VRL Logistics’ (VRL) Q3FY23 performance was in line with our estimates. Key takeaways: i) volumes in goods transport (GT) segment surged to their all-time highs while decline in EBITDA/te was arrested; ii) GT business’ EBITDA margin expanded 90bps QoQ; iii) new branches added post-covid accounted for ~12% of total tonnage in Q3FY23.