Future Supply Chain Solutions Ltd. share price target

Future Supply Chain (FSCSL) reported yet another weak quarter as standalone Q3FY20 revenue/EBITDA declined 5%/15% YoY (adj. for Ind-AS 116), causing a 59% drop in adj. PAT.

Future Supply Chain's (FSCSL) Q2FY20 standalone earnings nosedived 64% YoY (ex. Ind-AS 116), dented by lower EBITDA (13% YoY) and higher depreciation (+61%) & interest costs (+332%).

Fiscal Reforms: As bold as it gets. FSCSL: Minority stake sale to strategic investor

Future Supply Chain (FSCSL) sharply underperformed our Q1FY20 profit estimates.

Future Supply Chain Solutions (FSCSL) reported strong standalone revenue growth of 33% YoY in Q4FY19, led by robust traction in contract logistics (+42% YoY). Decline in gross margins (333bps YoY) were offset by lower staff (332bps) and other expenses (149bps), translating to EBITDA margin expansion of 147bps YoY to 14.2%. Continued traction in contract logistics is encouraging. We broadly maintain FY21 estimates while raising FY20 PAT by...

FSC operates an extensive network of 46 distribution centres, including four temperature-controlled (9529 pallets) distribution centres, 14 hubs and 106 branches (including franchisees and 12 of which are co-located on the same premises as FSC hubs). Moreover, coverage over 11235 pin codes across 29 states and five union territories creates a pan-India supply chain network for FSC. As on November 2017, FSC manages a total warehousing space of 4.2 million square feet. Further, it operates owned flotilla of 687 containerised vehicles, including 144 refrigerated...

Future Supply Chain Solutions Ltd. (FSC) is one of India's largest organized third-party logistics service operators. It offers automated and IT-enabled warehousing, distribution and other logistics solutions to a wide range of customers. Company's service offerings, warehousing infrastructure, pan-India distribution network, hub-and-spoke transportation model and automated technology systems support its competitive market position. FSC's customers operate in various sectors across India, including retail, fashion and apparel (23.6%), automotive and engineering (22.3%), food and beverage (15.3%), fast moving consumer goods (FMCG) (7.3%), e-commerce (6.7%), healthcare (6.1%), electronics and technology (6.0%), home and furniture (5.6%) and ATMs (4.3%). According to management, its business model enables it to act as a service provider that can comprehensively cover...

Incorporated in 2006, Future Supply Chain Solutions Ltd (FSCSL) is one of the largest third-party logistics service providers in India. FSCSL offers services in three key areas i.e. (1) Contract Logistics (warehousing, distribution and value-added service), (2) Express Logistics (point-to-point, less-than truck-load, time definite transpo..

Incorporated in 2006, Future Supply Chain Solutions Ltd is one of the largest third-party logistics service providers in India. Its services include automated and IT-enabled warehousing, distribution and other logistics solutions. The company offers services in three key areas -- contract logistics (warehousing, distribution and other value-added services); express logistics (point-to-point, less-than truck-load, time-definite transportation services); and temperature-controlled logistics (cold-chain warehousing,...