Q1FY24 marked the third successive quarter of subdued earnings for the logistics companies under our coverage. Key points: 1) almost all the covered companies performed below our expectations; 2) shipments/volumes increased across the board, but fell short of our expectations; 3) street has cut its EBITDA estimates and target prices for all the covered companies except Gateway Distriparks (GDL) and Mahindra Logistics (MLL).