Our Ref: MLLSEC/227/2019

7 November 2019

To,
BSE Limited (Security Code: 540768)
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort
Mumbai-400 001

National Stock Exchange of

India Ltd., (Symbol:
MAHLOG)
Exchange Plaza, 5th Floor, Plot No. C/1, “G” Block,
Bandra –Kurla Complex, Bandra (East)
Mumbai –400 051

Dear Sirs,

Sub: Investor Presentation - Regulation 30 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulation, 2015 (“Listing
Regulations”)

In compliance with Regulation 30 and other applicable provisions of the Listing Regulations, please find
enclosed herewith an Investor Presentation encompassing, inter alia, an overview of the Company’s
business and operations, financial performance and highlights upto the 2nd quarter and half year ended
30 September 2019 and general industry overview that would be disseminated by the Company to
several Analysts/Institutional Investors/Funds.

The aforementioned Investor Presentation is also being uploaded on Company’s website viz.
http://www.mahindralogistics.com/investor/financial-information in compliance with Regulation 46
of the Listing Regulations.

Kindly take the above on record and acknowledge receipt of the same.

Thanking you,

Yours Faithfully,
For Mahindra Logistics Limited

Brijbala Batwal
Company Secretary

Enclosure: as above
 MAHINDRA LOGISTICS LIMITED
INVESTOR PRESENTATION – Q2 FY20
 Safe Harbor

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Mahindra Logistics Limited (the “Company”), have
been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any
securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of
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This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes
no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and
reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you
may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are
individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to,
the performance of the Indian economy and of the economies of various international markets, the performance of the logistics industry in India and
world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion,
technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its
exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially
and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking
information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are
not adopted by the Company and the Company is not responsible for such third party statements and projections.

2
 Mahindra Logistics Limited (MLL) – An Overview
Started in 2001 One Stop Solution for all Transportation
Needs

1 Customer
Sector End to End Solutions Expertise. RELIABILITY

T 450+ Customers

O 5+ Sectors
Building Platform for Make in India to Move in
India
BEST 3PL COMPANY IN INDIA

Our Vision Truly Hedged Our Business Our Purpose

Company Model
Be a Rs. 6,000cr Logistics We cater to Multiple We work on Asset Light Accelerating
service provider by 2021 Industries such as Auto, Model and by the virtue of
delivering Engineering, our network of partnerships Commerce,
consistent customer Consumer, Pharma, presence and solution based Empowering
experience in defined Ecommerce and Bulk approach, have been one of
industry verticals through the fastest growing 3PL Communities to
customised, technology- company’s in India
driven solutions. RISE'.
 We are an End to End Supply Chain Solutions Company

People Transport
Supply Chain Management (SCM) Solutions (PTS)

Transportation Warehousing Value-added BFSI + IT

Driven

Core Business with 1.5-2x Transportation High ROCE + Solution Fulfilling People
improving efficiencies Margins Driven Transportation needs

• Legacy Volume based • Manage 15.7mn sq. ft. at • VAS services help the • Cater to the daily pick-up
Business multiple locations across and drop
India customer eliminate need
to depute dedicated requirements of
• Scale of operations and
the technologies deployed • Mix of built-to-suit, manpower enterprises
ensure that solutions dedicated and multi-user
offered are economically warehousesSpecial focus • Allows customers to • IT enabled solution offers
efficient and time bound on SMB and midmarket focus in-house and
space on ‘their core’ customized solutions
• Focus on Higher Return • Solution based approach;
Loads ensuring better • Taking Strategic positions • Our asset-light model gives
utilization and margin via Multi Tenanted works with customers to
us flexibility and
uptick warehouses ensure that the desired scalability whilst
effect with the goods is allowing us to focus
achieved upon reaching its on integrating
consumption destination resources and
providing a one-stop
solution

4
 With our Strengths…we are redefining Logistics in India
Integrated End-to-
Asset Light Model End Solution Across Industry
which brings in • Transportation
•
Verticals
• Scalability Warehousing • Auto &
• Flexibility • In-Factory Logistics Engineering
• Capital Efficient • Other Value- • Consumer &
Added Pharma
Services • E-Commerce
• Bulk

Technology Driven
Customized Solution Strong Clientele Base • Model, Design & Optimize
driving • Industry Leaders Supply Chain
• Efficiency • Long Term Relationships • Manage Inventory & Supply
• Enhanced Productivity • Associated with Strong Chain gaps
• Suit to Business • Optimize Transportation Routes,
MAHINDRA Brand
Solutions Networks & Consignment
Loads for Cost Optimization

5
 Our Journey So Far
 Acquired strategic stake in Transtech Logistics (ShipX)
 Increased stakes in Lords from 60% to 82.92%
FY’19

 Successfully completed the IPO  Acquisition of Lords and formed 2X2

of the company – largest Logistics as a JV
ever IPO in the Indian FY’18 FY’15  Global strategic consultancy firm
logistics sector assisted
 Consolidated revenues crossed with business transformation
INR 3,400 Cr, and PBT crossed
INR 100 Cr
New Management team focused

Attracted PE investment from Kedaara^

FY’14 FY’11 on building 3PL and logistics
capabilities

Mahindra Logistics Limited (MLL) founded and FY’09 ……….. Previously a part of Mahindra & Mahindra
logistics\ business of M&M transferred to MLL

^ Normandy and Kedaara AIF

6
Awards & Recognitions
NITIE Awards: MLL won 3 silver awards
CII SCALE Award for overall excellence
Nagpur team won a Gold medal at the Chapter Convention on Quality Concepts
FY19 Mahindra Innovation Awards: Gold award for Mobile Dock Leveler
Nagpur team won the Gold award for ‘Best Safety Practices’ at the Glow Care Awards
MLL General Motors team won an award for excellence at the National Convention on Quality Concepts

SCALE Award for Overall Excellence

FY18 “The Best Indian 3PL company of the year” at the Global Logistics Show
MLL wins “3PL Achiever of the Year” Award at the Global Logistics Excellence awards

‘3PL Achiever of the Year’ award, Global Logistics Excellence Awards

Logistics Company of the Year, SCALE Awards
FY17 ‘3PL Company of the Year’, Logistics Asia Awards
Customer Award: Honda Motorcycle & Scooter

Best Warehousing Practices, IIMM

FY16
Excellent Position in Supply Chain & Logistics 3PL, SCALE awards

7
 3PL
Logistics
Industry
Overview

8
 3PL Logistics Industry & Growth Drivers
USD bn

Room To Expand# 11%

CAGR 18% Industry Growth*
17.8
Globally the 3PL market 5.9 3PL Industry is estimated
6%
is ~11% of overall to grow from 5.6 Bn in
logistics market. In India 5.6
11.9
FY18 USD to 17.8 Bn USD
2.1
it is ~6% 3.5
in FY25
3PL FY18 FY25E
India Warehousin Transportatio
Global g n

Economic
3PL Growth Drivers
GST E-Way Bill Infrastructure
Implementation Implementation Creation
Customer

Focus on Core Technology

Value Added Flexibility &
Business Driven
Services Scalability
(Outsourcing) Solutions

Source: *Edelweiss Securities Report on Logistics Sector

#Equirus Securities Report on Logistics Sector 9
 3PL Business Model
Benefits Advantages
Vendor Customer
Flexibility & Scalability
Higher Utilization
Customization

Strong Relationships Quality Assurance

Visibility
Accountability
Third Party Logistics (3PL)
One Point Dealing One Stop Solution

Geographical Reach

Year-Round Business Professionally Managed

Services

Raw material In-Bound /Out- In-Factory Technological Inventory

Warehousing Packaging After Sales Advancements like
Sourcing Bound Logistics Logistics Management
tracking & Control

10
 Draft National Logistic Policy : Boom for Logistic Industry
To drive economic growth and trade competitiveness of the country through a truly integrated, seamless, efficient,
Vision reliable and cost-effective logistics network, leveraging best in class technology, processes and skilled manpower

Reducing Logistics Cost

Promoting Green & Optimizing Model Mix;

Sustainable Logistics First & Last mile Connectivity

Key
Focus Strengthening of
Enhancing Skilling in
Areas Warehouse Sector
Logistics Sector

Promoting E-Commerce Trade Development of Multi

Model Logistic Park

Improving Road Transportation

Given the pivotal role of the logistics sector in the development of the economy and the need to incorporate learnings
Objective from global best practices, the policy outlines an ambitious set of objectives
Source: KPMG Discussion Note on National Logistics Policy 2019; June 2019
11
Mahindra
Logistics Ltd
Our Business

12
 1. Supply Chain Management
National Transport In-Factory Stores & Line Feed Warehousing & Consolidation

at 50+ Manufacturing locations

24 350+ 20+ across India
16.4* 50+
Operating Network Hub Mn. Sq. Ft
Offices Stockyards
Locations Locations Under management

Supply Chain Warehousing - inventory

Consulting & order management

Freight VAS (e.g, Packing,

Forwarding labelling, kitting)

Transportation Distribution
In-factory stores & line
feed

*As on H1FY20
13
 1.a. Transportation
Odd Dimension Cargo
Route Planning
(ODC)

Customized network optimization Tailored transportation services to

that ensures safety, security and on- handle oversized cargo safely and
time delivery effectively

Reverse Logistics Transport Desk Model

One-stop solution for FMCG returns. Taking up transport management of

Pick-up from distributor, organizations on "as-is" basis and re-
engineering operations as well optimizing
consolidation, dispatch to
processes ensuring the most efficient
destruction site and certification solution

Consolidation and
Long-haul, inbound, Finished goods yard
distribution through Last Mile Distribution
outbound, milk-run management
cross docks
End-to-end management: From collection, More than 1000 vehicles catering to 50+
Hassle-free transportation with our Extensive network for express inspection, storage, maintenance, supervision cities with three models as per customer
end-to-end solutions ranging from service with 20+ cross-docks serving and hand-over along with value added services
for quality control, damage repair, efficient
requirements viz. local distribution model,
milk-run, long haul and last mile 14,000+ pin codes space utilization, effective cost management service provider model and unique
deliveries amongst others. distribution model

14
 1.b. Warehousing & In Factory Logistics

Warehousing In-Factory Logistics

 Storage Management: Space optimization, In-store  Stock Receipt, Stacking and Tracking
movement optimization and configurable load setting
 Re-order Quantities
 Inventory Control: Item-wise / Location-wise inventory control with
Traceability, Recall capability, Ageing Analysis and Perpetual cycle, count  Inventory aging process and High value inventory maintenance
 Order Management: Bar code-based location & item management to
 Production plan: Pull out, Sequencing, Kit loading, Trolley loading,
deliver on time
 Smart Packaging solutions / Article Tagging/ Quality Check Double binning and Trolley line up
 State of the art multi-user warehouses with latest and proprietary  Replenishment and Returns tracking
technology enabling higher efficiency
 Strategically located stockyards pan-India to include large format multi-  High value tracking: Kit tracking and Bin tracking
brand stockyards in key locations, ensuring flexibility and scalability  Process to Minimize line disruptions

15
1.c. Value Added Services
Kitting is the process of grouping, packing, storing and transporting individually separate items which are
related to each other, as one unit. Kitting is one of the most availed VAS by auto OEMs and Consumer
Kitting product companies. All MLL warehouses are well adept to provide kitting services to its customers at a
very short notice.

The process of removing something smaller (in large quantities) from a larger package is termed as bulk
breaking. This is one of the most availed services of Consumer product companies. Goods that are either
Bulk Breaking imported or made locally are transported to the nearest MLL warehouse. Here, depending on the
dispatch requirements, the respective quantities are removed from the bulk and further transported.

The advent of technology has made the use of bar codes prevalent in all walks of life including
movement of goods across points. As the name suggests, labeling is a VAS availed by all customers on a
Labelling frequent basis at MLL. It is used while kitting or bulk breaking activity when the original label is deemed
ineffective if the goods are intended to be transported further.

Bundling Generally, bundling is considered as the opposite of bulk breaking. Again one of the most sought after
VAS from MLL, the consumer product companies are regulars to avail this service.

Customized This VAS is generally availed if any of the above services are used. Essentially, the resultant packages are
very different than the original if in such cases. Due to its different sizes, special packaging needs to be
Packaging devised so as to achieve optimum costs of logistics.

16
 2. People Transport Solutions
Offering

13 200+ Corporate
Offices Operating Sites People
On Call Events
Pan-India Service Transportation
Transport

4500+ Drivers Sectors

4000+ &
Vehicles Deployed
Everyday 500+ Business
Partners
Manufacturing &
IT & ITES BFSI Consulting

Services Provided to
100+ One of India’s largest organized Asset Light
80,000 player offering technology enabled
People Everyday Customers
People Transport Solutions (PTS)

17
Map not to scale. All data, information and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness.
 MLL is a Differentiated Play in Logistics

3 PL 2 PL
Asset-light / Low capital outlay Asset-heavy / Capital intensive
• One Stop Shop
End-to-End logistics for Limited transportation and warehousing services

logistics end-users
Provides value added services
No value-added services
• Pursues a unique ‘Asset-
Offers scalable, flexible & customized solutions
light’ business model to Limited scope to scale-up & provide flexible &
customized solutions
Vast resource network
provide customized
Restricted resource network
High return ratios logistics solutions across a
diverse set of industries Relatively low return ratios
Operates with latest IT software’s and Apps

MLL is one of the Pioneers of 3PL model in India

18
We are Technology driven in our Approach
TRANSPORT MANAGEMENT SYSTEMS

 Mahindra Integrated Logistics Execution System (MILES):

Exclusively for the transportation of finished automobiles
 MyCargo360: a flexible and scalable TMS  Service Quality  Training
 PTS platform: end-to-end operations  Operational Excellence  Awards
 Lean Six Sigma  Audits
 Safety
WAREHOUSE MANAGEMENT SYSTEMS

 Configurable based on complexity, and specific needs of

clients
 Mahindra WMS: designed and developed by MLL
 Also implementing the Oracle Logfire WMS

DIGITIZATION

 Digital and transformation office established

 Digital roadmap covering internal operations, interface with
business partners and customers under implementation
 Capability building to support the above underway

19
 Our Digital and Analytics journey at MLL
One Touch portal for Business Partners
Analytics One-stop shop for Business Partners from identification and onboarding
to complaint management and invoicing; to improve experience, track
Using advanced analytics to improve planning, tracking and overall
service efficiency and visibility
efficiency through route-optimization, route-stitching, business
intelligence dashboards, smart pricing tools etc. IOT Enabled warehousing
Develop new age warehousing for Manpower productivity
Telematics tracking, Machine mapping and Utilization tracking,
Advanced Telematic based solutions to enhance efficiency and inventory tracking and management
visibility for end customers: • Safety solutions • Vehicle
performance and tracking • Driver performance
Digital Proof of Delivery
Presence Management Intervention to digitize proof of delivery to
reduce billing cycle significantly
App based system for our contract workforce to improve
compliance, safety, track productivity and efficiency

We use Digital and Analytics to impact Business Outcomes

20
Our
Sectors
of
Expertis
e

21
 Our Diversified Sectors
• 15 Consolidation and De-Consolidation Centers in India
Auto & • Provision on Mapping routes for Time efficiency
Engineering
• Strong Partner network of Transporters for local and long-haul routes

• Strong Pan India Distribution network to ensure capabilities in Stores and Line
Consumer & feed

Pharmaceutical • High delivery reliability at 97%

• Over 35+ in-plant logistics for different customers
Our Sectors
of Expertise • 52 cities, 700+vehicles and 150,000+ shipments per day under the alternate
distribution model
E-Commerce • Last mile delivery for 44 centers and 30,000 units per day
• Sort Centers, Hubs across cities, Line haul – 60 routes, 17 cities, 1800+
trips a month

• Specialized in Steel, Cement, Polymers and other bulk movement project

Bulk cargo and ODC shipments
• 22 Consolidation and De-Consolidation Centers in India

22
Q2 and H1 FY20 Financials
Highlights

23
Consolidated Financial Highlights for H1 FY 20

Revenue from Operations Reported EBIDTA

INR 87 Crs
INR 1,751 Crs
Adj. EBIDTA1 – INR
93 Crs
Revenue from Non-M&M
SCM Warehouse space under
management
INR 649 Crs
16.4 Mn Sq. Ft
Revenue PTS segment
Reported Profit After
Tax
INR 195 Crs
INR 30 Crs
Adj. PAT1 – INR 33 Crs
Note: 1. Adjusted for RSU/ESOP Charge
24
 Financial Highlights – Segment wise
Gross Margin (%)
Revenue from Operations Gross Margins
Management (SCM)

10.4% 10.0%
Supply Chain

1,667.5 7.8% 8.2%

1,556.3 156.1
136.1

829.2 78.2
755.3
64.8

Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20

Revenue from Operations Gross Margins Gross Margin (%)

People Transport

11.0% 10.8%
Solutions (PTS)

195.2 20.3
188.1 8.8% 9.2%
18.0

98.1 97.1 10.8

8.5

Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20

Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise
25
 SCM Revenue Break-Up
Mahindra Revenue Transportation Revenue Auto Revenue

1,041.0 1,423.6 1,197.4

907.6 1,259.1 1,049.2

519.4 702.4 597.7

418.5 597.2 485.0

Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20

Non-Mahindra Revenue Warehousing & VAS Revenue Non-Auto Revenue

3.5% 21.9% 7.9%

626.5 648.7 297.2 507.1

470.1
243.9
8.7% 24.7% 16.8%

336.8 158.1 270.3

309.8 231.5
126.8

Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20

Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 26
 Non-Mahindra SCM Revenue Break-Up
Auto Revenue
SCM Non-Mahindra Activity Wise Break-up Transportation Revenue
464.7 168.2
439.3
Q2FY19 Q2FY20 152.3

27%
34%
225.0 222.1 83.1
66% 70.9
73%
Warehousing Warehousing
Transportation Transportation

Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20

SCM Non-Mahindra Industry Wise Break-up Warehousing & VAS Revenue Non-Auto Revenue
29.4% 8.3%
YTD FY19 YTD FY20
209.4 496.4
23% 458.3
27%
35.3% 161.8
17.3%

114.7 265.9
73% 77% 226.7
84.8

Auto Non-Auto Auto Non-Auto

Q2FY19 Q2FY20 YTD FY19 YTD FY20 Q2FY19 Q2FY20 YTD FY19 YTD FY20

Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 27
 Operational Data Points

Warehouse Space under Management

+18%
16.4
15.3 +7%
14.3

10.0

FY17 FY18 FY19 YTD FY20

 Warehouse space under management increased from

15.3 Mn. Sq. Ft in FY 19 to 16.4 Mn. Sq. Ft in H1 FY 20
(~700k sq. ft. addition in Q2 FY 20)

Notes: (1) Total warehouse space under management. Includes stock yards, infactory stores and warehouses owned or leased by customers directly. The figures are as on the last date of the period 28
mentioned.
 Consolidated Profit & Loss Statement
Particulars (Rs in Crs) Q2FY20 Q2FY19 % Change H1FY20 H1FY19 % Change
 Revenue from operations for Q2 at Rs. 852
Revenue from Operations 852.4 927.4 -8.1% 1,751.5 1,855.5 -5.6%
crore, down 8.1% Y-o-Y, impacted by
Other Income 1.9 1.3 43.4% 8.9 4.2 112.5% reduction in volume from Auto customers
Gross Margin 86.8 75.6 14.8% 174.1 156.4 11.3%
• Non-M&M revenues in SCM
Gross Margin (%) 10.2% 8.1% 203 bps 9.9% 8.4% 151 bps business higher by 8.7% on a year on year
Total Expenses 814.6 893.4 -8.8% 1,673.6 1,781.1 -6.0% basis
EBITDA 39.6 35.3 12.4% 86.7 78.6 10.2% • Consumer & Pharma and E-Commerce
Depreciation & Amortization 17.7 5.1 245.2% 32.6 10.2 219.7% verticals growth trajectory sustained
EBIT 21.9 30.1 -27.2% 54.1 68.5 -20.9%  Revenue from Top 20 Non M&M SCM
Finance Cost 4.2 0.8 412.3% 7.7 1.6 387.3% contributes 62% of total Non M&M
SCM Revenue
PBT 17.8 29.3 -39.4% 46.4 66.9 -30.6%
Tax 6.5 10.2 -36.7% 16.4 23.5 -30.0%  Total expenses include additional charge
for ESOP/RSU expenses
PAT 11.2 19.1 -41.6% 29.7 43.4 -31.5%
EPS (in. INR) 1.55 2.65 -41.5% 4.15 6.01 -30.9%  Effective Tax Rate revised as per the
ordinance released. The impact not visible
Adjusted EBITDA1 42.7 35.0 22.1% 92.5 78.9 17.3% in Q2 due to restatement of Deferred Tax
Adjusted EBIDTA Margins (%) 5.0% 3.8% 124 bps 5.3% 4.2% 103 bps Asset.
Adjusted PAT1 13.1 18.9 -30.8% 33.5 43.5 -23.1%  Financials represented post adoption of
Adjusted PAT (%) 1.5% 2.0% (50 bps) 1.9% 2.3% (43 bps) Ind AS 116 “Leases” with effect from
April 1, 2019

Note: 1 Adjusted EBITDA and Adjusted PAT are before ESOP/RSU charge. (Q2FY20 - Rs. 3.0 Crs, Q2FY19 – Rs. (-) 0.3 Crs; H1FY20 – Rs. 5.8 Crs, H1FY19 – Rs. 0.2 Crs)
29
 Ind AS 116: Impact on Profit & Loss Statement
Ind AS 116 Ind AS 17 Change Change%
Particulars (Rs in Crs)  Lease
Q2FY20 Q2FY20 Q2FY19 Q2FY20 Q2FY20 expenses are not
recognized as direct cost and are
Revenue From Operations 852.4 852.6 927.4 -0.1 0.0%
bifurcated between Amortization
Other Income 1.9 1.8 1.3 0.0 0.8% for Right to use of the asset &
Total Income 854.3 854.4 928.7 -0.1 0.0% Finance Cost of Lease rent
Total Expenses 814.6 814.6 893.4 0.0 0.0% payable
Lease Expenses 0.0 13.4 NM -13.4 -100.0%
 EBIDTA margins increase by 155
Gross Margin 86.8 74.7 75.6 12.0 16.1%
bps & EBIDTA increases by Rs.
EBITDA 39.6 26.4 35.3 13.3 50.3%
13.3 cr. due to revised
Adjusted EBITDA 1 42.7 29.4 35.0 13.3 45.1% classification of expenses as
Depreciation 17.7 5.9 5.1 11.8 201.7% Amortization & Finance Cost
EBIT 21.9 20.5 30.1 1.4 7.0%
 In the initial phase of the lease
Interest 4.2 0.9 0.8 3.3 371.1%
the interest cost is high and gets
Profit Before Tax 17.8 19.6 29.3 -1.8 -9.4%
tapered down during the end of
Profit After Tax (after share of JV) 11.2 12.5 19.1 -1.4 -10.8% the lease which impacts the PAT
Adjusted PAT1 13.1 14.4 18.9 -1.4 -9.4% by Rs 1.4 cr and decrease the PAT
Adjusted PAT % 1.5% 1.7% 2.0% (16 bps) margin by 15 bps

Note: 1 Adjusted EBITDA and Adjusted PAT are before ESOP/RSU charge. (Q2FY20 - Rs. 3.0 Crs, Q2FY19 – Rs. 0.9 Crs)
2. NM = Not Measurable 30
 Consolidated Balance Sheet
Particulars (Rs in Crs.) 30-Sep-19 30-Sep-18 Particulars (Rs in Crs.) 30-Sep-19 30-Sep-18
Non-Current Assets 386.8 201.9
Equity 513.6 454.4
Property, plant and equipment 79.1 60.7
Capital work-in-progress 8.2 0.7 Equity share capital 71.5 71.1
Right of use asset 144.7 - Other equity 436.5 376.9
Net Investment in Lease 1.6 - Non controlling interest 5.6 6.4
Goodwill on Consolidation 4.3 4.3
Intangible assets 0.8 0.7
Financial assets Non-Current Liabilities 131.2 29.7
(i) Investments in Joint Venture 3.5 - Financial liabilities
(ii) Other Financial Assets 36.8 16.7 (i) Lease Liabilities 111.5 -
Deferred tax assets (Net) 13.6 17.3
(ii) Others 19.8 29.7
Income Tax Assets (Net) 64.4 74.3
Other Assets 29.8 27.2
Current liabilities 706.5 595.2
Current Assets 964.5 877.5 Financial liabilities
Financial assets
(i) Borrowings 23.3 19.0
(i) Investments 33.0 5.0
(ii) Trade Receivables 644.0 610.4 (ii) Trade payables 593.4 541.1
(iii) Cash Equivalents & Bank 65.6 66.0 (iii) Others 68.0 14.1
(iv) Loans & Advances 15.0 - Provisions 7.6 3.3
(v) Other financial assets 119.2 120.0
Other current liabilities 14.3 17.7
Other Assets 87.9 76.0

Total Assets 1351.3 1079.4 Total Equity & Liabilities 1351.3 1079.4
31
Management Comment

Commenting on the performance, Mr. Rampraveen Swaminathan, CEO at Mahindra Logistics

Limited said:

Automotive industry continues to see an unprecedented downturn. We sustained growth

momentum in our Non-Auto segment driven by Ecommerce, Consumer & Pharma verticals.
During the quarter we continued our growth in warehousing and value-added services and have
added 0.7 million square-feet of warehousing space under management. Our focus remains on
margin improvements through increased operational efficiency and cost optimization.

We have a positive outlook towards the logistics sector due to the underlying growth drivers and
government focus on reducing cost of logistics and improving logistics performance index

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 Community engagement

Zero Accident Zone

Tembha Village ESOP
(Bhiwandi – Nashi
k)
 Events: 22  Events: 19  Events: 10
 Volunteers: 149  Volunteers: 108  Volunteers: 799
 Manhours: 958  Manhours: 1,210  Manhours: 2,583
 Awareness Programs  Handover of water projects  Tree Plantation
 Training  Festival celebration, tree  Swachh Bharat Abhiyaan
plantation  Blood Donation

Impact: Impact: Impact:

 Beneficiaries: 3,491  Beneficiaries: 12,683  Beneficiaries: 8,325
 Reduction in injuries &  Reduction in diseases  Overall benefit to
accidents  Easier access to water environment

33
Historical
Financials

34
 Historical Consolidated Profit & Loss1
Particulars (Rs in Crs) FY19* FY18* FY17 FY16 CAGR
Revenue from Operations 3,851.34 3,416.12 2,666.59 2,036.93 23.1%
Less: Operating Expenses 3,372.40 3,000.97 2,103.74 1,655.50
Gross Profit 478.94 415.15 562.85 408.43
Gross Margins (%) 12.4% 12.2% 21.1% 19.8%
Employee Expenses 263.77 229.12 188.30 150.88
Other Expenses 63.93 66.30 298.29 205.20
Total Expenses 327.70 295.42 486.59 356.08
EBITDA 151.24 119.73 76.26 52.35 42.4%
EBIDTA Margins (%) 3.9% 3.5% 2.9% 2.5%
Depreciation & Amortization 21.95 19.73 14.60 8.26
Other Income 7.63 5.88 9.65 13.19
EBIT 136.92 105.88 71.31 57.28
Finance Cost 3.48 3.77 3.49 1.32
PBT 133.44 102.11 67.82 55.96
Tax 46.79 36.84 21.75 19.98
PAT 86.65 65.27 46.07 35.98 34.0%
PAT (%) 2.2% 1.9% 1.7% 1.7%

Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise
*FY19 & FY18 Financials as per Ind AS 35
 Historical Consolidated Balance Sheet
Particulars (Rs in Crs.) 31-Mar-19 31-Mar-18 Particulars (Rs in Crs.) 31-Mar-19 31-Mar-18
Non-Current Assets 221.36 201.85
Equity 503.93 426.55
Property, plant and equipment 66.04 60.49
Capital work-in-progress 2.59 0.55 Equity share capital 71.45 71.14
Goodwill on Consolidation 4.33 4.33
Other equity 426.77 348.46
Intangible assets 0.94 0.94
Non controlling interest 5.71 6.95
Financial assets Non-Current Liabilities 25.25 32.84
(i) Investments in Joint Venture 3.75 -
(ii) Trade Receivables 6.82 - Financial liabilities
(iii) Other financial assets 18.44 14.36 (i) Borrowings 8.89 18.07
Income tax assets (net) 77.32 86.76
Provisions 16.36 14.77
Deferred tax assets (net) 18.73 14.11
Other non-current assets 22.40 20.18 Current liabilities 675.93 526.61
Current Assets 981.84 782.24 Financial liabilities
Financial assets
(i) Investments 77.52 50.05 (i) Borrowings 19.63 8.12
(ii) Trade Receivables 631.72 520.04 (ii) Trade payables 600.06 486.31
(iii) Cash & Cash Equivalents 54.95 66.03
(iii) Other financial liabilities 27.11 13.11
(iv) Bank balances other than (iii) above 15.00 -
(v) Loans 15.00 - Other current liabilities 23.97 15.80
(vi) Other financial assets 126.89 85.30
Provisions 5.16 3.27
Other current assets 60.76 60.82
Total Assets 1,205.11 986.00 Total Equity & Liabilities 1,205.11 986.00

Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 36
Contact Us

Company : Investor Relations Advisors :

CIN: L63000MH2007PLC173466 CIN: U74140MH2010PTC204285

Mr. Yogesh Patel - CFO Mr. Shogun Jain / Mr. Sagar Shroff
[email protected] [email protected] / [email protected]
+91 77383 77756 / +91 98205 19303

www.mahindralogistics.com www.sgapl.net

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