VRL Logistics reported 14.4% yoy growth in its revenue to Rs517cr in Q2FY19. The increase in the revenue was aided by 17.1% yoy growth in its largest segment i.e. goods transport. EBITDA declined 3.1% yoy to Rs54.1cr in Q2FY19 vs. Rs55.8cr in Q2FY18. EBITDA margins in Q2FY19 stood at 10.5% vs. 11.4% in Q1FY19 and 12.3% in Q2FY18. PAT declined 4.5% yoy to Rs20.6cr in Q2FY19 vs. Rs21.6cr in Q2FY18. The decline in the profitability was due to 19.2% yoy rise in the Freight handling and servicing cost.
Revenue from goods transport increased by 17.7% yoy to Rs418.9cr in Q2FY19. EBITDA margins of goods transport segment stood at 11.9% in Q2FY19 vs. 10.3% in Q1FY19 and 12.9% in Q2FY18.
Revenue from bus operations increased by 3.9% yoy to Rs81.1cr in Q2FY19. On the EBITDA level, bus operations segment reported loss of Rs2.1cr vs. loss of profit of Rs18.3cr in Q1FY19 and profit of Rs5.2cr in Q2FY19.
Revenue from passenger transport (air) decreased by 23.2% yoy to Rs2.6cr in Q2FY19. This segment reported EBITDA margin of 20.7% in Q2FY19 vs. 10.3% in Q1FY19.
Goods transport segment contributed 83% of its Q2FY19 revenue while rest 16% was contributed by bus operations, passenger transport (air).
Company has added 70 vehicles of 29 tonnes capacity and 191 vehicles of >8 tonnes capacity. Total 17 vehicles were scrapped, hence net addition of vehicles is 244 in Q2FY19. Total goods transport vehicles are 4,251 by end of Q2FY19.
VRL Logistics Ltd ended at Rs. 275, up by 13 points or 4.96% from its previous closing of Rs. 262 on the BSE.
The scrip opened at Rs. 265.50 and touched a high and low of Rs. 275 and Rs. 264 respectively. A total of 46,813 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.
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