VRL Logistics reported a 10% YoY growth in revenue for 1QFY24, reaching INR6.7 billion. The increase was driven by higher volumes, which rose 10.7% YoY. However, the company's EBITDA margin was lower than expected at 15.1%, and APAT declined by 7% YoY to INR340 million. Despite short-term demand softness, VRL's outlook remains promising due to the growing share of organized players. The stock is given a "BUY" rating with a revised target price of INR825.