Shares of VRL Logistics fell over 4 percent on September 8 after a large deal took place on the bourses. At 11:38 am, shares of the logistics player were trading 0.6 percent lower at Rs 705.95 on the BSE.
About 35 lakh shares of the company or 4 percent equity worth Rs 239.5 crore changed hands at Rs 684.2 per share.
While Q1 of FY24 was muted, volumes are likely to improve in the coming quarters, analysts believe. VRL expects 15 percent volume growth in FY24 with margin in the range of 16-17 percent.
Catch up on all LIVE stock market updates here
The focus on branch additions remains intact and the company is looking to add 100 branches in FY24. As the share of organized players is likely to grow in the coming years, the outlook appears promising for established pan-India players like VRL Logistics, analysts said.
Analysts have also highlighted that VRL Logistics is assertive in maintaining its strategy of not taking a price hike and instead focusing on volume growth. They continue to give aggressive discounts on newer routes. With selective hikes on other routes, realisation shall remain static in FY24.
Standalone net sales came in at Rs 674.22 crore in June 2023, down 6 percent YoY, while net profit declined 31 percent to Rs 33.95 crore. EBITDA also fell 6 percent on year to Rs 110.80 crore in the June quarter.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
