Mahindra Logistics shares fall 6%, hit 52-week low post Q2 results
In the quarter, the total revenue stood at Rs 1,364.8 crore, up 2.9% against Rs 1,326.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA declined 20.7% to Rs 53.6 crore from Rs 67.6 crore in the corresponding period in the previous fiscal. Meanwhile, EBITDA margin stood at 3.9% in the reporting quarter as compared to 5.1% in the corresponding period in the previous fiscal.
Mahindra Logistics reported a 4% increase in volumes for its MLL Express business during the quarter.
As for warehouse management, Mahindra Logistics continues to show a strong presence with 19 million square feet of warehouse space under its purview within the 3PL business.
The company's ongoing expansion projects in locations such as Chakan, Kolkata, Nashik, and Guwahati are progressing as planned. A notable development for Mahindra Logistics is the launch of a 6.5 lakh square feet multi-client warehouse in Bhiwandi, Mumbai.
At 10.37 a.m., the scrip was trading 3.7% lower at Rs 354.9 on BSE.
The stock also plunged nearly 30% year-to-date, while it has declined nearly 50% in the last 2 years.
As per Trendlyne data, the average target price of the stock is Rs 413, which implies an upside of 16% from the current market prices. The consensus recommendation from 11 analysts for the stock is a 'Hold'.
Technically, the stock's day RSI (14) is at 42.6.
The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. The day MACD (12, 26, 9) is at -3.6, which is below its Center Line, this is a bearish indicator.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
