VRL Logistics Ltd

VRL Logistics Ltd

₹ 550 0.58%
28 Mar - close price
About

VRL Logistics is engaged in logistics services dealing mainly in domestic transportation of goods. Other businesses include bus operations, transport of passengers by air, sale of power and sale of certified emission reductions (CER) units generated from operation of wind mills. The operations of the Company are spread all over the country through various branches and transshipment hubs.(Source : 202003-01 Annual Report Page No:132)

Key Points

Leading Player in Road Logistics
VRL is the only “Owned Asset” organized
player in Less than Truckload logistics[1] business in India with the largest fleet of owned vehicles, comprising 5671 vehicles. In FY23, 36%+ vehicles were fully depreciated and 95%+ vehicles were debt free.[2] Company has placed an additional order for 1667 Goods Transportation vehicles from TATA and Ashok Leyland and added 1338 vehicles in FY23. Net Vehicle increase (after scrappage) was 855.[3]
Company has its driver training facility at Hubballi.[4]
Company has focused to open new branches in North, East and North-East regions.[5]

  • Market Cap 4,814 Cr.
  • Current Price 550
  • High / Low 799 / 517
  • Stock P/E 37.6
  • Book Value 104
  • Dividend Yield 0.91 %
  • ROCE 17.9 %
  • ROE 39.7 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 28.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.6%
  • Company has been maintaining a healthy dividend payout of 45.4%

Cons

  • The company has delivered a poor sales growth of 6.62% over past five years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.154 Cr.
  • Promoter holding has decreased over last 3 years: -7.81%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Logistics Industry: Miscellaneous

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
563 600 414 636 601 594 614 654 682 698 674 709 737
465 505 378 523 484 479 523 561 578 584 572 617 642
Operating Profit 99 96 36 113 118 115 91 93 103 114 102 92 94
OPM % 18% 16% 9% 18% 20% 19% 15% 14% 15% 16% 15% 13% 13%
5 3 4 2 9 11 16 3 16 137 9 6 2
Interest 8 9 10 10 12 12 12 14 15 13 16 19 21
Depreciation 41 38 38 40 38 41 33 38 42 45 49 52 57
Profit before tax 55 51 -8 66 77 73 62 44 62 192 46 27 19
Tax % 27% 28% 21% 25% 21% 23% 20% 28% 21% -0% 26% 28% 27%
40 37 -6 49 60 56 49 31 49 193 34 20 14
EPS in Rs 4.40 4.21 -0.68 5.60 6.85 6.36 5.59 3.56 5.57 21.87 3.88 2.25 1.56
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,130 1,326 1,494 1,673 1,723 1,803 1,922 2,110 2,119 1,763 2,164 2,649 2,818
938 1,130 1,285 1,396 1,451 1,584 1,688 1,865 1,815 1,515 1,788 2,245 2,416
Operating Profit 192 196 209 277 272 220 235 245 303 248 376 404 402
OPM % 17% 15% 14% 17% 16% 12% 12% 12% 14% 14% 17% 15% 14%
5 10 16 8 8 9 14 8 6 13 21 171 154
Interest 65 59 61 60 32 25 12 11 37 37 44 56 69
Depreciation 70 82 87 88 90 98 98 101 168 160 144 159 203
Profit before tax 62 64 77 138 158 105 139 140 104 64 209 360 284
Tax % -24% 28% 26% 34% 34% 33% 34% 35% 14% 29% 23% 10%
77 46 57 91 104 70 93 92 90 45 160 323 260
EPS in Rs 10.85 6.46 6.67 10.66 11.42 7.72 10.25 10.17 9.97 5.10 18.12 36.58 29.56
Dividend Payout % 25% 99% 60% 38% 44% 52% 0% 54% 70% 78% 44% 14%
Compounded Sales Growth
10 Years: 7%
5 Years: 7%
3 Years: 8%
TTM: 11%
Compounded Profit Growth
10 Years: 22%
5 Years: 28%
3 Years: 51%
TTM: -19%
Stock Price CAGR
10 Years: %
5 Years: 14%
3 Years: 34%
1 Year: -12%
Return on Equity
10 Years: 21%
5 Years: 22%
3 Years: 26%
Last Year: 40%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 71 71 86 86 91 91 90 90 90 88 88 88 87
Reserves 117 108 221 271 423 450 503 556 527 509 563 888 821
Preference Capital 0 110 0 0 0 0 0 0 0 0 0 0
603 501 505 443 262 185 81 141 454 422 537 720 907
142 286 166 154 166 171 188 191 154 180 192 196 220
Total Liabilities 932 965 978 953 942 897 862 978 1,225 1,199 1,380 1,892 2,035
695 710 740 707 712 694 625 705 990 954 1,098 1,482 1,683
CWIP 10 14 14 9 16 2 8 42 4 6 35 38 61
Investments 0 0 0 0 3 0 0 0 0 0 0 15 0
228 241 223 237 211 201 230 231 230 238 247 356 291
Total Assets 932 965 978 953 942 897 862 978 1,225 1,199 1,380 1,892 2,035

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
163 163 203 235 264 198 205 192 257 272 371 318
-240 -90 -91 -49 -107 -59 -44 -209 -119 -32 -180 -144
76 -71 -112 -185 -155 -146 -154 11 -138 -234 -201 -171
Net Cash Flow -1 2 0 2 2 -7 7 -6 0 6 -10 3

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 25 24 20 20 15 15 15 14 15 13 11 11
Inventory Days
Days Payable
Cash Conversion Cycle 25 24 20 20 15 15 15 14 15 13 11 11
Working Capital Days -22 -22 -24 -15 -4 3 11 11 12 12 8 11
ROCE % 19% 16% 16% 24% 24% 17% 22% 21% 16% 10% 22% 18%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
69.59% 69.59% 69.59% 69.59% 69.59% 69.59% 69.59% 64.17% 64.17% 64.24% 60.24% 60.24%
3.05% 2.20% 2.61% 3.49% 3.62% 5.37% 5.75% 4.15% 2.35% 2.18% 2.16% 2.51%
18.66% 18.50% 17.81% 16.66% 15.14% 13.58% 14.45% 20.77% 24.23% 25.10% 29.02% 28.13%
8.70% 9.70% 9.99% 10.26% 11.65% 11.46% 10.21% 10.90% 9.24% 8.48% 8.58% 9.11%
No. of Shareholders 45,47651,81742,39946,92954,66656,17464,29468,00990,88658,22158,23958,744

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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