MLL product mix continues to improveMAHLOG - 377 Change: -3.90 (-1.02 %)
News: Revenues grew 36% YoY to Rs 1200 crore, led by 36% growth in the SCM segment to Rs 1143 crore. The Enterprise Mobility Services grew 33% to Rs 57 crore. Absolute EBITDA grew 62% to Rs 66 crore. EBITDA margins at 5.5% was 88 bps higher YoY, led by higher operating leverage. Reported PAT grew 3.2x to Rs14 crore, led by strong operational performance (and optically supported by higher tax rate in base quarter).
Views: In spite of strong growth in Mahindra revenues (up 40%, auto dominanted segment and lower warehousing requirment), we saw strong growth in the warehousing segment (up 57%, and comprises 23% of SCM revenues). This was mainly due to strong growth in non-Mahindra non-auto segment (up 39%), whereas non-Mahindra auto segment was flattish YoY. Hence, continually improving product mix and maintaining strong MLL margins.