Mahindra Logistics (MAHLOG) Q4 20/21 earnings summary

Executive summary

• FY21 consolidated revenue declined 5.97% YoY to ₹3,263.72 crore; PAT fell 47.38% to ₹29.18 crore amid COVID-related disruption and a steep Enterprise Mobility contraction.

• Supply Chain Management and freight forwarding recovered as lockdowns eased; e-commerce, consumer and farm activity supported growth, while the asset-light model enabled flexibility and expansion.

• The Board recommended a final dividend of ₹2.50 per share; priorities include improving profitability, free cash flow, integrated solutions and digital capability.

Financial highlights

• Consolidated revenue from operations was ₹3,263.72 crore versus ₹3,471.14 crore in FY20; total income was ₹3,281.19 crore versus ₹3,485.12 crore.

• Consolidated EBITDA was ₹151.69 crore versus ₹172.25 crore; PAT was ₹29.18 crore versus ₹55.45 crore, down 47.38% YoY.

• Standalone revenue from operations fell 9.25% to ₹2,959.11 crore; PBT was ₹32.64 crore and PAT ₹23.99 crore, down 59.5% and 56.4%, respectively.

• Consolidated basic EPS was ₹4.19 versus ₹7.71; standalone basic EPS was ₹3.35 versus ₹7.72.

Outlook and guidance

• Long-term vision targets ₹10,000 crore revenue by FY26; FY22 plans included 4 million sq. ft. of build-to-suit warehousing capacity, with 12–15 million sq. ft. targeted over the medium to long term.

• FY22 priorities include improving ROE, profitability and free cash flow; growing integrated solutions and new services; cost savings, digital projects and operating execution.

• EDel was planned to expand from six cities to 14 over the following 12 months; the longer-term Enterprise Mobility strategy targets EVs at 30% of its fleet.

• Enterprise Mobility was expected to recover to pre-COVID market levels over four to five years; the FY22 outlook remained volatile amid further COVID waves and restrictions.