External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<ul><li>Tonnage growth in FY24 was hit by a slowdown in agro and textile commodity volume in southern states, which contribute ~40% to tonnage.</li><li>Amid general elections in 1QFY25 and a severe driver shortage, tonnage growth is expected to be subdued.</li><li>However, as normalcy returns in 2QFY25, we expect VRLL to post double-digit volume growth in 2HFY25. We expect FY25 volume growth of 10%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tonnage growth in FY24 was hit by a slowdown in agro and textile commodity volume in southern states, which contribute ~40% to tonnage.Amid general elections in 1QFY25 and a severe driver shortage, tonnage growth is expected to be subdued.However, as normalcy returns in 2QFY25, we expect VRLL to post double-digit volume growth in 2HFY25. We expect FY25 volume growth of 10%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VRL Logistics - Muted Activity in 1Q Amid Polls and Driver Shortage

<ul><li>VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18 months.</li><li>This capex is essential to: a) replace its older fleet that moves out due to the vehicle scraping policy and b) capture the pick-up in demand in the LTL segment.</li><li>We believe VRLL would be very well placed to capitalize on the growth opportunity after this capacity addition.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18 months.This capex is essential to: a) replace its older fleet that moves out due to the vehicle scraping policy and b) capture the pick-up in demand in the LTL segment.We believe VRLL would be very well placed to capitalize on the growth opportunity after this capacity addition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VRL Logistics: New Capex Plan to Capitalize on the Growth Opportunities

<ul><li>The management is optimistic on VRLL’s growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities </li><li>In the near term, stabilization of fuel prices and improved volumes will benefit this sector. </li><li>We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY21- 24E. We reiterate our Buy rating, with a TP of INR540/share (35x FY24E EPS)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The management is optimistic on VRLL’s growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities In the near term, stabilization of fuel prices and improved volumes will benefit this sector. We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY21- 24E. We reiterate our Buy rating, with a TP of INR540/share (35x FY24E EPS)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>With a robust growth outlook, we expect strong upside in the stock from current levels</li><li>The strong tailwinds for VRL would drive consistent growth in volumes and earnings over the next few years</li><li>VRL is focusing on the high-margin LTL business (driven by the B2B segment) and expanding its network into newer markets</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

With a robust growth outlook, we expect strong upside in the stock from current levelsThe strong tailwinds for VRL would drive consistent growth in volumes and earnings over the next few yearsVRL is focusing on the high-margin LTL business (driven by the B2B segment) and expanding its network into newer marketsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VRL Logistics: Volume Growth to Drive Earnings

India

VRL Logistics Limited provides goods and passenger transportation services. The Company offers various goods transportation services, including general parcel and priority parcel delivery, courier, and full-truckload services through its transportation network. VRL Logistics serves customers in India.

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VRL Logistics Ltd (VRLL IN)

VRL Logistics - Muted Activity in 1Q Amid Polls and Driver Shortage

Tonnage growth in FY24 was hit by a slowdown in agro and textile commodity volume in southern states, which contribute ~40% to tonnage.

Motilal Oswal

VRL Logistics: New Capex Plan to Capitalize on the Growth Opportunities

VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18...

Motilal Oswal

VRL Logistics: Well Placed to Capitalize

We hosted the management of VRLL to get an understanding of the current business scenario and its outlook. The management is optimistic on...

Motilal Oswal

VRL Logistics: Volume Growth to Drive Earnings

With a robust growth outlook, we expect strong upside in the stock from current levels. The strong tailwinds for VRL would drive consistent growth...

Motilal Oswal

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