Mahindra Logistics (MAHLOG) Q4 17/18 earnings summary

Executive summary

• FY18 consolidated revenue rose 28.11% YoY to ₹3,416.12 crore; EBITDA increased 46.21% to ₹125.61 crore and PAT rose 41.58% to ₹65.27 crore, all reported as record results.

• Growth was supported by SCM expansion, freight forwarding and new customer accounts; the asset-light, technology-enabled model remains central to the operating strategy.

• Shares listed on BSE and NSE on 10 November 2017 following an ₹828.88 crore offer for sale; no IPO proceeds accrued to the business.

Financial highlights

• Consolidated revenue from operations increased to ₹3,416.12 crore from ₹2,666.59 crore YoY; consolidated PAT was ₹65.27 crore versus ₹46.10 crore.

• Consolidated EBITDA reached ₹125.61 crore, up 46.21% YoY from ₹85.91 crore; consolidated PBT was ₹102.11 crore versus ₹67.82 crore.

• Standalone revenue from operations grew 24.39% to ₹3,220.11 crore; PBT rose 43.91% to ₹97.40 crore and PAT increased 38.82% to ₹62.19 crore.

• Consolidated operating cash flow was ₹11.94 crore, versus an outflow of ₹34.18 crore in FY17; cash and cash equivalents ended FY18 at ₹66.03 crore.

Outlook and guidance

• Vision targets ₹6,000 crore in revenue by 2021; strategy emphasizes external clients, deeper service penetration, diversification and continued technology investment.

• Plans include expanding multi-user warehouses in strategic locations, leveraging GST-driven network redesign and strengthening customer-facing and internal technology systems.

• FY19 target: train 10,000 drivers across India under PMKVY; 450+ drivers had been trained during FY18 under the program.