18.39
|
-1.63
|
-1228
|
29.18
|
55.45
|
-47
|
|
Share
of Profit/(Loss) from Associates
|
0.00
|
-0.14
|
-100
|
0.00
|
-0.30
|
-100
|
-0.39
|
-0.61
|
-36
|
|
Minority
Interest
|
-0.51
|
-0.27
|
89
|
-0.76
|
-1.10
|
-31
|
-1.21
|
-0.28
|
LP
|
|
Net
profit
|
9.80
|
14.98
|
-35
|
19.15
|
-0.83
|
-2407
|
30.00
|
55.12
|
-46
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
4.5
|
7.7
|
|
|
* EPS
is on current equity of Rs 71.78 crore, Face value of Rs 10
|
|
|
|
|
|
# EPS
is not annualised due to seasonality of business
|
|
|
|
|
|
|
Figures
in Rs crore
|
|
|
|
|
|
|
|
|
|
|
Source:
Capitaline Corporate Database
|
|
|
|
|
|
|
|
| Mahindra Logistics : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Supply Chain Management | 96.01 | 978.42 | 803.86 | 21.72 | 96.09 | 1,818.49 | 1,196.50 | 51.98 | 96.35 | 3,144.64 | 3,103.53 | 1.32 | | People Transport Solution | 0.00 | 0.00 | 0.00 | - | | Enterprise Mobility Service | 3.99 | 40.69 | 28.65 | 42.02 | 3.91 | 73.98 | 46.47 | 59.20 | 3.65 | 119.08 | 367.61 | -67.61 | | Total Reported Sales | 100.00 | 1,019.11 | 832.51 | 22.41 | 100.00 | 1,892.47 | 1,242.97 | 52.25 | 100.00 | 3,263.72 | 3,471.14 | -5.98 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,019.11 | 832.51 | 22.41 | 100.00 | 1,892.47 | 1,242.97 | 52.25 | 100.00 | 3,263.72 | 3,471.14 | -5.98 | | PBIT | | Supply Chain Management | 96.96 | 59.01 | 60.19 | -1.96 | 97.58 | 121.71 | 81.32 | 49.67 | 98.64 | 222.35 | 252.92 | -12.09 | | People Transport Solution | 0.00 | 0.00 | 0.00 | - | | Enterprise Mobility Service | 3.04 | 1.85 | 0.61 | 203.28 | 2.42 | 3.02 | -0.06 | LP | 1.36 | 3.07 | 33.81 | -90.92 | | Total PBIT | 100.00 | 60.86 | 60.80 | 0.10 | 100.00 | 124.73 | 81.26 | 53.49 | 100.00 | 225.42 | 286.73 | -21.38 | | Less : Interest | | 1.07 | 1.56 | -31.41 | | 2.04 | 3.18 | -35.85 | | 5.29 | 17.63 | -69.99 | | Add: Other un-allcoable | | -47.45 | -39.00 | 21.67 | | -98.18 | -80.22 | 22.39 | | -180.93 | -187.91 | -3.71 | | PBIT Margin(%) | | Supply Chain Management | | 6.03 | 7.49 | -145.65 | | 6.69 | 6.80 | -10.36 | | 7.07 | 8.15 | -107.87 | | People Transport Solution | | 0.00 | 0.00 | 0.00 | | Enterprise Mobility Service | | 4.55 | 2.13 | 241.74 | | 4.08 | -0.13 | 421.13 | | 2.58 | 9.20 | -661.91 | | PBT | 100.00 | 12.34 | 20.24 | -39.03 | 100.00 | 24.51 | -2.14 | LP | 100.00 | 39.20 | 81.19 | -51.72 |
|
|