Mahindra Logistics (MAHLOG) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated revenue rose 25% YoY to ₹4,083 crore, EBITDA increased 38.34% to ₹209.85 crore and PAT rose 18.47% to ₹34.57 crore.

• Growth was led by e-commerce, consumer, automotive and freight forwarding; warehousing expanded while mobility recovery remained constrained by COVID-19 effects.

• Strategic priorities include scaling integrated logistics and network services, adding technology-led capabilities, and targeting ₹10,000 crore revenue by FY26.

Financial highlights

• Consolidated revenue from operations was ₹4,083.03 crore versus ₹3,263.72 crore in FY21; total income was ₹4,095.22 crore.

• Consolidated EBITDA reached ₹209.85 crore, up 38.34% YoY; PAT was ₹34.57 crore, up 18.47% YoY.

• Standalone revenue from operations rose 22.71% to ₹3,631.08 crore; PAT was ₹24.44 crore versus ₹23.99 crore in FY21.

• Consolidated operating cash flow was ₹200.63 crore; cash and cash equivalents closed at ₹132.14 crore.

Outlook and guidance

• Long-term vision targets ₹10,000 crore in logistics services by FY26; BTS warehouse capacity target is 12+ million sq. ft. by FY26, versus ~3 million sq. ft. at March 2022.

• Mobility aims to transition 30% of its fleet to EVs and establish an EV supply ecosystem; 500 EVs were targeted by FY23 in the mobility plan.

• Carbon neutrality target is 2040; SBTi-aligned targets for 2033 include 88% lower Scope 1 and 2 emissions per employee and 69% lower Scope 3 emissions per million km, from 2018 baseline.