ICICI Direct has given Buy recommendation for Mahindra Logistics with a target price of Rs. 600 in its research report issued on Apr 28, 2022

ICICI Direct’s research report on Mahindra Logistics

Mahindra Logistics is an end-to-end 3PL logistics solution provider, from performing milk run to in-factory logistics, warehousing to first mile and last mile logistics. Serves over 400 customers via its two business segment: supply chain management [(SCM), 96% of revenues] and enterprise mobility • Revenues from Mahindra comprise 52% of SCM revenues (FY21) while the rest is contributed by non-Mahindra.

Outlook

We maintain our BUY stance, due to long-term growth drivers in MLL. We value the stock at | 600 i.e. 34x P/E on FY24E EPS.

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